Savvy.co.uk

Savvy loans review and calculator

Savvy.co.uk offers flexible and fast short-term loans of up to £1,000 repayable in up to 12 months months, with online application and quick funding.

Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.

Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.

How do Savvy loans compare against other lenders’

Table: promoted deals, sorted by total payable

If you’ve used the calculator on Auden’s site to get a quote and want to see if you’re getting a good deal, find out how much a comparable loan is likely to cost you from some popular short-term lenders:

How much do you need to borrow?


How long do you need to borrow for?


Name Product Available Amounts Monthly repayment Total payable Link
Lending Stream Instalment Loan
£50 to £1,500
Go to site
More Info
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
The Money Platform Short Term Loan
£250 to £1,000
Check eligibility
More Info
Representative example: Borrow £500 for 6 weeks at a rate of 255.5% p.a. Representative APR 839.20% and total payable: £647 in 1 payment.
QuidMarket Short Term Loan
£300 to £1,500
Go to site
More Info
Representative example: Borrow £300 for 3 months at a rate of 292% p.a. (fixed). Representative APR 1,301% and total payable: £454.37 in 3 instalments of £151.46.
Mr Lender Short Term Loan
£200 to £1,000
Go to site
More Info
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative APR 1,256.0% and total payable £367.40 in payments of £81.33, £73.23, £65.13, £57.33, £49.24, and £41.14.
With this loan your monthly repayment decreases over time. Our 'Monthly repayment' above is a representative figure designed to help compare lenders side by side.
Moneyboat Short Term Loan
£200 to £1,500
Go to site
More Info
Representative example: Borrow £400 for 4 months at a rate of 255.5% p.a. (fixed). Representative APR 939.5% and total payable: £597.48 in 4 payments of £149.37.
Savvy.co.uk Personal Loan
£200 to £1,000
Go to site
More Info
Representative example: Borrow £400 for 6 months at a rate of 291.5% p.a. (fixed). Representative 1,259.2% APR and total payable £799.98 in 6 monthly payments of £133.33.
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Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

What is Savvy?

Based in Stockport, Savvy.co.uk specialises in providing short-term loans to people who may find it difficult obtaining credit elsewhere. It will consider your application if you have a poor or no credit rating, even if you have a County Court Judgement against your name. It will, however, need to know you can afford to meet the repayments and may ask to see recent bank statements and payslips to check your income and expenditure. Savvy.co.uk allows you to apply entirely online and funds its loans in working hours, Monday to Saturday.

Savvy.co.uk is authorised and regulated by the Financial Conduct Authority.

What loans does Savvy offer?

Product NameSavvy.co.uk Personal Loan
Available Amounts£200 to £1,000
Loan terms4 months to 12 months
Soft search eligibility check
Funding speedOnce your application has been approved, Savvy states it will normally send funds within one hour (Monday-Saturday).
Default repayment methodDirect debit
Additional repayment methodsOnline payment,Phone payment
Repay early at any point
Parent companyValour Finance Ltd
FCA registration number718303
LinkGo to site

Savvy states that applicants with poor credit ratings will always be considered (even if you have a County Court Judgement against your name).

How does a Savvy.co.uk loan work?

  1. Choose your loan. Depending on how much you want to borrow, you can repay your loan in 4 months to 12 months monthly instalments.
  2. Fill out the simple online application form. You will need your employer information, bank and debit card details (including sort code and account number), as well as three years of address history. You will also need to provide details of your income and expenditure to ensure you can afford the loan repayments. You may be asked to provide your .
  3. Savvy will perform a credit check on you to determine your creditworthiness. The amount you can borrow will be determined by your credit rating and affordability, and you may be offered a different loan amount or term.
  4. You may be asked to send some further information. Although this isn’t usually required, Savvy.co.uk may request copies of payslips or bank statements to help complete its assessment checks. The lender provides simple instructions on how to upload the documents it requires through your online account.
  5. Once you’re approved, you can expect the money to be in your bank account within the next hour. Savvy.co.uk funds its loans 11 hours a day including Saturdays. However, it does not fund loans on Sundays or bank holidays.
  6. During the loan you’ll be paying a fixed but relatively high interest rate. As a specialist lender targeting the bad credit market, interest rates are higher than more mainstream lenders’. Once the loan is in effect, you can choose to repay it at any time before the agreed date. There are no early payment penalties for doing this. You may be charged up to 58 days’ interest beyond the date on which you overpay, however (you’ll need to request a final settlement figure).

Why would Savvy.co.uk ask for my internet banking details?

If provide your internet banking details, Savvy is permitted read-only access to view up to 90 days of bank account history. This can be used to help make lending decisions – assessing what amount of credit might be affordable and sustainable for you based on your income and outgoings. Savvy also works with credit reference agencies to review your creditworthiness.

How do I pay back my loan?

Your repayments are normally collected via direct debit, however, your first repayment may be taken by Debit Card under “continuous payment authority” (CPA). Savvy will collect your repayments on your due date, as set out in the terms of your agreement with them.

A CPA is a regular automatic payment taken from your debit card. The authority is solely linked to the bank account that yours card is registered to.

If Savvy’s attempt to take your payment from your debit card fails, a further attempt will be made. A maximum of two CPA attempts can be made for the same instalment.

You can change your payment date or cancel your CPA or Direct Debit at any time either by contacting your bank directly, or by contacting Savvy in writing, by email collections@savvy.co.uk or by calling Savvy on 0330 002 0118.

If you do cancel these you will still owe your outstanding balance and you’ll need to make your repayments by an alternative method, such as using the payment feature in your online portal or by bank transfer on or before each due date. Savvy’s customer support team will be able to give you all the options and details on how to pay, and will continue to send you payment reminders before each due date to help you keep track of your payments

What are the eligibility requirements?

You should only apply for a Savvy.co.uk loan if you are certain you can meet the repayment terms. You must also:

  • Be aged over 18 years old.
  • Be a UK resident.
  • Have a UK bank account and debit card.
  • Have a net income of at least £1,000 per month.

Pros and Cons of Savvy

Pros

  • Simple and straightforward online application process
  • Get a quick decision on your application within minutes
  • You can apply even if you have a County Court Judgement or bad credit rating

Cons

  • Very high interest rates
  • Negative consequences to your interest rate for missing or making a late monthly payment

Savvy customer reviews

Savvy.co.uk has received positive reviews from customers, based on review platforms like TrustPilot and Feefo. It currently has an “excellent” TrustPilot rating, with a score of 4.4 out of 5, based on more than 390 reviews. Savvy also has a Feefo rating of 4.9 out of 5, based on 50 reviews (both updated 23 December 2020).

Some customers highlighted good customer service and quick application process in their reviews, but others cited the high rates as something to be aware of.

Our verdict

Depending on your own circumstances, Savvy offers loans from £200 up to £1,000, with the term length dependent on how much you decide to borrow.

While Savvy accepts applications from those with poor credit ratings, if approved, you’re likely to find much higher interest rates than others out there. Do some research and compare deals in order to find a loan that best matches your needs.

Looking for an alternative to Savvy?

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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