Savvy loans review August 2021

Savvy.co.uk offers flexible and fast short-term loans of up to £3,000 repayable in up to 24 months, with online application and quick funding.

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Savvy.co.uk

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.

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 loan terms does Savvy.co.uk offer?

The amount you borrow will determine how long your repayment term will be:

Loan amountRepayment term
£300 to £85012 months
£851 to £1,50015 months
£1,501 to £2,00018 months
£2,001 to £3,00024 months

Key features of a Savvy.co.uk loan

  • Borrow £300 to £3,000. The amount you can borrow will be determined by your credit rating and affordability.
  • Choose how you repay your loan. Depending on how much you want to borrow, you can repay your loan in 12 to 24 monthly instalments.
  • Fast payment. Once you’re approved, the money can be in your bank account within the next hour. Savvy.co.uk funds its loans Monday to Saturday.
  • Fixed, high interest rates. As a specialist lender targeting the bad credit market, interest rates are higher than more mainstream lenders’.
  • Early repayment. 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.
  • Poor credit ratings considered. Savvy will consider you for a loan even if you have a County Court Judgement against your name. Be prepared to send evidence of your income, such as recent bank statements and payslips.

How does a Savvy.co.uk loan work?

  1. 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.
  2. Savvy.co.uk will perform a credit check on you to determine your creditworthiness.
  3. You may be asked to send some further information such as copies of payslips and bank statements to help Savvy.co.uk complete its assessment checks. The lender provides simple instructions on how to upload the documents it requires through your online account.
  4. Once you’re approved, you can expect the money to be in your bank account within the next hour.
  5. Savvy.co.uk funds its loans 11 hours a day including Saturdays. However, it does not fund loans on Sundays or bank holidays.

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 £300 up to £3,000, 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.

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