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:
£300 to £850
£851 to £1,500
£1,501 to £2,000
£2,001 to £3,000
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?
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.
Savvy.co.uk will perform a credit check on you to determine your creditworthiness.
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.
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.
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 firstname.lastname@example.org 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
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
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.
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.
You are free to change your mind at any point during the application process with no pressure or obligation. If you change your mind within 14 days of receiving funds, you’ll simply need to pay back the loan amount plus any interest accrued to date.
Savvy.co.uk is authorised and regulated by the Financial Conduct Authority (FCA). If ever in doubt, you can search the FCA register to check whether a lender is authorised.
The statements will be used by Savvy.co.uk to make lending decisions about you. They will be stored as long as necessary to assist the lender in managing your account or underwriting a loan to you. The information will be stored by the data firm Perfect Data Solutions Ltd.
If you are refused for a loan, you may want to reconsider whether a short-term loan is the right option for you. If at some time in the future your financial position changes you may be able to apply again. However, Savvy.co.uk recommends that you do not apply again for at least three months. Please remember that each application you make will leave a footprint on your credit file and you will be subject to credit and affordability assessment checks every time you apply.
If you experience or anticipate problems in making your payments on time, you should contact Savvy.co.uk straight away. It will do everything it can to help you, including providing details of how to get free, independent advice on your situation. Savvy.co.uk may try to set up a new repayment arrangement that is more manageable for you. You should be aware that if you miss or make late repayments, Savvy.co.uk will share this information with credit reference agencies, and this may make it harder for you to obtain credit in the future.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
Check out our list of loan providers offering similar products and services to Savvy so you can compare them side by side.
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