Frequently Asked Questions

How do you earn your fee for this service?

To operate this service, as an introducer, we will receive a fee or commission when a loan application is accepted. We are an introducer to Monevo and not a broker or a lender. They use their lender matching technology to match customers' requirements to their panel of lenders which is based on the application details, applicant preferences, and the lenders product. We DO NOT charge our customers a fee for this service. No one from Sun Finance Ltd, Micropound, or any financial partner relations; including lenders; will ever contact you by any means and request you to send money to them or buy products from them in advance of receiving your loan funds. To learn more about how to deal with cold-calls, refer to our fraud protection guidance.

What is an instalment loan?

Unlike a short term loan the instalment loan product is usually a higher value loan typically £400 to £3500. The instalment loan is also paid back over longer periods of 3 to 18 months and incurs a smaller interest rate than a short term loan.

Can I apply for a loan?

You can apply if you are: over 18 years of age, living in the UK (England, Scotland, Wales and Northern Ireland), in employment and receiving a regular salary paid into a valid bank account that accepts direct debits.

How fast can I get my money?

Times will vary based on the lender you have been matched to and the loan product type you are seeking. Using short-term loans as an example, in many cases loan decisions can take as little as 30 minutes. If your bank does not support Faster Payments, funds will be sent to your account the same day as approval so long as you’re approved by 14:30.

How do I apply for a loan?

You can apply 24 hours a day 7 days a week. Many lenders also work 7 days a week and can even deposit funds in your account at the weekend.
Complete our quick and easy online form and just click 'Submit'. If you are approved you will be transferred to the lender’s website to complete the process. Your lender may ask some additional questions not captured on our application form. You then sign your loan agreement online and receive your loan from your lender.

Why does the APR seem so high?

The rules and regulations that govern companies like ours state that we must show you the Annual Percentage Rate(APR). APR's are calculated based on paying a fixed amount of interest annually. Short - term loans are normally taken over a maximum term of 60 days so APR's are not the best way to measure how competitive the rates are. Lenders prefer to focus on the amount you pay back in total rather than on APR. We are confident that Monevo offer some of the most competitive rates in the market for this service.

How do I pay back my loan?

In the case of the instalment loan product the payments will be taken by direct debit on the same agreed date each month.

Do you use credit agencies or credit scoring?

Yes, when submitting your application you consent for lenders to run a credit check.

I have bad or poor credit history - can I still apply?

Absolutely, many of the lenders will consider applicants with less than perfect credit histories.

How will I get my money?

It will be paid directly into your bank account.

Do you charge any fees for your service?

No, here at Micropound we do not charge you a fee for using Monevo’s loan matching service.

How do I stop receiving email or text messages from your company?

If you are receiving email and text messages from our company it is because the marketing permission box was ticked when you applied for an instalment loan.

If you wish to stop receiving news of our latest offers and deals please click on the unsubscribe link in one of our emails or reply 'STOP' to one of our text messages. After unsubscribing we will then discontinue sending you messages as soon as technically feasible. In most cases within 48hrs.

What are my rights to cancel?

If for any reason you choose to cancel your loan please refer to the loan agreement sent to you by your lender, cooling off periods and lender cancellation policies may vary.

What if I have difficulties paying?

Call your lender! If you think you’re going to have a problem with a payment, you should call your lender as soon as you can. The sooner they know there’s a problem, the sooner they can start to help. They don’t tell people off – they just do everything they can to make things easier! You’ll probably be surprised how understanding they are, so don’t be afraid.

Alternatively, if you’re worried about things and want more information about how to manage your money, there are a number of free and independent organisations which can help.

StepChange www.stepchange.org 0800 138 1111. Free advice on debt problems and finding the best solution for you.

Money Advice Service www.moneyadviceservice.org.uk 0300 500 5000. Offers free, unbiased and independent advice to people who want to manage their money more effectively. Face to face sessions available.

National Debtline www.nationaldebtline.org 0800 138 1111. Free, confidential debt advice service run by the Money Advice Trust.

What is Auto Decisioning?

Auto Decisioning allows lenders to make a decision on your loan application without the need for human interaction, for more information please contact your lender or see their privacy policy.

How much do you need?

We're an introducer to Monevo and not a lender. Rates between 9% APR and 1294% APR - your no obligation quote and APR will be based on your personal circumstances. Monevo compares short term loans from over 50 lenders to get you the best APR possible for you. Loan term lengths from 3 to 18 months.

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