Micro Lend
| Some quick information about our Micro Lend review. | |
| APR (%): 2229.8% typical | Loan Amount: £500 (up to) |
| Typical Charges: 30% (on every £100) | Additional Charges: £3.50 (fully refunded) |
| Credit Check?: No | Debit / Bank Required?: Yes |
| Payment time (estimate): 4 hours |  |
What you need to know:
Micro Lend charges a slightly higher interest rate on its loans than other Payday Lenders – 30% on every £100 borrowed. Depending at what time you apply, you can expect to receive your cash the same working day. Their site isn’t as user-friendly as some of the major lenders e.g. Wonga and Quick Quid.
Criteria:
In order to apply for a loan with Micro Lend you must be over the age of eighteen years old, living in the UK and be in full time employment. You application will be declined or approved based on the information you provide.
Customer Service and Complaints:
Some customers have reported concerns over what they see as extraneous charges – always remember when applying for a payday loan to check to the terms and conditions (it’s not enough to look at the FAQ section). Some payday lenders will charge transfer fees, administration fees and more – some will even charge you £10 to send out a late repayment letter.
Overall:
Micro Lend has established itself as a prominent payday lender, generally pays on time and has a good standard of customer service (see the comments below, their team is very quick at responding to customers). However, they could be more competitive by reducing the interest rates and at this time we wouldn’t recommend them over Wonga or Quick Quid.
