Different Money is based in Cheshire and offers instalment loans from £150 to £2,500 which are repaid over 2 to 6 months. In some cases, you may borrow for up to 12 months. The Representative APR is 1,072% and the daily interest rate ranges from 0.34% to 0.8% depending on the length of the loan.
Here is a Representative payment example:
Amount and term of loan: £500 over 6 months. Amount repayable per monthly instalment: £159.39. Interest rate: 255.5% (variable). Total amount repayable is: £956.36. Representative 1072% APR.
Being a representative example, this means that at least 51% of customers will receive this rate but you may be required to pay more or less depending on the duration of the loan, your credit and affordability.
How Does The Application Work For Different Money?
Different Money is a direct lender so you can apply and receive your funds directly from them. The application is completely online and can be completed on a desktop, mobile and tablet. Business hours are Monday to Friday 8am-6pm and Saturday 9am-1pm. It usually takes around 1 working day to get a decision on your loan and you will be notified by if you are successful or not.
Different Money prides themselves on carrying out a series of credit and affordability checks as part of their commitment to responsible lending. The affordability checks are intended to find out if the customer can truly afford to repay what they wish to borrow. Therefore, Different Money need to confirm the applicant’s salary, employment and outgoings to see how much disposable income they have and whether they will be able to pay without financial difficulty.
Furthermore, Different Money state that they do 3 credit checks before offering a short term loan. By checking an applicant’s credit file, they are able to see their debt to loan ratio and how well they have paid other similar loans in the past. This gives a good indication as to whether they are suitable for a loan from Different Money or not.
How Does Repayment Work With Different Money
Repayments are carried out in 2 to 12 equal monthly instalments. All payments are carried out via direct debit via a process called continuous payment authority. Different Money do not allow customers to repay using a credit card because this is like taking credit and paying it off with credit.
Different Money allows customers to repay early and because they charge a daily interest, you will therefore be charged less if you clear your debts sooner.
Useful Information about Different Money
Company Number: 08330523
Data Protection Number: Z3592118
Interim Permission Number: 656987
Warning: Late repayment can cause you serious money problems. For help, go to www.moneyadviceservice.org.uk.