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Thinking about a dotdotloans loan? Try Moneypod instead

If you have been searching for a short-term/payday loan, are you sure that dotdotloans will give you the best deal?

Each loan provider offers borrowers the ability to take out loans of different amounts, different durations, and with different interest rates. How do you know that, by going to a lender direct, they’ve got just the loan to suit you and your needs?

Moneypod is a short-term loan broker rather than a direct lender. This means that we use our extensive network of lenders in order to match you with the lender who will give you the very best deal that you need right now.

Here’s a look at the difference between a dotdotloans loan, and a loan organised for you by Moneypod.

 

Who are dotdotloans?

dotdotloans is a UK-based company established in 2017. Their parent company, Morses Club Limited has a history dating back over 130 years – they’re best known for doorstep lending, like the Provident.

Dotdotloans was nominated for the 2018 Best Short-term Loan Provider Award and their site has a host of testimonials from customers who were more than satisfied with their services.

 

What is a dotdotloans loan?

A payday loan is where you borrow an amount of money and you repay it on either your next payday or within 30 days – whatever you and your lender agree. On the other hand, a short-term loan is any loan that you take out that lasts for less than 12 months. You can normally take out more money using a short-term loan because you have much more time to repay it.

First time dotdotloans customers can receive a loan of up to £600 and they’ll extend this amount to £1,000 once the original loan has been paid off. Their terms range from up to 9 months for new customers, once again rising for existing customers to 12 months.

If you apply for the loan on a weekday, between 9-4:30, you can expect the money to be in your account within an hour of having your application accepted. The actual application process takes no longer than 10 minutes as it is completed entirely online.

 

What are the requirements of a dotdotloans loan?

If you would like to take out a loan with dotdotloans, then you need to meet certain requirements. Specifically, they are that you:

  • are over 18 years of age
  • are a UK resident
  • have a minimum income of £14,400 per year
  • are not self-employed
  • have a valid email address and mobile number
  • have your home address details for the last 3 years
  • have your bank account and debit card info

Once you have given them the information they need and your application has been accepted, you can expect to see the money in your account within an hour.

 

What’s the difference between dotdotloans and Moneypod?

Dotdotloans is a direct lender. This means that they are the only company who will look at your application. You’ll only be offered a dotdotloans loan if you apply direct to dotdotloans. During the process of determining whether they are going to approve your loan application, they will complete a background credit check on you. This is perfectly normal but the downside to you of this is that every lender will be able to see this search in the future.

Payday lenders will be less likely to approve your applications if they see that you have had multiple credit checks done in the past few weeks – it makes them think that you have been denied finance several times in quick succession. Fortunately, you can avoid this by using Moneypod as, with us, we only perform one credit check even though we might match you to a dozen potential lenders.

Moneypod is a broker and not a direct lender. We match you with a lender who will provide you with the loan that you need on the very best terms for you. This reduces the amount of credit checks that you will have to be performed making securing a loan that little bit easier.

What are dotdotloans’ FCA registration details?

dotdotloans are a Financial Conduct Authority-approved lender. As an approved lender, this means that you and their other customers are protected with additional consumer rights including:

  • You can’t be charged more than 0.8% per day (equivalent to £24 per month on every £100 you lend),
  • If you fall into arrears (meaning you’ve not made a repayment on the date you agreed), you can’t be forced to pay a penalty that is more than £15,
  • Over the course of the loan, your lenders must never try to make you pay more in interest and charges than the amount of the original loan. So, if you borrow £400, you should never pay back more than £800 in total.

Dotdotloans is registered with the FCA and it’s on the Financial Services Register with the reference number 713984.

Nouveau Finance Limited (Moneypod’s parent company) is authorised and regulated by the Financial Conduct Authority and you can also find us on the Financial Services Register using the reference number 727348

This means that whether you are dealing with Moneypod or dotdotloans, you will be covered by the rights that we mentioned above.

 

How do I apply for a dotdotloans alternative?

Applying for an alternative loan to dotdotloans can be done in 3 easy steps.

Firstly, fill in our easy online form. This takes 5 minutes and you will need to tell us how much money you need and how long you’d like to take to pay the loan back.

Once you have filled in our form, we will compare your needs to the personalised offers of over 200 lenders. We then run a check to find you the cheapest loans on the best terms with a lender who works with a borrower like you. Once we find you that lender and you are happy with the terms of the loan, they need to accept your application.

If all goes well, you will have the money in your account on the same day. Easy as that.

 

What are the advantages of a credit broker rather than a direct lender?

It’s our job to match you to the right lenderand with over 200 to choose from, we’re in a great position to do so. We aim to deliver you the best result while saving you the time and effort of going out and looking for it yourself.

Our service is completely free – there are no hidden fees, or any fees at all, for that matter.

 

Am I eligible for a Moneypod loan?

In order to see all of the options available to you through Moneypod, we’ll need the following from you:

  • You’re over the age of 18,
  • You’re in continuous employment,
  • You’re a Resident of the UK,
  • You have a UK bank account that your wages are paid into,
  • You have a valid email address,
  • You earn over £500 per month consistently.

 

Why choose a loan from Moneypod?

Why go searching through every single direct lender’s website to find the best deal? We do all of the legwork for you ensuring that you get the very best deal tailored to you.

You won’t be charged any more for using Moneypod than you would by approaching the lender directly. In fact, you may even receive a better deal if your specific needs match what a lender specialises in. We cannot guarantee that this will be the case for everybody. however.

With Moneypod, we don’t make you fit around the loan, the loan fits around you, your life, and your family.

Click here to find the loan that you are looking for. With such a variety of lenders to choose from and each bringing a different offer to the table, your short-term finances can be back on track within moments.