Is Dot Dot Loan App Legit or Scam? Reviews, Contact Details, Interest Rate, Eligibility

If you’ve ever been in a financial crisis with no way out, you might understand the importance of short-term lenders like Dot Dot Loans. The lender provides loans to all types of borrowers, regardless of credit, with quick approval and funding rates.

But how well do you know the lender before you sign up for the platform and acquire your first loan? Our detailed evaluation strives to provide you with all of the information you need regarding the platform and much more.

We conducted a thorough examination of the service provider and its practises in order to assist you in making the best option. Continue reading to find out if it is the right option for you.

What exactly are Dot Dot Loans?

dot dot loans’ home pageDot Dot Loans is a UK-based short-term lender situated in Batley, West Yorkshire. Shelby Finance Ltd is the company’s trading name. Morses Club, one of the largest home collected loan organisations in the UK, has been in operation for at least 130 years.

The lender has been in business since 2017 and caters to customers who prefer totally online services. Dot Dot is a direct lender, which means you ask for cash and receive it directly from them.

They are a completely online service provider that prioritises simplicity, fairness, and speed. They, like many other short-term lenders, do not require a flawless credit score. However, they make an effort to practise responsible lending, which we shall go over in further detail momentarily.

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Dot Dot Loans, a subsidiary of a well-known UK lender, is a direct online lender that provides dependable services at a high cost. They provide a straightforward loan structure and provide quick approval every day of the week, even weekends.

Dot Dot Loans Loan Benefits and Drawbacks

  • A fixed rate allows you to know exactly how much you will pay back.
  • Online processing is completed quickly.
  • If you apply during working hours, funds will be available within an hour.
  • Flexibility in repayment terms
  • Borrowers receive quotes in minutes.
  • Funds loans are available throughout the week, including weekends.
  • Provide exceptional cost transparency
  • There are no late payment, origination, or prepayment fees.
  • They do not share your information as a direct lender.
  • Loans with low ceilings, particularly for first-time borrowers
  • The platform runs a credit check, which may affect your score.
  • Rates are very high.

What is the procedure for obtaining a Dot Dot Loans loan?

Dot Dot Loans does not provide typical payday loans, which are frequently used by short-term borrowers in the absence of a better option. Rather, they provide an alternative solution that allows you to pay back in installments over time.

As a result, borrowers can anticipate to make smaller, more affordable monthly payments. However, this increases the loan’s long-term cost.

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Checks for credit and affordability

New borrowers are eligible for loans ranging from £100 to £600. Existing clients can borrow more than twice as much, with loan limits set at £1,250. The amount you qualify for is determined on your requirements, credit rating, and affordability.

Borrowers will also benefit from loan terms that are flexible. These range from 3 to 6 months, up to 9 and 12 months. Another advantage, which may also be a disadvantage, is that it operates on fixed rates.

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On the one hand, this means you’ll know exactly how much you’ll have to pay back from the outset. However, these rates are typically on the higher side.

Disbursement of funds

When you apply for a loan on the platform, you will typically receive a quote very quickly. The quotation includes all of the pertinent information, including the amount you must repay over the specified time period.

A screenshot of the website dot dot loans
Unlike other lenders, the platform funds loans every day of the week, including weekends and holidays. Any application submitted between 8:30 a.m. and 4:30 p.m. will typically result in the receipt of funds within an hour after the request. However, any requests granted after 3:30 PM on weekdays or 5:00 PM on weekends are funded the following day.

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Checks on credit

Making sure you satisfy the required requirements is one component of responsible lending from the site. They do extensive affordability and credit checks. As the website says, this is to avoid getting into even more financial trouble with a loan.

They will constantly perform these checks, whether you are new to the platform or an existing customer. The credit check assists the lender in determining how much credit you are eligible for. They do this by looking at how you have managed any previous credits you have had.

This does not indicate that you must have a flawless score; it merely assists them in determining if you can afford the repayments.

Affordability checks involve examining your income and expenses to ensure that your repayments will not cause you trouble.

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The lender aims to respond to applicants as soon as possible. When they can’t, they normally ask for further information in order to process the request. Though it is not required, you may be required to supply papers following your application in rare situations.

Dot Dot Loans have no fees other than the agreed-upon fixed rate. They do not impose late payment fees. Rather, they are happy to work with you on a different repayment plan if the existing one does not appear to be working.

Once you’ve decided on an amount and received the payback amount and loan period, they will deduct payments from your account on a monthly basis. It is important to note that the lender is honest and will tell you exactly what to expect before you submit your application.

Because they are a direct lender, they will not disclose your information with any third-party service providers. It also implies that you can contact them directly if problems or questions arise.

Account Creation and Borrowing Procedure for Dot Dot Loans

The Dot Dot Loans platform is built on simplicity, which is evident in every process, including account creation and borrowing.

1. Register for an account on the website Start by clicking on the “Apply” option to get your first loan.
2. The first step is to compute your loan.

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Online loan calculator for Dot Dot loans

Select the amount you wish to borrow first, followed by the repayment duration. You will see the monthly repayment amount, the appropriate interest rate, the APR, and the credit charge.

You can make changes until you are satisfied with the terms.

2. When you’re finished, click “Proceed with application” to start the online application process.
3. Fill out the loan information, including the loan amount and loan period.
Begin by entering your personal information, beginning with your name and date of birth. Enter your email address as well as your phone numbers.

4. After that, input your address information, including residential information and the amount of time you have lived at the address.
dot dot loans’ loan application page
5. Enter your employment information, including employment status, firm name, job type, phone number, payment type, and frequency.
6. Finally, you must provide your bank account information, as well as your income and expenses. After reading and accepting the terms and conditions, submit the application form.
It is important to note that after analysing your application, the lender may provide a different amount and term than what you applied for.

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Eligibility Requirements for Dot Dot Loans

Here are the requirements you must meet in order to qualify for a loan on Dot Dot. These are some examples:

  • You must be at least 18 years old.
  • You must be a UK resident.
  • Have a minimum annual income of £14,400
  • Should not work for oneself
  • Should be paid on a monthly basis
  • A valid cell phone number and email address are required.
  • Borrowers Must Provide Information to Obtain Dot Dot Loans Loan

If you meet all of the above conditions, you will be required to give the following information throughout the application process:

  • Address history for the last three years
  • Bank account and debit card details
  • Personal information
  • Details about employment
  • Details on income and expenses

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What are the loan borrowing costs for Dot Dot Loans?

In comparison to other similar lenders in the UK, Dot Dot Loans is a high-cost lender. The following are the fees you should expect to pay if you borrow from the platform:

  • APR fluctuates according on loan amount, length, and other factors.
    Arrangement fees are non-existent.
    There are no prepayment penalties.
    There are no late payment penalties.

Representative Example:

  • The amount borrowed is £300.
    3 month repayment period
    £153.63 in monthly repayments
    The total amount owed is £460.89.
    p.a. fixed interest rate – 292%
    1.255% APA (representative)

Dot Dot Loans Customer Service

The bulk of short-term lenders outsource their customer support services, which frequently leads in client complaints. Dot Dot, on the other hand, is an outlier in that it has a UK customer support team.

According to online reviews, they are polite and helpful, and are rated outstanding overall.

Is borrowing from Dot Dot Loans risky?
The Financial Conduct Authority has authorised and regulated Dot Dot Loans. Furthermore, its website employs industry-standard encryption to safeguard user data.

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It is also affiliated with a well-known lending company, which adds to its trustworthiness. Borrowing from this lender does not pose any safety issues.

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Dot Dot Loans claims to provide all types of customers with simple, quick, and convenient services. Though its rates are higher than the average, it takes pride in providing its clients with customizable terms and practically quick cash. It is unusual that it funds loans even on weekends, and it receives high awards for good customer service.

First-time clients can borrow small sums, and every time you request for a loan, they do a credit check, which may affect your credit score.

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Despite being a relatively new company, Dot Dot is owned by a lending firm with over a century of experience. And the convenience and simplicity of their services reflect their background. In general, it is a good option on a wet day.



Is a credit check required by the lender, or may I gain approval without one?

You will not be approved unless you conduct a credit check. Every loan application submitted through the platform is credit verified. Dot Dot Loans always wants to guarantee that borrowers satisfy the required requirements and can afford to repay the loan, in accordance with the philosophy of responsible lending.

Why does the lender need to verify my income information?

As a responsible lender, they must verify your income and expenses. The goal is to ensure that you can make your payments without experiencing financial hardship. They may change the loan amount and term based on this information.

Can I receive a loan if I have bad credit?

Yes. The lender does not have a minimum credit score requirement for loan approval. Rather, they make decisions on an individual basis. In addition to the credit score, they consider other variables when deciding whether to approve or deny an application.

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What if they turn down my application?

A rejected application indicates that the lender cannot now provide you a loan since you did not meet the required requirements. You may reapply after a minimum of 30 days. However, your conditions must have changed for the response to be the same.

Is it necessary for me to be a homeowner to qualify for a loan?

No. Even if you are renting your current property, you may be eligible for a loan. The lender does not take into account homeownership. Instead, when accepting loans, they consider income and expenditure alongside other variables.

Dot Dot Loans provides what kind of loans?

The lender provides fixed-rate short-term installment loans ranging from £100 to £1,250.

Dot Dot Loans provides what other shop services?

Dot Dot Loans does not offer any other shop services.

What countries are eligible for Dot Dot Loans?

Dot Dot Loans provides services throughout the United Kingdom.

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About Samuel 637 Articles
Samuel is an SEO technician and Content developer with over 5 years of work experience. He is known for his love and passion for helping others achieve their financial goals and dreams. This lead to the birth of Finwealthonline. His love for many has to lead him to help thousands of students seeking financial loan advices, app reviews with the right information. Samuel being the CEO and founder of Finwealthonline will continue his good work on helping people with the right information that will lead to achieving their financial dreams and goals.

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