Money Pug strives to give services that will help you get out of difficult financial situations.
But, before you join up for the service, how well do you understand how it works? We conducted a thorough examination of the platform to assist you become more familiar with its features.
Money Pug allows customers to compare and access services from a variety of lenders in the UK. Customers can get loans from between £100 to £2,000. By the end of this review, you should be able to determine whether or not they are the right service providers for you.
What exactly is Money Pug?
Money Pug is a one-stop shop where you can compare the best payday loans from numerous lenders, among other things.
They recognise that borrowing money can be unpleasant and frightening. As a result, they have compiled the greatest bargains for you to compare, taking the effort out of the process.
Money Pug is a trading name of Money Pug Ltd., a company incorporated in England with its registered office at Ainsworth St, Blackburn.
The service provider is classified as a credit broker for consumer credit and is not a direct lender. The Financial Conduct Authority (FCA) authorises and regulates it.
They get their name from the determined, faithful canines of the same name, emphasising their dedication to making your life easier.
Money Pug is a service that connects you to a range of lenders in the UK, allowing you to compare and utilise their services. It does not charge for its linking service, but it does receive a fee from the lender if the introduction is successful. The eligibility conditions for lenders seeking to join are fairly stringent, ensuring high-quality service.
Pros and Cons of Money Pug Loan
Pros:
A comprehensive comparison portal enables you to choose the best loan deal tailored to your specific circumstances.
Is regulated by the FCA and provides high-quality services by rigorously evaluating lenders before listing.
Has a good web reputation and does not charge for the service
Provides a variety of credit choices with customizable terms.
It is very possible to find a lender on the platform because it displays a variety of possibilities with varied terms and eligibility conditions.
Cons:
Provides excellent comparison services but is not a lender.
What is the procedure for obtaining a Money Pug loan?
Money Pug differs from your typical lender in that it is a credit broker service platform rather than a lender. The website provides a completely free comparison platform for a wide range of services and has a simple design that makes it simple to find what you’re looking for.
You can borrow any amount between £100 and £2,000 through this portal. The loan periods are extremely variable, ranging from one month to more than two years. This adaptability emphasises the platform’s large range of choices.
The first thing you’ll notice about payday loans is an application form. Fill out this form with your information, and the site will help you locate the best lender to fit your financial needs.
Several lenders
You will find a list of multiple payday lenders in the UK below the form. You may find information about each lender’s maximum loan amounts, loan terms, and representative APR by clicking on their name. Below that, you’ll find an example of a typical loan from the site in question, with repayment details.
Screenshot of the Money PUG home page
It includes a good number of the top payday loan companies who offer a variety of terms to meet the demands of different applicants.
Surprisingly, they emphasise the fact that payday loans are a high-risk kind of credit. They also point out that if you don’t have any other options, they can come in help as a final resort. In such cases, their responsibility is to “help you pick the best of a bad bunch.”
They help you understand what you’re getting yourself into when you sign up for a payday loan. At the same time, they assist in obtaining the greatest financing feasible to meet your demands.
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Repayments
They provide an easy way to compare payday loans in order to assist you receive the best deal possible. Their lender selection ranges from £50 to over £2,500. While you can pay off the loan in one single sum, as is common with payday loans, you can also choose an installment option.
Most payday loans that allow for installment repayment have periods of a few months.
Comparison of lenders
The platform comprises all payday loan providers on the Money Pug provider panel. These are often regulated and authorised directly by the Financial Conduct Authority. Those that are not directly regulated work with a corporation that is.
As a result, not all UK lenders are represented on the comparison list. Some businesses prefer not to list their services on comparison websites like this one. Others fail to meet the site’s stringent criteria for selecting partners.
Obtaining a loan through this platform essentially allows you to see how much you may borrow, how long you will be able to repay, and how much interest you will be required to pay. All of these facts are available on a single website, making credit facility access easier and less unpleasant than it is typically.
Comparing financing services on the platform is as simple as filling out the application form with the information of what you want. When you’re finished, the site’s search engine will provide results that are perfectly suited to your requirements.
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Choosing a Lender
Simply spend some time reviewing the list of personalised products to see how much money you may save and what bargains are available to meet your needs.
You can then choose the best solution for you and let the portal connect you with your preferred lender. In many circumstances, monies can be accessed the same day or the next business day. The timing will be determined by when you applied, the lender’s terms, and your bank’s support (or lack thereof) for quick payment processing.
Money Pug makes money from the lenders on its comparison list, not from loan applicants. When they successfully match a customer with a lender, they collect a commission at no cost to you.
You may be required to submit to a credit check if you borrow funds through the site. Before processing your application, some of the lenders on the marketplace will do similar checks to ensure your creditworthiness. A record of such a search will appear on your credit report and affect your rating.
What other services does Money Pug provide?
Money Pug is a comprehensive comparison website that offers a diverse range of services. Other services that you can compare on the site are as follows:
- Car, travel, pet, home, and life insurance are all available.
Cell phones
Cheap vacations
Prepaid credit cards
Deals on broadband
Mortgages
Energy
Money Pug Account Opening and Borrowing Procedure
Starting with Money Pug is a quick and painless process. In fact, the webpage offers all of the information you need to get started.
To make an account on the platform, go to the website and fill out the online application form on the homepage.
1. Begin by entering your loan information, which includes the loan amount, term, and purpose.
The Money PUG signup page collects basic information.
2. Next, provide your personal information, such as name, marital status, phone number, email address, date of birth, and number of dependents.
3. The following item on the form is your address information.
The postcode, house number, residential status, and number of years at the residence are all included.
4. You must also enter information about your income, such as payment type, income frequency, monthly income, pay dates, employment status, name, and industry.
Money PUG registration captures income information
To complete the part, provide the number of years you have worked for the company, your position, and your NI number.
5. Next, enter your incoming expenses as well as your bank information, including your bank card type, account number, and sort code.
6. Finally, click the “Apply” button to submit the information.
In return, you will receive a list of lenders who can match your needs, as well as the ability to interact with them after comparing their services.
It is critical to exercise caution while signing up for these items. This is because you can wind up owing two to three times the amount borrowed on longer-term loans, and many people struggle to repay short-term loans without reborrowing.
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Eligibility Requirements for a Money Pug Loan
On the Money Pug platform, qualifying for a loan is simple. This is due to the large number of lenders who offer their services, making it simple to identify one who considers you eligible. However, in addition to the qualifying requirements of these lenders, you must meet some basic conditions. These are some examples:
- You must be at least 18 years old.
Be a permanent, legal resident of the United Kingdom.
Have a bank account and a steady source of income
Do you have an email address?
Have a cell phone
Information Borrowers Must Provide in Order to Receive a Money Pug Loan
When you apply for comparison services on Money Pug, you must submit the following information:
- Name, phone number, and email address
Residence Status Years of residence
Postcode
Details on employment and earnings
Expenses on a monthly basis
Account information
Money Pug Customer Service
Money Pug receives an 86% ‘Excellent’ rating from a total of 714 reviews, with 11% of its users rating it as exceptional. According to consumer feedback, everything about it, including customer service, is highly rated.
You should keep in mind, however, that they will not be your lender. As a result, take the time to research the customer service rating of the lender you intend to borrow from.
Is borrowing from Money Pug risky?
Because of the sensitive nature of the data handled by the site, this supplier takes security very seriously. To begin with, it is registered with the FCA, and it only works with FCA-registered lending platforms.
Because it must share user data with third-party loan providers, it must ensure the security of such information. To that purpose, before letting any supplier onto the platform, it goes through a rigorous evaluation procedure.
To protect user data, the site additionally employs SSL security certificates and adheres to the voluntary Ofgem Confidence Code.
Is Money Pug Loan App Legit or Scam?
Money Pug Loan App is Legit and not a Scam. However, it is important to see its pros and cons before applying for loan.
Conclusion
Money Pug is not a lender, but it does an excellent job of assisting you in obtaining finance from an appropriate lender. Unlike other brokerage services that focus on the lender, this one prioritises the customer.
As a result, rather than having several lenders examine your eligibility and decide whether or not to make you an offer, it allows you to compare lenders and select the best one.
By completing the application form, you provide them with the information they need to locate you a variety of good matches from which to choose.
The only disadvantage is that you may not be familiar with any of these lenders and will need time to compare them before making a decision.
However, as far as brokerage services go, this is an excellent option with a distinct approach.
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