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Is Loans by MAL Legit? Reviews and Ratings Explained

Loans by MAL is a UK-based loan company that offers personal loans to individuals. With the rise of online scams and fraudulent activities, it is important to verify the legitimacy of any loan company before applying for a loan. In this article, we will explore the legitimacy of Loans by MAL by analyzing customer reviews and other relevant information.

One way to determine the legitimacy of a loan company is by reading customer reviews. Loans by MAL has received mixed reviews from customers. Some customers have reported a satisfying experience with the company, praising its customer-oriented approach and fast loan processing. Others have reported issues with the company, such as unexpected charges and poor customer service. By analyzing these reviews, we can gain a better understanding of the company’s strengths and weaknesses.

Another way to verify the legitimacy of a loan company is by checking its credentials and online presence. Loans by MAL is registered with the Financial Conduct Authority (FCA) and has a website with its own domain name. However, it is important to note that scammers can also create fake websites and credentials to deceive customers. Therefore, it is important to conduct thorough research and exercise caution when applying for a loan online.

Understanding Loans by MAL

Loans by MAL is a lending company that offers personal loans to UK residents. The company has been operating since 2015 and is registered in the Isle of Man. Loans by MAL claims to offer quick and easy loans with flexible repayment terms.

According to their website, Loans by MAL offers loans ranging from £500 to £25,000 with repayment terms of 12 to 60 months. The company also claims to offer competitive interest rates and no hidden fees.

To apply for a loan with Loans by MAL, customers need to fill out an online application form. The company will then conduct a credit check and assess the customer’s affordability before deciding whether to approve the loan. If approved, the loan amount will be transferred to the customer’s bank account within a few days.

It is important to note that Loans by MAL is not a direct lender but acts as a broker. This means that they work with a panel of lenders to find the best loan offer for their customers.

While Loans by MAL claims to offer a quick and easy loan process, it is important for customers to do their own research and ensure that they understand the terms and conditions of the loan before signing up. Customers should also be aware that taking out a loan may have an impact on their credit score and their ability to obtain credit in the future.

Overall, Loans by MAL appears to be a legitimate lending company with positive reviews from some customers. However, as with any financial decision, it is important for customers to do their own research and make an informed decision before taking out a loan.

Company Profile

Loans by MAL is a UK-based lending company that offers personal loans to individuals. The company claims to provide fast and easy loans with flexible repayment options. Loans by MAL operates through two websites, loansbymal.co.uk and loansbymal.im. The company is registered with the Isle of Man Financial Services Authority and is authorized to conduct lending activities.

According to the Companies House, Loans by MAL Limited was incorporated on December 16, 2015, with the registration number 09922088. The company’s registered office is located in Manchester, UK, and its directors are listed as Mr. Malik, Mr. Hussain, and Mr. Mahmood.

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Loans by MAL UK is also registered with the Financial Conduct Authority (FCA) with the reference number 821980. The FCA is the UK’s regulatory body for financial services, and its registration is a mandatory requirement for all lending companies operating in the UK.

Loans by MAL’s websites provide information about the company’s loan products, eligibility criteria, and application process. The company claims to have a simple and straightforward application process that can be completed online. Loans by MAL also claims to provide a decision on loan applications within minutes and that funds can be transferred to the borrower’s bank account on the same day.

Overall, Loans by MAL appears to be a legitimate lending company that is registered with the relevant regulatory bodies. However, it is important to note that the company has received negative reviews from some customers, as highlighted in the search results. Therefore, it is recommended that potential borrowers conduct their due diligence and carefully read the terms and conditions before applying for a loan with Loans by MAL.

Customer Service

Loans by MAL prides itself on providing excellent customer service to its clients. The company has a team of experienced professionals who are always ready to help clients with any questions or concerns they may have.

Contact Information

Clients can contact Loans by MAL through a variety of channels. The company’s website has a contact form where clients can submit their questions or concerns. Additionally, clients can email the company at [email protected]. The company also has a phone number that clients can call to speak with a customer service representative. The Loans by MAL contact number is +44 20 8089 1181.

Operating Hours

Loans by MAL’s customer service team is available to assist clients during operating hours. The company’s operating hours are Monday through Friday from 9:00 am to 5:00 pm GMT. Clients who need assistance outside of these hours can submit their questions or concerns through the company’s website contact form or email.

Overall, Loans by MAL is committed to providing excellent customer service to its clients. The company’s experienced professionals are always ready to assist clients with any questions or concerns they may have. Clients can contact the company through a variety of channels, including the website contact form, email, and phone. Loans by MAL’s operating hours are Monday through Friday from 9:00 am to 5:00 pm GMT.

Online Presence

Loans by MAL has a strong online presence, with a website that allows users to easily access loan information and apply for loans. Additionally, the company has a presence on several social media platforms, including Facebook and YouTube.

Website Accessibility

The Loans by MAL website is easily accessible and user-friendly. The website provides detailed information about the company’s loan products and services, and users can easily apply for loans online. The website also includes a login portal for customers to access their accounts and manage their loans.

Social Media Platforms

Loans by MAL maintains a presence on several social media platforms, including Facebook and YouTube. The company’s Facebook page provides updates on loan products and services, as well as customer reviews and feedback. The YouTube channel features informational videos about the company’s loan products and services.

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Overall, Loans by MAL’s online presence is a testament to the company’s commitment to providing customers with accessible and reliable loan services. Whether through their website or social media platforms, customers can easily access information and apply for loans with confidence.

Loan Application Process

Applying for a loan with Loans by MAL is a quick and easy process that can be completed entirely online. The company offers loans ranging from £1,000 to £25,000, with repayment terms of 12 to 60 months.

To apply for a loan, borrowers must first complete an online application form. The form requires basic personal and financial information, such as employment status, income, and expenses. Once the application is submitted, Loans by MAL will review the information and determine whether the borrower is eligible for a loan.

If the borrower is approved, they will receive a loan offer with details such as the loan amount, interest rate, and repayment term. The borrower can then choose whether to accept the offer or not. If they accept, the loan funds will be deposited into their bank account within a few business days.

Loans by MAL prides itself on offering a transparent and straightforward loan application process. The company does not charge any application fees or prepayment penalties, and borrowers can manage their loans online through a secure portal.

It is important to note that the time it takes to receive a loan offer and funding can vary depending on factors such as the borrower’s creditworthiness and the completeness of their application. However, Loans by MAL aims to provide a fast and efficient loan application process for its customers.

Overall, the loan application process with Loans by MAL is user-friendly and streamlined, making it a viable option for those in need of quick and easy financing.

Customer Reviews

When it comes to determining the legitimacy of a loan company, customer reviews can provide valuable insights. In this section, we will take a look at the customer reviews for Loans by MAL.

Trustpilot Reviews

Trustpilot is a popular platform where customers can leave reviews for various businesses, including Loans by MAL. As of August 23, 2023, Loans by MAL has a Trustpilot rating of 4.3 out of 5 stars based on 39 reviews.

Many customers have praised Loans by MAL for their quick and easy application process. One customer from the UK stated, “Everyone I spoke to about getting me the loan was very polite and explained everything. I can’t believe how quick it came through. Thank you for helping me.” Another customer from the Isle of Man said, “What a fast process.”

However, there are also some negative reviews on Trustpilot. One customer from the UK warned others not to apply for a loan with Loans by MAL, stating that they were “harassed to hell” and that the company had all their details to sell on. It’s important to note that negative reviews can be subjective and may not reflect the experience of every customer.

Other Online Reviews

In addition to Trustpilot, there are other online reviews for Loans by MAL available. For example, Credit Karma provides a review of Loans by MAL, stating that they aim to connect customers to short-term loan options, even if they have bad credit. However, there is no guarantee that customers will receive a loan offer, and they won’t know the interest rates or terms until they are matched with a lender.

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Overall, it’s important to consider both positive and negative reviews when determining the legitimacy of a loan company. While Loans by MAL has received some negative reviews, they also have many positive reviews from satisfied customers. It’s up to each individual to decide if Loans by MAL is the right loan company for them.

Frequently Asked Questions

Here are some frequently asked questions about Loans by MAL:

Is Loans by MAL a legitimate lender?

Loans by MAL is a registered lender in the United Kingdom. They are authorised and regulated by the Financial Conduct Authority (FCA), which means they have to follow strict rules and regulations to protect consumers. However, it is important to note that being registered with the FCA does not guarantee that a lender is legitimate or trustworthy. It is always a good idea to do your own research and read reviews before applying for a loan.

How do I apply for a loan with Loans by MAL?

To apply for a loan with Loans by MAL, you can visit their website and fill out an online application form. You will need to provide some personal and financial information, such as your name, address, employment details, and bank account information. Loans by MAL will then review your application and let you know if you have been approved for a loan.

What types of loans does Loans by MAL offer?

Loans by MAL offers a variety of loan products, including personal loans, guarantor loans, and short-term loans. Personal loans are unsecured loans that can be used for a variety of purposes, such as home improvements, debt consolidation, or car repairs. Guarantor loans require a co-signer who agrees to repay the loan if the borrower is unable to do so. Short-term loans are small loans that are typically repaid within a few weeks or months.

What are the eligibility requirements for a loan with Loans by MAL?

To be eligible for a loan with Loans by MAL, you must be at least 18 years old, a UK resident, and have a regular source of income. You must also have a bank account and a valid email address and phone number. Loans by MAL will also check your credit history and affordability to determine if you can afford to repay the loan.

How quickly can I get a loan from Loans by MAL?

Loans by MAL aims to provide a fast and efficient service, and in some cases, you may be able to receive your loan on the same day that you apply. However, the time it takes to receive your loan will depend on a variety of factors, such as the type of loan you are applying for, the amount you are borrowing, and your credit history. Loans by MAL will provide you with an estimated time frame for receiving your loan when you apply.

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