JL Money Review | www.jlmoney.co.uk
Address: Duke House, 15 Seymour Street, Royal Arsenal, London, SE18 6SX.
Branding: JL Money. AKA: Jeremy Lawrence Money.
FCA Licence: 561096.
From: Jeremy Lawrence Ltd.
Launched: 2004 (2014 online).
Related: No companies.
Available: Monday to Friday (9.30am/5.30pm).
Bad Credit Considered: Yes.
Manage: No JL Money login at www.jlmoney.co.uk.
Offers: Guarantor loans.
Sums: £100 to £2000 (new and returning).
Terms: 3, 6 or 12 months.
£90 /£300 (3) £180 (6)
£900 /£1000 (12)
Notes: We class this firm as a guarantor lender. On the application form it states that any loan above £250 must have one. In the FAQ £500 is listed, but we’d go with £250. They don’t expand too much on this other than that the backing must be someone in employment that is not a family member. Obviously a good score would be essential. The company formation year is 2004 that was when they arrived on the high street. However, they have only been trading online since April 2014. The main product for individuals is headed. There are a few other subprime options though. They cater funding for businesses, charities and there is a bespoke loan (for property investors). Each option has varying amounts and terms. No logins are provided, but they do use encryption.
– Eligibility: On reaching the site you’ll spot the clear notice that poor credit including CCJs is considered. This is notable for those that borrow small loan sums (below £250). Anything above and you must find a third party to back the application. They claim that guarantors are required in order for them to offer competitive rates. They do compare quite well over 3 and 6 months, but over a complete year they are much more expensive than the big guarantor lenders.
Experience: This is a fresh face on the web, but they have been around since 2004. This is through their single branch located at the same Seymour Street (London) address mentioned above.
– Flexibility: Customers can take advantage of flexible loans with varied repayment options. You can repay monthly or weekly (13/26/52) and settle early should you wish to do so. Settling isn’t made easy though by the lack of account servicing.