MiniCredit Loans Info (Closed)

MiniCredit closed after they decided to cease trading after making an application to the FCA. As a result, they stopped lending on the 10th December, 2014. The notice for this on www.minicredit.co.uk also mentions that they have transferred their customer accounts on to Kapama Ltd who are a debt purchase company and sister-brand to Opos. The decision to close is not fully addressed, but we’d hazard a guess that they could not meet the new FCA rulings on pricing. As well as this central brand, Microcredit Ltd also operated on the web as MiniCashLoans, although this company was unknown across the market. It did however grant longer repayment choices.

These loans had been available since the year 2008. They offered a range of useful features, but there was always an expensive forced transfer fee to pay. It should be noted that this short term loan lender was very popular and they were certainly a top 10 firm throughout their active years. There was an as seen on TV badge on their website, although we can’t recall viewing one. They offered new applicants between £100 to £400, whilst a much larger sum of £1500 was possible for loyal users. The term span was 1 to 42 days, although a little time before closing they only enabled a complete month to be selected.

The interest cost stood at 1.3% daily and so a charge of £39 was set over 30 days. Choosing a smaller term (when you could) would help to save costs, but there was that transfer fee to pay at £19.50. There was a promo code, but this was designed for the interest and not the transfer. Secure logins were equipped to www.minicredit.co.uk. They did deal with applications here 7 days a week, but eventually updated to close on a Sunday. The times were Monday to Friday (9am/8pm) and Saturday was (9am/5pm). MiniCredit loans certainly stands as one of the key recent closures (alongside Cash Genie and Vivus).

Email this to someoneShare on FacebookShare on Google+Tweet about this on Twitter