Loanskipper Loan Review 2021 – Receive Funds in 15 Minutes!
Have you ever been stuck on the high way with low fuel and your dashboard keeps flashing the low fuel indicator? You looked to the left and right and you still cannot find a filling station at sight.
This is a similar situation when one needs to get a loan. Loanskipper has promised to come to the rescue when you are at your very last penny.
Will it keep its promise and not leave you disappointed? And if it will keep its promise, are there any red flags to look out for?
Our comprehensive review will not only provide you the necessary information about its services and platform but will also help you decide if it’s best for you to get your loan from Loanskipper or look elsewhere.
What is Loanskipper?
Loanskipper is a registered trading name of Season Marketing Ltd, which is a company registered in England and Wales (Company number 08901402). It was incorporated on February 19, 2014. Season Marketing Ltd is a broker and not a lender company. Therefore, loans are processed by a third-party lender.
Season Marketing Limited is responsible for the arrangement of loans to prospective clients. The amount that can be borrowed by an individual ranges from £100 to £2000, while the term period ranges from 2 months to 6 months.
Pros and Cons of a Loanskipper Loan
How does a Loanskipper loan work?
Loanskipper is not a direct lending platform. What it does is link applicants with the best payday loans provider. It basically serves as a credit broker between the borrower and the lender.
To start a loan process, applicants can simply get the estimate by using the panel to the right on its website. Applicants should simply decide on the amount they intend to borrow by clicking on the suitable figure or by entering the desired amount in the box marked ‘Other amount.’ Next, the applicant can shift the term period for a loan by clicking and hovering the mouse between 2 months to a maximum of 6 months. In addition, applicants can borrow from £100 to £2000.
How to apply
Upon clicking on the “Apply Now” link on the homepage, applicants are quickly transferred to the application form, which should be filled and submitted online. The basic information required for filling the form includes personal questions about applicants’ financial details, employment details, credit card details, full names, etc. Once the relevant details have been obtained, a decision will be made about the submitted application. This is usually done promptly, and afterward, applicants are informed if their applications have been approved or rejected.
Once the loan has been approved, applicants will receive further instructions on how to claim their loan. Funds are generally received within 24 hours and are sent directly to the applicant’s bank account. However, this can vary depending on the bank and clearing time.
Fortunately, the site is equipped with tools that can help increase transparency about Loanskipper’s services. Right from the homepage, an applicant can easily view the APRs rate, the interest charged on the amount to be borrowed, the repayment date and the total amount to be repaid.
Even though the means of getting a loan through Loanskipper can be quite fast, it is important to note that using this service can take longer than using direct lenders. This is because applicants would want to compare different lenders APRs rates before picking the lender with the most suitable rate. This can be quite cumbersome and time-consuming for the applicant.
One good thing about using Loanskipper is that applicants can get the desired amount of loan sent directly to their bank account without them leaving the comfort of their homes or offices. Payments are made directly to the account details provided by the applicant. This eliminates the stress of having to go directly to the lender’s office to get the cash.
Loanskipper Account Creation and Borrowing Process
Completing the application form on the website is quite simple and straightforward.
1. First, visit loanskipper.co.uk and click on “Apply.”
2. Provide your personal details.
The page requires you to fill in necessary information such as the amount, terms of request (months), personal information, address information, etc.
3. Next, provide your bank details.
You will need to fill in your credit card information and other bank details. Once these details have been verified; the next stage will be the identification page.
4. Proceed to the verification stage.
This stage is meant to verify your identity. Once this is done, you will need to agree to all the terms and conditions by simply ticking the “I agree” box.
If your loan application is approved, payments will be processed and transferred electronically into your bank account within a few days.
Eligibility Criteria for Loanskipper Loan
Below are some of the requirements to be eligible for a loan on Loanskipper.
- Applicant must be a citizen or resident of the United Kingdom or Wales
- Prospective applicant must be at least 18 years of age
- Applicant must be employed before applying for a loan
- Must have a functional bank account to be able to receive the loan
Must possess a valid and active credit card
Information Borrowers Need to Provide to Get Loanskipper Loan
To be able to fulfill all the requirements requested by Loanskipper, applicants must provide the following information:
- Date of birth
- Email address
- Contact details
- Employment status
- Income details
- Address information
- Number of dependents
- Bank account information
What are Loanskipper loan borrowing costs?
It is quite difficult to get precise APRs since Loanskipper is a credit broker and not the actual lender. Loanskipper pairs applicants with loan-lending firms. This makes it extremely difficult to get the precise APRs because each loan-lending firm has its own APRs.
Officially, Loanskipper states that its APRs goes from 35.9% APR to max 1304% APR.
Loanskipper Customer Support
Loanskipper has some positive feedback even though it is quite new to the industry. However, reaching their customer support team can be a challenge. This is because they can only be reached via email. Furthermore, since Loanskipper links applicants with loan-lenders, it is important that applicants do their research before transacting with their loan lenders.
Is it safe to borrow from Loanskipper?
Loanskipper is an authorized and regulated entity under the Financial Conduct Authority (FCA). However, applicants should note that Loanskipper would always refer them to third-party loan lenders. This makes it impossible for them not to share sensitive details with lenders and marketers. Due to this, lenders might send promotional emails or market their products from time to time.
Although this is not a safety concern, applicants might from time to time get text messages or calls from marketers and lender companies.
Loanskipper Review Verdict
Loanskipper does an excellent job by ensuring that applicants on its platform are matched to the right lenders in the industry. It has a wide coverage area, which cuts across the UK. In addition, it ensures that clients can get their cash transferred electronically into over nine major banks across the UK.
However, customer support cannot be reached via a telephone call. You might have a hard time reaching customer support when there is an emergency. Overall though, Loanskipper has a team of friendly customer support staffs, who are always ready to help.
Glossary of loaning termsCredit Score
A credit score shows your creditworthiness. It's primarily based on how much money you owe to loan or credit card companies, if you have ever missed payments or if you have ever defaulted on a loan.Guaranteed Approval
Guaranteed Approval is when, no matter how bad, your credit score its, your loan application will not get declined.Credit Limit
A Credit Limit is the highest amont of credit a lender will lend to the borrower.Collateral
Collateral is when you put up an item against your loan such as your house or car. These can be repossessed if you miss payments.Cash Advance
A Cash Advance is a short-term loan that has steep interest rates and fees.Credit Rating
Your Credit Rating is how likely you are to fulfill your loan payments and how risky you are as a borrower.Fixed Interest Rate
Fixed Interest Rate is when the interest rate of your loan will not change over the period you are paying off you loan.Interest
The Interest is a percentage based on the amount of your loan that you pay back to the lender for using their moneyDefault
If you default on your loan it means you are unable to keep up with your payments and no longer pay back your loan.Late Fee
If you miss a payment the lender will charge you for being late, this is known as a late fee.Unsecured Personal Loan
An Unsecured Personal Loan is when you have a loan based solely on your creditworthliness without using collateral.Secured Loan
A Secured Loan is when you put collateral such as your house or car up against the amount you're borrowing.Prime Rate
This is the Interest Rate used by banks for borrowers with good credit scores.Principal
The Principal amount the borrower owes the lender, not including any interest or fees.Variable Rate
A Variable Rate is when the interest rate of you loan will change with inflation. Sometimes this will lower your interest rate, but other times it will increase.Installment Loan
An Installment Loan is a loan that is paid back bi-weekly or monthly over the period in which the loan is borrowed for.Bridge Loan
A Bridge Loan is a short term loand that can last from 2 weeks up to 3 years dependant on lender.AAA Credit
Having an AAA Credit Rating is the highest rating you can have.Guarantor
A Guarantor co-signs on a loan stating the borrower is able to make the payments, but if they miss any or default the Guarantor will have to pay.LIBOR
LIBOR is the London Inter-Bank Offered Rate which is the benchmarker for the interest rates in London. It is an average of the estimates interest rates given by different banks based on what they feel would be the best interest rate for future loans.Home Equity Loans
Home Equity Loans is where you borrow the equity from your property and pay it back with interest and fees over an agreed time period with the lender.Debt Consolidation
Debt Consolidation is when you take out one loans to pay off all others. This leads to one monthly payment, usually with a lower interest rate.Student Loan
If you obtain a Student Loan to pay your way through College then you loan is held with the Department for Education U.K.Student Grants
Financial Aid in the form of grants is funding available to post-secondary education students throughout the United Kingdom and you are not required to pay grant
What happens if I am late in making a repayment?Late repayment can cause serious money problems. If you miss payments, the total cost of the debt will increase, and loan lenders may add additional default charges. This may adversely affect your credit rating, and missed payments could potentially lead to legal proceedings.
What happens if I forget my Loanskipper password?Simply go to the website from your browser, click on login from the homepage, locate the 'forgotten your password' at the bottom of the login section on the website and click on it. A new password will be provided through email.
What are the eligibility criteria to get a loan?This depends on the duration of the loan, but generally, applicants must be at least 18 years old at the time of applying for a loan. Applicants must be a UK resident and must have an active bank account into which they can receive funds. If approved, payments will be carried out through electronic transfers.
What can cause my application to be rejected?A low credit rating can cause a rejection in the loan application. Therefore, prospective applicants should have a good credit rating before applying for loans. In addition, applicants should ensure that they provide all the necessary information to avoid a decline in their application.
What loan products does Loanskipper offer?Loanskipper serves as a credit broker, and it specializes mainly in short-term loans for individuals. These loans range from 2 months to 6 months only. However, it can have extremely high lending rates, which can be as high as over 40%.
What other store services does Loanskipper offer?At this time, Loanskipper does not offer any store services.
What countries are accepted for Loanskipper loans?Loanskipper offers services throughout the UK.
UK Payday Loan Reviews- A-Z Directory
Latest News View all
If you’re looking for a low-cost share dealing platform that makes it super easy to buy and sell stocks, ETFs, and funds, it might be worth considering Halifax. You don’t need to have a current account with the provider, and getting started takes just minutes. In this article, we review the ins and outs of...
The United Kingdom’s high street banks approved close to a million mortgages in 2019. Data gathered by LearnBonds.com indicates that 982,286 mortgages were approved in 2019, an increase of 7.4% from 2018’s 909,597. The mortgage approval entails loans for home purchase, remortgaging and other loans. Compared to 2018, the number of mortgages approved for home...Scroll Up