On Stride Loans Review 2021 – READ THIS BEFORE Applying!

Have you ever been in a tight situation financially? If then, On Stride Loans might have come to mind to your mind at least once before.

They are among the countless loan providers in the UK market. But is it the right one for you?

In our comprehensive analysis of the platform, we would like to take a look at the key features of this lender. Here is your opportunity to learn everything you need to know about them and make an informed decision on whether or not to take out a loan from On Stride.

What is On Stride Loans?

On Stride Financial has been a lender in the UK market since 2014. It is the trading name of CashEuroNet UK, LLC and has its headquarters in London. The lender is authorized and regulated by the Financial Conduct Authority (FCA).

This service provider is a part of the same company that owns Pounds to Pocket and QuickQuid, also lenders in the same market. In fact, a good number of borrowers in the UK may have heard of the company when it absorbed the better known Pounds to Pocket early in 2019.

It is a direct lender and not a broker and is part of publicly traded company Enova International. Enova is renowned as one of the original “big three” in payday loan service providers. The other two were Wonga, now collapsed, and The Money Shop.

Enova also includes QuickQuid, CashNetUSA, The Business backer and Headway Capital. Over the past decade, the company has offered services to upwards of 5 million customers.

Over the years, Enova has gradually moved away from payday loans and offers longer term installment loans. When it launched On Stride in 2014, its focus was on providing cash-strapped borrowers access to funding without the huge interest rates of payday loans.

Pros and Cons of an On Stride Loans Loan

How does an On Stride Loans loan work?

On Stride operates under the leadership of an experienced team from the UK financial services industry. Its objective is to provide everyone access to trustworthy and straightforward credit. With that in mind, the lender provides open and honest loan terms for all its eligible users.

It offers funding at a wide range of APRs on the basis of applicants’ personal circumstances and credit history. These are available in terms ranging from 6 to 36 months and come in amounts from as low as £150 to £5,000.

You can therefore access loans at rates as low as 29% to 45%. And considering they do not require a guarantor, and that they accept borrowers whose credit scores are not perfect, they offer quite some flexibility.

Since they have no brick and mortar stores, all transactions, right from application, take place online. Their loans are fully customizable, making it possible to find terms to suit your unique circumstances and financial situation. You can tailor both the loan amount and the repayment terms to find the perfect fit.

Straightforward application

The application process is straightforward and requires you to fill out the application, which can be quite detailed, and then set your amount and repayment terms. They then process the application and if approved, you can have the funds in your account in as few as 10 minutes.

Prior to approval, your loan will be subject to a credit check as well as affordability and status checks. If you are not sure of whether or not you will get approved for a loan, you can avoid the hassle of going through the application process only to get declined.

A better alternative would be to use the loan calculator on the site to get an idea of the rates associated with the loan amount you have in mind. With this information, you can determine your own affordability.

Note however that the loan amount, the interest rate and the loan term may vary on the basis of actual application details. The lender will assess your individual circumstances and determine the applicable rates and terms.

Loan repayment

You can choose from two options when it comes to making repayments, both of which are automated. The first option will allow the lender to withdraw funds from your debit card at no extra charge.

A second option is known as the Direct Debit Authorisation (DDI) and is best if you have no debit card, it basically allows the lender to withdraw funds directly from your bank account.

Note that after taking out a loan with On Stride, you can apply for a top up if you need additional funds and cannot wait to pay out the current one. This will result in the recalculation of your interest and your repayment period to set more suitable terms.

Only eligible borrowers can apply for this provision. To find out if you qualify, simply log in to your account and look for a button labeled “Apply for Top-Up.”

On Stride Loans Account Creation and Borrowing Process

Creating an account on On Stride and borrowing might be a little cumbersome. The lender requires lots of applicant details to determine the best rates and terms applicable.

1. To get started, you will obviously need to visit the site as they only offer services online.

Before applying, you can get a rough idea of the rate, monthly repayment and total repayment. Simply select an amount and set a tentative term, then check the table for possible rates.

2. Once you get a general idea of things, you can click on “Start Your Application” to initiate the actual application process.

This will take you to a three-page form where you need to fill in personal information and financial information, and then select a loan.

3. Before you start filling out the required details, indicate why you need the loan by choosing one of the entries from the drop-down menu.

4. Next, fill in your name, date of birth, mobile number, residential status, time at address and postcode.

5. Create your account by entering your email address and password. Go through the privacy policy and accept the terms, and then click “Continue to Step 2.”

6. Follow the prompts on the screen to fill in the details under Financial Information and then select a loan.

Once you fill in all the required details, you will get access to a number of different offers as well as information on the loans you are eligible for and whether or not you can qualify.

At this point, you can customize the loan you want by trying out the different available options and finally selecting the most suitable one.

7. When you make a decision, proceed to the next step by selecting your final amount and terms and then clicking on “Apply.”

Note that when you do this, it will reflect on your credit history. The lender will verify your identification and then finalize the loan over a couple of days.

8. If everything is satisfactory, you will get the final contract, which you need to sign and submit for approval.

As soon as you get the final stamp of approval, you should get your funds on the same day, in some cases, within minutes.

Eligibility Criteria for On Stride Loans Loan

Information Borrowers Need to Provide to Get On Stride Loans Loan

What are On Stride Loans loan borrowing costs?

The rates of borrowing from On Stride vary significantly from one applicant to another based on borrowers’ credit history and other factors. Have a look at some of the rates you can expect to pay on the platform:

• Representative APR – 315.4%
• Late payment fee – £15
• Early payment fee – nil
• Arrangement fee – nil

Representative Example:

• Credit amount – £900
• Loan term – 10 months
• Monthly repayment amounts – £162.56
• Total repayment amount – £1,625.60
• Interest – £725.60
• Interest rate per annum (fixed) – 140%

On Stride Loans Customer Support

There are mixed reviews online on the On Stride customer support team. A good number of negative reviews concern unaddressed and unacknowledged complaints, delayed communication, poor service and so on.

If these are anything to go by, the lender still has some work to do on improving customer support.

Is it safe to borrow from On Stride Loans?

On Stride Loans in authorized and regulated under the FCA. It also implements sturdy security measures to protect the privacy of user information submitted on the website. The site claims to use the latest technology including Secure Socket Layer (SSL) encryption as well as McAffee SECURE.

On Stride Loans Review Verdict

On Stride Loans appears to be a reliable and reputable service provider. It offers lots of flexibility with regards to loan amounts and loan terms.

Its rates are relatively competitive, particularly for good creditors. But even though poor creditors can apply, they have to pay high rates.

They will report your activity to credit bureaus, which can be a benefit or a curse, depending on your repayment habits.

The site charges late repayment fees and is accused of poor customer support.

Overall, it might be a good last resort option if you find yourself in a financial rut with no other way out.

Glossary of loaning terms

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