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Swift Money Loan Review – READ THIS BEFORE Applying!

04. January 2020

Financial emergencies often arise when we least expect, and at times, accessing credit facilities is not as easy as it may sound. Short term loan providers like Swift Money seek to rescue applicants out of such situations. But are they lenders for you?

Before signing up for one of these loans, it would be wise to find out all you can about the provider. To help you along, we have carried out a thorough analysis of the platform’s features and services.

Read on to find out all you need to know about Swift Money and make the right decision.

Try Our Recommended UK Payday Loan Provider 2020:

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Table of Contents

    What is Swift Money?

    Swift Money is a trading name of Swift Money Limited, a credit brokering service provider. It is authorized and regulated by the Financial Conduct Authority (FCA). They have their head offices in Bolton, Lancashire and offer services all over the UK.

    The service is registered in England and Wales and was launched in 2011. They claim to have processed more than a million applications since inception and boast high acceptance rates.

    Swift Money offers loan brokerage services, providing a platform for connecting with various lenders. They have a brief and concise application process and have a great reputation for high acceptance and fast funding.

    Pros and Cons of a Swift Money Loan


    • High acceptance rates because they work with multiple lenders
    • Single-page loan application form
    • They do not require any paperwork or extensive information
    • Applicants can access funds in as few as 10 minutes


    • They are not a direct lender and will therefore share your information with third-party service providers
    • Rates and fees on the platform vary from lender to lender
    • You might have to complete an application form on the lender’s site as well

    How does a Swift Money loan work?

    As mentioned above, Swift Money is not a direct lender, but a credit brokering service. Therefore, when you make an application on the site, they share the details with their lending and broker partners. These ones will then weigh your details against their requirements and make a decision on whether or not to offer funding.

    While Swift Money does not charge any fees for the service, they receive a commission from lending partners when an introduction is successful. The approval process takes place by means of what the platform refers to as auto decisioning. This refers to the capacity to make a lending decision without the need for human interaction.

    Rather, the lending partners’ platforms make use of advanced algorithms to assess applications and approve or decline them.

    The lender does not have any physical stores and therefore, the entire application process takes place online. Applying for a loan on the platform is easy and straightforward as the application form is compact and not complicated. The least amount you can apply for is £100 and the maximum is £1,000 and the typical repayment period is 1 month.

    In fact, it is one of few platforms that make use of a single-page loan application form. They do not require any extensive information or paperwork. And this greatly cuts down the approval time.

    Once you go through the form and enter all of the required details, they forward the application to more than 20 payday lenders in the UK. As soon as a lender reaches a decision, you will get an email confirming the outcome of the application.

    In case you are successful, you will get forwarded to the lender’s website. Note that Swift Money does not have any control over whether or not you get accepted. In certain cases, the lender who accepts your application may require you to fill out another application on their site.

    After approval and successful redirect to the lender’s website, you will get access to the loan agreement. You will need to check for this important document in your email inbox as the agreement gets automatically triggered as soon as a lender verifies and accepts your application.

    All the details of the loan including the amount, the loan term and the repayment amounts and due dates are clearly outlined on this agreement. So take your time to go through it, reading carefully through all the details.

    If you find it satisfactory, you will simply need to sign it electronically so as to finalize your application. Once you sign the electronic agreement, the lender will process your funds so as to dispatch.

    Note that if you happen to be in a rush to receive the funds, you can select “Faster Payment Services.” These services are available on some lenders’ sites but in certain cases, charges might apply. But if you choose this option, you might get the funds in your account in as few as 10 minutes.

    However, the amount of time it takes to access your funds could be a lot longer depending on your bank as well as the lender who approved the application. But in most cases, it will take at most 3 working days.

    In case at some point during the repayment period you feel that you may have a problem paying back the borrowed amount, the lender advises that you contact the support team immediately.

    They will attempt to work out an alternative repayment option or a different set of terms for you. The idea is to help you avoid missing the due date completely, which could attract fees and additional interests.

    Not every lender will charge a late repayment fee, but those that do can only charge a maximum of £15, which is the legally accepted amount. During the delay period, you will also incur interests on the outstanding amount.

    Additionally, failure to notify a lender of financial challenges and then missing the due date could lead to having your details sent to debt recovery agencies. Lenders do not take this action lightly and only pursue it as a last resort. This too could lead to incurring additional charges.

    They would also need to report your poor repayment habits to credit agencies and this will negatively affect your credit score. Before they pursue any of these options though, they will try to reach you via phone and letter so as to recover their funds.

    What loan products does Swift Money offer?

    Swift Money specializes in providing payday loans. These are short term financing options that typically require repayment by the next payday. They may not be as high in amount as other types of loans but they are infamous for their high interest rates.

    Some lenders offer longer terms and more flexible repayment requirements than the usual. So take the time to go through the loan agreement form to find out if the terms are suitable.

    What other store services does Swift Money offer?

    Swift Money does not offer any other store services.

    Swift Money Account Creation and Borrowing Process

    As noted above, creating an account and borrowing from this platform is rather simple. To get started, visit the platform’s official website.

    In case you wish to get an idea of how much you will need to pay back before going through the application process, start by using the online loan calculator on the home page.

    1. Select the amount you want, between £100 and £1,000.

    This will give you the approximate amount you will need to repay in a span of 30 days.

    2. Next, click on “Apply Now” to start the actual application process.

    Fill in the required details starting with the loan amount and selecting a duration in case you want a longer period than the default 1 month.

    3. Next, enter your personal details starting with your name, email address, home phone, mobile phone, date of birth, marital status and number of dependents if any.

    You will also need to indicate the purpose for which you are taking out the loan.

    4. Provide your address details and then proceed to the employment details section.

    Here you will need to indicate your employment status, the industry in which you work, how you get paid and your work phone number. You will also need to fill in the length of employment, your monthly income, how often you get paid, your next pay date and the one after that. Complete this section by entering the name of your employer.

    5. The final section of the application form requires information about your finance details.

    Start by entering your card type, account number and sort code. Provide details regarding your expenses such as mortgage or rent, existing loans, utilities, food and transport.

    After going through the terms and conditions and the privacy policy, click “Apply Now” and wait for a lender’s response in a matter of minutes.

    It’s essential to be cautious during the sign up process for these products. This is because you can end up owing two to three times what you borrow on the longer-term loans, and many have difficulty repaying the short-term loans without reborrowing.

    Eligibility Criteria for Swift Money Loan

    Qualifying for a loan on Swift Money is not at all complicated; here are the requirements you need to meet:

    • Be a UK resident
    • At least 18 years old
    • Have a regular income
    • Have a bank account
    • Have a valid debit card

    Information Borrowers Need to Provide to Get Swift Money Loan

    In order to access a loan facility from one of the lenders on Swift Money, here are some of the details you will need to provide:

    • Phone number
    • Name
    • Marital status
    • Number of dependents
    • Postcode
    • Employment details including status, length at employment, monthly income and how you get paid among other things
    • Finance details including your account number and sort code, type of card and monthly expenses

    What countries are accepted for Swift Money loans?

    Swift Money offers services throughout the UK.

    What are Swift Money loan borrowing costs?

    Borrowing costs on Swift Money differ significantly from one lender to another. Here is a look at some of the rates you might expect:

    • Late payment fees – £1 to £15
    • Interest rate – capped at 0.8% daily
    • Average APR charged by the lenders over 30 days – 1,255.66%

    Representative Example:

    • Loan amount – £250
    • Loan period – 30 days
    • Total repayment – £310
    • Interest rate p.a. fixed – 292.25%
    • Interest amount – £60
    • Representative APR – 1,255.66%

    Swift Money Customer Support

    Swift Money gets a high rating on various platforms online, with users hailing the fast and easy application process. There are also positive comments about its communication and services. However, it would be good to keep in mind that when you take out a loan from the platform, you will actually have to deal with the lender’s customer support and not the broker’s.

    Therefore, before signing up for any loan, take a moment to see what customers think of the lender’s customer support team.

    Is it safe to borrow from Swift Money?

    The lender is regulated and authorized under the FCA. And the platform makes use of advanced encryption protocol to secure your data. However, as brokers they have to share your information with third-party lenders and this might pose a degree of risk.

    Swift Money Review Verdict

    Swift Money is a reliable credit brokerage service provider with a high acceptance rate. This has to do with the fact that they work with multiple lenders, which increases the chances of borrowers getting a good fit.

    They make use of a simple and concise application process, and since their lending partners make use of auto decisioning, they approve loans fast. If you are in a rush for accessing funds, you might find them ideal.

    However, you need to look out so you do not end up settling for less than ideal terms and services from one of their lending partners. Note too that their loan limits are pretty low and the rates are considerably high.

    Overall, they are a good choice of platform for when you are in a tight situation financially with no other way out.

    Try Our Recommended UK Payday Loan Provider 2020:

    • Get an Instant Quote
    • Apply within 2 Minutes
    • Friendly Support Service
    • FCA Regulated
    *Subject to lender requirements and approval.


    If I have bad credit, can I qualify for a loan?

    Yes. Most lenders on the platform will weigh both your credit history and current financial status and could approve you based on affordability.

    When will I get funding?

    You might get funding in 15 minutes, but it could also take up to 3 days depending on your bank and the lender in question.

    How will the lender deposit the money?

    The lender will deposit the money directly into your bank account.

    What does auto decisioning mean?

    This is a loan approval process that does not require human intervention as it makes use of advanced algorithms.

    What happens if I cannot make a repayment on time?

    You will need to get in touch with the lender before your due date so as to make alternative arrangements. Otherwise, you might face hefty penalties or get reported.


    Nica is a BA Political Science degree holder who fell in love with writing after college. She specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.

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