Loans by MAL UK review for borrowers with bad credit, no early repayment fees

Overview of Loans by MAL in the UK

Loans by MAL offers unsecured personal loans in the UK from £1,000 to £5,000 with terms typically between 12-24 months. These loans are aimed at borrowers with bad credit and come with fixed monthly repayments to help you budget clearly.

The product stands out because there are no early repayment fees, so paying off a Loans by MAL loan early can reduce total interest without extra charges. Representative APR is 49.8%, and actual rates depend on your circumstances.

Eligibility and key features

To apply you must be aged 21-75, live and work in the UK, and show a minimum net income of about £1,300 per month. A valid UK debit card and online banking access are also required for verification and payments.

Loans by MAL performs affordability checks and a soft credit search initially, which won’t affect your credit score. If an offer is made, a hard check is recorded, so check eligibility tools first to avoid unnecessary hits to your file.

Application process and speed

The online application is straightforward and designed for convenience: complete the form, upload ID and bank statements, and wait for a decision. Decisions can take up to 24 hours, and funds are usually transferred within one working day after approval.

While not instant, the slightly longer review ensures responsible lending and better assessment for borrowers with bad credit. Fixed monthly repayments and clear terms mean you’ll know exactly what you owe each month with Loans by MAL.

Benefits, drawbacks and practical advice

Main benefits include acceptance of applications from people with poor credit, quick post-approval funding, and crucially no early repayment fees. The fixed repayments make it easier to manage a household budget and to rebuild credit with timely payments.

On the downside, interest rates are higher for bad credit borrowers and the maximum term is relatively short compared with some competitors. Before applying, compare alternatives, consider improving your credit where possible, and seek impartial help from MoneyHelper or Citizens Advice if debt feels unmanageable.