Lolly Loans

Are you interested in a Lolly Loan? Or are you looking for more information about the company as you already have a loan with them? In both situations, this loan guide should help you. We’ve compiled the most important, in-depth information about Lolly’s loan for you in this loan guide.

About – Who are Lolly Loans?

Lolly Loans offers loans between £100 and £3,000 with a repayment period of up to 24 months. The company is a credit broker that offers a fast application process with a result available within 15 minutes. Lolly Loans is operated by Amaze Media in the UK.

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The key details of a Lolly loan

Above we gave you an overview of Lolly loans. But let’s break the details down further. Below are in-depth details about the fees, interest and repayment period relating to a loan you could secure through Lolly loans.

APR

Minimum APR: 49.9%
Maximum APR: 1294.1%

The APR for the loans they secure for you is advertised at 49.9%. This is a best case scenario. Depending on your individual circumstances, the APR could go up to 1294.1%.

Loan Amount and Repayment Period

You can borrow between £50 and £2750.

The loan repayment period can be between 3 – 24 months.

Example

Here’s the representative example that they give on their website:

  • Representative APR: 70% APR
  • Loan amount: £1000
  • Interest rate: 70% (fixed) p.a.
  • Term: 24 months
  • Monthly repayments: £77.48
  • Total amount repayable: £1,859.52
  • Total cost: £859.52

Information correct as of 01/04/21 (Lolly)

Lolly Loans Website Review

How do I apply for a Lolly Loan?

You can apply for a Lolly Loan online. The application will be processed in 10 minutes.

Information correct as of 01/04/21 (Lolly)

Lolly Loans Reviews

It’s important to look through a company’s reviews to see how other customers rate them. Take a look at Lolly Loans reviews here.

Review Centre Review

Information correct as of 14/06/21 (Review Centre)

How to complain about Lolly Loans?

Should you need to make a complaint about Lolly Loans, then you first step should be to contact the company directly using the details below to either write to them or call them.

27 Cofton Church Lane
Cofton Hackett
Birmingham
B45 8PS
UNITED KINGDOM
+4407973155011
sales@egouk.co.uk

If Lolly Loans does not respond to your complaint then you should contact the Financial Ombudsman Service. They should be able to handle your complaint.

Information correct as of 01/04/21 (FCA)

Loan interest and charges – the caps!

The Financial Conduct Authority decided it was appropriate to put some measures in place to try and protect borrowers. These includes caps being put on loan interest and charges. These are some of the caps:

  • A 0.8% daily cost cap on the amount you have borrowed – this includes interest and fees.
  • A default fee cap of £15 – Interest may still be charged after a default is placed on the account, but it cannot exceed the original rate of 0.8% per day.
  • A complete cost cap of 100% – the lender must not chare you more than 100% of the money borrowed.

The limits are relevant to credit agreements with an interest rate at 100% or more yearly, and that will be repaid within a year, either fully or substantially.

Other regulations to be aware of are those that were brought into force in 2017. Lenders now have a responsibility to provide information on their products via an FCA authorised price comparison website. In addition, borrowers should receive a summary of their borrowing.

The changes to the Continuous Payment Authority

You will usually be asked to repay a loan using a CPA or Continuous Payment Authority.

New regulations were put in place recently regarding the CPA. These include the loan company being unable to attempt to take the funds on any more than two occasions.

They are also no longer permitted to take partial payments. If there are insufficient funds in your account to cover the entire debt, they must not take any funds at all. You can speak to them and give them permission to take partial payments, if you’d prefer the debt to be taken bit by bit.

Lenders’ Responsibilities

Lolly Loans UK should always try to help and should allow you to reschedule the repayments.

These are some rules that Lolly Loans UK must adhere to:

  • They must provide you with information on where you can get free independent debt advice
  • They have a responsibility to put a hold on debt recovery for a reasonable period; allowing you to set up an alternative repayment plan that suits your current situation.
  • They must give you ample time to pay back your debt, freezing interest and charges where possible.

Company Information

After researching Companies House and their website, we found the following information about Lolly Loans:

Date of incorporation: 31 July 2012
Company status: Active
Company number: 08163467
Company type: Private limited Company
Website: http://www.lolly.co.uk/
Address: 27 Cofton Church Lane, Cofton Hackett, Birmingham, England, B45 8PS
Opening Hours: Monday to Friday 9 A.M to 8 P.M, Saturday 10 A.M to 5 P.M
Phone number: +4407973155011

Information correct as of 01/04/21 (Companies House)

Is Lolly Loans UK an authorised company

It is a quick and easy process to check if Lolly Loans UK is authorised. You may enter their name onto the FCA Register and check that you can find their details. Lolly Loans is a registered trading name of EGOUK Ltd. The details of the EGOUK Ltd FCA registration are as follows:

FCA regulated: Yes
FCA status: Appointed representative
FCA reference number: 733559
Trading names: www.lolly.co.uk
Place of business: 
27 Cofton Church Lane
Cofton Hackett
Birmingham
B45 8PS
UNITED KINGDOM

Information correct as of 01/04/21 (FCA)

Where to find debt help

These are some of the organisations who are able to provide free independent advice on debt:

Good luck!

References

CONC 2.1 Application

CONC 5.2A Creditworthiness assessment

CONC 13.1 Application

About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
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