Fair Finance offers an alternative for people seeking accessible short-term loans in the UK. New clients can borrow up to £1,000 for periods of 6 or 12 months. Existing clients may access up to £3,000, repayable in up to 18 months, providing flexibility for varying borrowing needs. The representative interest rate is 132% fixed with a 280% APR, a one-off £30 administration fee, and clear monthly repayments shown before you commit.

Step-by-Step Application Process

To apply for a Fair Finance loan, you start by selecting your loan amount and desired term through their online application. Next, you’ll complete a straightforward form, which only takes a few minutes. You’ll then submit recent bank statements for review. The team aims to give you a decision within 24 hours, keeping the process quick and stress-free.

Advantages of Fair Finance Loans

One standout benefit is that Fair Finance is a direct lender, not a broker. This translates into transparent fees and interest, so there are no hidden surprises. Their process is simple and can be completed online, which is suitable for customers who need funds rapidly. Furthermore, their customer service is rated highly, with a Trustpilot score of 4.4 out of 5 from nearly 1,500 reviews.

Potential Drawbacks

The fixed interest rate, while transparent, is significantly higher compared to some mainstream lenders. Additionally, loan amounts and terms are limited, particularly for new customers with a cap at £1,000. Missed payments could also impact your credit, a typical risk for any personal loan.

Our Verdict

Fair Finance provides a reliable option for those needing affordable short-term loans, especially if you value fast decisions and clear terms. While rates are high, the straightforward process and good customer service make this lender worth considering, especially if other avenues are unavailable.