FAQs - mal - loans by mal for Isle of Man residents

Frequently asked questions

Have a question? Save time and take a look at our frequently asked questions here.

Before applying

We suggest you only borrow what you can afford. We are a responsible lender and don’t want any of our customers to get into a situation that leads them into bad debt. Our policy is to lend up to a month’s income, this is determined by your regular monthly salary payment and /or additional monthly income received. We offer loans from £1,000 up to £5,000 depending on your circumstances. We also take into consideration your ability to repay the loan and your creditworthiness.

We will do a credit assessment when you apply for a loan and your personal circumstances, including your credit score, may affect the rate we can offer you which may differ from the representative APR. We will offer you a rate based on our assessment of your personal financial circumstances. 

We will tell you exactly how much interest you will pay and confirm how you pay it in the loan documents we provide to you.

The maximum APR we could offer you on any loan amount is 98.83%. Credit is available subject to status. We reserve the right to refuse any application and to refuse a loan for certain purposes.

Yes there is an administration fee which starts at £100 and is variable depending on the term of the loan you choose. You can either choose to pay this up front via your debit card or add this to your loan amount. 

We lend to Isle of Man residents who are in employment and / or have a regular monthly income. You must live in the Isle of Man and be 21 or over to apply. We will take into account all income received in a typical month. We will only lend to those individuals who have a good credit history and pass our affordability and creditworthiness checks. 

Monthly Advance Loans Limited (mal) is registered as a Money Lender by the Isle of Man Office of Fair Trading Company registration number: 133047C ICO Data protection registration number: R002085. Our supervisory body under the Designated Business (Registration and Oversight) Act 2015 is the Financial Service Authority, PO Box 58, Finch Hill House, Bucks Road, Douglas, Isle of Man IM99 1DT. Mal is a money lender not a broker.

All repayments will be taken directly from your bank account via a Continuous Payment Authority (CPA). To set this up we will need details of the debit card attached to your current bank account. Borrowers must have a valid IOM/UK debit card. This could be a Visa Debit, Visa Electron or Debit MasterCard, linked to a Current Account of an Isle of Man or UK bank.

Funds will be released once we receive your electronically signed agreement back from you. This will be emailed to the email address you have supplied. Once we receive your signed agreement we will release funds. This is normally within 1 to 5 working days after your loan has been approved. Funds will be sent directly to the bank account you have specified in the application process.

Unfortunately we will be unable to help you with a loan if you have a CCJ and/or poor credit history.

Unfortunately, you will not be able to apply for a loan over the telephone, as the information we require to assess your suitability needs to be entered into an electronic application.

Unfortunately we are not offering loans to retirees at this time.

loans by mal is not a payday lender. We simply advance personal loans of up to 1 month’s salary and you can choose to repay us over 6, 9 or 12 months. A Payday Lender will usually require you to repay your loan when you receive your next salary payment.

Whilst applying

When we agree a loan we will e-mail a loan agreement to you. You will need to electronically sign before the funds are released. This will usually be 1 to 5 working day after your loan has been approved. Funds will be sent directly to your specified bank account.

Yes there is an administration fee which starts at £100 and is variable depending on the term of the loan you choose. You can either choose to pay this up front via your debit card or add this to your loan amount.

There are a number of checks that we do to assess your loan application. Your application must be completed in full. We will run a credit check using a third party software (Transunion) on your identity, proof of address and address history. All credit checks must be clear. We will also assess your income and expenditure and the affordability of the loan against your disposable income. The results of these checks will allow us to fully assess your affordability and creditworthiness.

In order to comply with anti money laundering regulations that protect against identity theft and fraud, we will undertake checks against various industry databases to verify your details. There are a number of reasons why your card may be declined. The common reasons include:

  • The debit card you have used in the application process is a prepaid card
  • The debit card is not a Visa Debit, Visa Electron or Debit MasterCard
  • If the address you have entered on the application does not match the address that your debit card is registered to then our system will automatically decline as your card cannot be validated
  • There are insufficient funds in your bank account. You must have at least £1 of credit.

When you apply for a loan, we will request your credit score report from a leading credit reference agency (www.Transunion.co.uk) They will provide us with information about your credit history.

This will include information from your credit application and about your financial situation and financial history. Transunion  will supply to us both public (including the electoral register) and shared credit, financial situation and financial history information and fraud prevention information.

You can check your credit report by contacting any of the credit reference agencies in the United Kingdom. Your credit reference file should include information from public sources such as the electoral roll, public records including county court.

www.experian.co.uk
www.equifax.co.uk
www.transunion.com

When we ask for your outgoings we are checking to make sure that you have enough disposable income to be able to manage the new loan repayment. When you apply online for a loan you will provide your monthly outgoings including payments such as you rent or mortgage, how much you spend on food, travel, any other loans or credit payments you may already be making etc.  We also provide helpful guidance within this section under each category by way of an icon.

After applying

There are a number of checks that we do to assess your loan application. Your application must be completed in full. We will run a credit check using a third party software (Transunion) on your identity, proof of address and address history. All credit checks must be clear. We will also assess your income and expenditure and the affordability of the loan against your disposable income. 

The results of these checks will allow us to fully assess your affordability and creditworthiness. Normally these checks take up to 1 working day* to complete and you will receive an email advising you on the status of your application. 

*excluding Bank Holidays and weekends. 

We will send you an email confirming the terms of your loan. This will outline the amount being lent, the interest applied and the terms of your loan. A Loan Agreement will also be emailed to you and you will need to follow the instructions to electronically sign and send it back to us. 

Once we receive the signed Loan Agreement we will arrange for funds to be sent to your bank account, this will usually be within 1-5 working days upon receipt of the signed agreement.

Subject to eligibility we may be able to offer you a top up loan depending on your circumstances and eligibility. There is a maximum of two loans for each borrower. Any new loan agreed would be subject to an administration fee.

 

Subject to eligibility we may be able to offer you a top up loan. The top up loan could be additional funding added to your existing loan or treated as a separate loan where you could have 2 loans, running alongside each other depending on your circumstances. There is a maximum of 2 loans for each borrower.

Any new loan agreed would be subject to an administration fee. We will need to check your repayment history on your existing loan and carry out the usual affordability and creditworthiness checks, in light of the new repayments. As we already know you, the decision process will be very quick. To get the ball rolling simply click the apply button below to start your application.

You can update your details and find out any information about your loan by logging into your account on this website.

There may be times where we need to see copies of Bank Statements and payslips to help us when reviewing your loan application. We will always advise you of what is required and will be able to send you a secure link to upload the documents to us. We will also ask you for a copy of your passport to verify who you are.

Your repayment date will be one month after you receive your loan advance. Please e-mail enquiries@loansbymal.im should you wish to change this.

All repayments will be taken automatically using a Continuous Payment Authority (CPA) from your designated Debit card.

Of course, we can offer various options if you have some additional funds and wish to pay off a lump sum, make overpayments or even pay off your loan early if you wish to do so (an early settlement fee may apply). You can do this by logging into your account.

If your circumstances change or you wish to review your repayment arrangements, please do not hesitate to contact us. We are more than happy to help you where we can.

A Continuous Payment Authority (CPA) which is sometimes referred to as a recurring payment or ‘continuous payment transaction’, is where you give a business permission to regularly take money from your debit or credit card whenever they think they are owed money.

If you can’t find the answer to your question, contact our friendly team who will be happy to help.

© Monthly Advance Loans Limited.
loans by mal
is the trading name of Monthly Advance Loans Limited. Company Registered in the Isle of Man. Company Number 133047C. Registered Office: 16-18 Finch Road, Douglas, Isle of Man IM1 2PT. Data Protection Act R002085. Registered with the Isle of Man Financial Services Authority and the Isle of Man Office of Fair Trading under the Moneylenders Act 1991. Monthly Advance Loans Limited is a consumer credit lender not a broker.

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