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MyKredit Loans @ www.mykredit.com
MyKredit was rolled out by Global Kapital Group Ltd in 2015. The owner’s HQ is found in London, but they have grown quickly since 2010 into a real global force active across 18 countries. They are involved in a diverse range of markets such as foreign exchange, payment services, precious metals etc. We are of course looking at their developments in consumer lending. The MyKredit loans are directed at the UK through www.mykredit.com, but the brand is also active in Australia and Spain. It is always important for new lenders to arrive with a distinguishable feature. MyKredit’s standout feature is seen through automation, with the firm enabling 24/7 funding when requested through the login or SMS.
An initial credit limit will be set between £100 and £400. With trust earned this can increase to £1000. From however much is granted as your limit you can then draw advances in £100 increments 24/7. There will be a fixed term on the advanced money of 20 days with interest being charged at 0.75% daily. This’ll create a total £15 charge. Hypothetically, at 30 days you’d be looking at £22.50. There is no option to settle early or to select longer terms that is the main gripe, but you can trigger multiple advances at any one time. They did actually previously charge £10, but £15 is still good value sitting below the cap.
MyKredit loans can be requested with ease through the login or by text when sending for instance “Send 200”. There was previously a minimum age requirement of 24 in place. This is still in place in Australia and Spain, but you can now apply locally if you are aged 18. You just need a regular income and must have no CCJs on your record. It made sense for them to relax this ruling since the UK is incredibly competitive and you don’t really want to be alienating potential leads. MyKredit’s opening hours are Monday to Friday (9am/6pm). Whilst being restricted, this isn’t a big issue since once qualified you can automate draws whenever you need them.
£15 /£100 (20)
Data Taken from www.mykredit.com: January 2017.