While some lenders may only use your credit score as a lending criteria, Abound looks at other criteria like what you earn, how you spend before checking your credit score to give you a personal loan which will increase your chances of securing the loan.
Abound is known to offer collateral free loans to their users with a competitive interest rate and flexible repayment option. The loan application process is quite simple since they’re done electronically hence there’s no need for endless paperwork.
1. Abound Loan Requirements
To apply for a loan at Abound, applicants are required to meet certain eligibility criteria. Some of the requirements are outlined below;
1. Age: The applicant must be at least 18 years old.
2. Resident: Must reside in the United Kingdom.
3. Credit Score: Average credit score.
4. Income: Stable & steady income source.
2. Abound Loanable Amount
The loan amount that applicants can take from Abound varies; it is determined by some factors like what you earn, how you spend, credit score etc. The better your earning and credit score the higher the loan amount you’ll qualify for.
The loan amount that borrowers can take from Abound ranges from £1,000 – £10,000.
3. Abound Loan Repayment
The loan tenure of Abound loan is flexible, it is designed such that borrowers can repay their loans without breaking the bank.
The Abound loan repayment plan is between 12 – 60 months.
4. Abound Loan Interest Rate
The Annual Percentage Rate of Abound loan is 6.9%.
Fortunately, there’s no arrangement fee or any other hidden charges.
It is important to repay your loan on time because failure to repay it as agreed will attract a daily late payment fee of £15.
5. Abound Application Process
The Abound loan application process is straightforward since it is done electronically and there’s no paperwork required. Once you meet their eligibility criteria, you can take advantage of their seamless application process to apply for a loan amount of choice bearing in mind their interest rate.
The loan application decision is usually swift because it takes less than 24-hours for you to know your loan application status.
6. Abound Loan Contact Number
If you need assistance, do not hesitate to contact Abound lending platform on their handles:
Call: 0203 443 8881
Is Abound Loan Legit?
Abound loan appears to be a legitimate lending platform in the UK. It may interest you to know that Abound is the trading name of Fintern LTD which is authorized & regulated by the Financial Conduct Authority with the reference number 929244.
7. Abound Loan Review
Borrowers usually have diverse views as it concerns their experience with lending platforms. When it comes to Abound, users share their experience as it concerns the lending services offered by the platform.
In their diverse views, some users of Abound lending platform expressed satisfaction with the seamless and transparent services offered by the platform while others frowned at what they perceived as poor customer services as it regards relating with borrowers.
Our check on Trustpilot revealed that Abound has 4.9 stars rating out 5 from over 2k reviews which is excellent for a platform of its kind. Some of the reviews from Trustpilot are as follows:
From Orowo Ugoso: ‘’It was truly seamless, straightforward and transparent. I wasn’t confused about the process at any time and I wasn’t kept waiting for no reason. They made sure to inform me of what was happening at every stage and at the end, it was so quick for the loan to come through into my account so that was really helpful. This is my very first ever loan and it was nice to have it be so stress free’’.
Another user Tay, has this to say: ‘’Unable to speak to an advisor regarding applications. Only for if communication is email between 9-5 Mon -Fri pretty poor considering most people work 9-5 Mon-Fri’’.