Dot Dot Loans is a UK-based lender that offers instant short-term loans to UK residents with non-perfect credit scores.
They claim to offer secure and collateral free loans to individuals who need instant cash to meet their urgent financial needs.
Just like other lending platforms, Dot Dot has their terms and conditions that regulates their lending services, hence before you opt for their loaning services, it is best to understand their terms like loanable amount, interest rate eligibility criteria etc. In this post, we shall be exploring their mode of operation.
Let’s dive in…
1. Dot Dot Loan Requirements
To qualify for a loan at Dot Dot, you’re expected to meet certain eligibility criteria. 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. Income: Must have a steady and stable income source.
4. Contact: The applicant must have an active email address and phone number.
5. Bank Account: Must have an active bank account for loan disbursement.
2. Dot Dot Loanable Amount
The loanable amount that a borrower can take from Dot Dot is not fixed since it is determined by the borrower’s creditworthiness and reputation built with the loan platform overtime.
Nevertheless, the loan amount that an applicant can take from Dot Dot loan ranges from £100-£1000.
3. Dot Dot Loan Term
The repayment plan of Dot Dot loan is relatively flexible, it is designed such that borrowers can pay off their loans without breaking banks.
The loan tenor of Dot Dot loan ranges from 3-9 months.
4. Dot Dot Loan Interest Rate
The representative Annual Percentage Rate(APR) of Dot Dot loan is 1228.67%.
It is pertinent to note that the longer the loan term chosen, the higher the loan amount. Hence, it is best to pay off your loan on time to avoid accruing unnecessary interest.
5. Dot Dot Loan Application Process
Applying for the Dot Dot loan is quite simple since the whole application process is done electronically. To apply, follow the steps below:
- Visit the Dot Dot official website.
- Sign up to get started.
- Complete the online loan application process by entering the required details.
- Tap on the ‘’Apply Now’’ tab.
- If you meet the requirements, you’ll get initial approval in a matter of minutes.
- Wait and confirm your details if contacted but if not, just review and accept the loan terms if it is okay by you.
- If approved, the loan will be disbursed to your nominated account in a matter of hours and that’s all.
You’ll need to repay your loan on a monthly basis depending on the agreed dates. Ensure that you pay off your loan on time to boost your credit score.
6. Dot Dot Customer Care
For questions or assistance, you can reach out to the Dot Dot customer care unit via the following handle:
Call: 0333 240 6215
Post Office Address: Dot Dot Loans Building 1, The Phoenix Centre, 1 Colliers Way, Nottingham, NG8 6AT.
7. Dot Dot Loans UK Reviews
As it is with other lending platforms, users of Dot Dot lending platform have diverse views about their lending services.
Some users eulogized their lending services while some frowned at their outright rejection of the loan application without tangible reasons. Whichever, users must have their stories to tell but the fact is that individual experience shouldn’t be generalized to make logical conclusions.
Our check on Trustpilot revealed that Dot Dot loans has 4.2 ratings out 5 from over 2k reviews. This rating is good for a platform of its nature.
Some of the reviews from Trustpilot are:
From Alex Bloor: “I have used this company on a few occasions to make ends meet when I’ve had hours cut at work and they are a legit company.
My credit score is not the best atm due to having taken out other payday style loans so I can’t get one accepted with them atm.
You need as I’ve found a min score of 500 to be accepted by dot dot at least for like £100=£400 as long as they think you can afford the repayments. Just be warned it does hurt your credit score as it adds the amount on to it but once you pay it off it will obviously jump straight back up from what I’ve noticed’’.
Another user, Nancyblu Newlands has this to say: ‘’Load of rubbish not even worth wasting your time reading about the company. I had more than enough money at the end of every month for repayments and only asked for 400 must have to be a millionaire to get a short term loan’’.
Is Dot Dot Loans Legit?
Dot Dot loans appears to be a legitimate lending platform because their lending service is authorized and regulated by the Financial Conduct Authority (FCA).
Dot Dot loans is a trading name of Shelby Finance LTD, they protect their applicant’s data by industry-standard encryption to ensure that their personal information is protected.
However, before you take a loan from Dot Dot platform, it is best to conduct a due diligence about the lending services of the platform before opting for their services.
Don’t forget to borrow responsibly and spend wisely.