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Our review of THL Direct
THL Direct are a high-cost short-term lender based in Wimborne, Dorset. They offer payday loans to be repaid over 3 months, however, these can be repaid at any time and you’ll only pay interest for the length of time that you borrow the money.
Similarly priced to the majority of high-cost short-term lenders, THL Direct charge interest at the daily rate of 0.8% (in line with the FCA price cap). THL Direct do not charge any fees, this includes no upfront fees, no default fees or late repayment fees. However, if you’re are late with your repayments it will have a negative impact on your credit file.
If you're considering taking out a THL Direct loan, the usual high-cost short-term loan health warning applies: make sure you keep up with your repayments. Although THL Direct do not charge for missed or late payments, they will show up on your credit file and make your financial life more difficult in the future. If you find yourself struggling to make your repayments make sure you let THL Direct know as they have a reputation for being approachable and will work with you to limit the damage.
Overall verdict: With numerous positive reviews, a simple to use website and a standard APR in the marketplace, THL Direct are definitely an option worth considering if a short term loan is the route you want to go down. But remember, like any other high-cost short-term loan, be sure you can afford you can meet your repayments before you apply and compare your options first.
- You don't need to have a perfect credit history
- You must be at least 21 years old
- You must have a UK bank account with direct debit facilities
- You must be a UK resident
- You must earn at least £900 a month and have it paid into your bank account
- You must be in permanent employment
- Maximum APR 1306.21%
- Arrangement fee: £0
- Early repayment fee: £0
- Late payment fee: £0
About THL Direct
For all new customers THL offer loans of up to £200. As a returning customer and based on your personal circumstances you may be offered up to £500. Your next payday needs to be within 30 days.
With THL you can apply online or over the phone. If you want to apply online, you need to complete the application form on their website. Once you complete the application, it will be forwarded to a representative who will review your details and contact you with a provisional decision. At this point, it may be requested that you send in some additional documents.
As part of the whole process THL will also carry out a credit check on you, this is standard procedure for all loan providers. Once everything is verified, they will contact you to inform you of their final decision. If approved, the money can take up to 3 working days to be transferred into your bank account. There is a charge for same day transfer of £25. If you opt for same day transfer this will be deducted from your loan.
Please bear in mind that on your first loan with THL, you will be charged an upfront administration fee of £3.99 as a contribution to some of the underwriting expenses, such as credit searches. This fee is only payable if they decide to lend to you.