Bubbly Bank has set itself the goal of creating a company that offers short-term loans that is revolutionary, fair and responsible. He declares his belief that such financial products can be sold much better. So in 2012, Bubbly Bank was born. A company that declares that in all activities, always puts the customer first. Everything is done 100% online on their website. The company presents itself as one of the most innovative on the market. He declares that he uses only software that is approved by specialists, safe and stable. Bubbly Bank boasts on its website that the company’s financial products are transparent, simple and convenient. As you can read, you have full control over your loan. You can choose the amount you want to borrow and the specific days you want to pay the installments. There are no hidden costs. You can also log in to your online account and check any data. As a responsible lender, Bubbly Bank only grants loans to people who can afford to pay them back. Without getting into financial trouble. If the availability check of your installment repayment ability shows that you may have difficulty giving back your money, you won’t get it.
What requirements do I have to meet to get a loan?
To get a loan at Bubbly Bank you must have a cell phone, live in the UK, be at least 18 years old. It is also necessary to be employed and have a bank account with a debit card connected to it. The company says on its website that it cannot guarantee that you will get a loan if you have a bad history. However, he understands that credit history is rarely perfect. It will look at each application individually. Your income and expenses will be checked as well as employment information. The most important, however, in this assessment are events from a short period back. For example, you will not be punished for late payment five years ago. However, if you can’t afford to pay back, you won’t get a loan. In order for the answer to be positive, you also can not use a debt management plan, have more than one entry in CCJ or be bankrupt in the last year. In such cases, you won’t get a loan at Bubbly Bank.
How much can I borrow?
At Bubbly Bank, you can borrow a minimum of 100 dollars and a maximum of 1000. Unless you’re a returning customer. Then the limit increases to 1,500 dollars. If you are looking for a short-term loan, you must give the money back at once, within 7-35 days. There are also options with a longer repayment period. Spread over several installments. Up to five months. Suppose you have a sudden expense and you cannot wait for payment. However, you are sure that the money will affect your account. So you borrow 400 dollars for 30 days. After this time, you will have to donate a total of 496 dollars. That’s 96 dollars more than you borrowed. The total interest you will have to pay will be 24 percent. and it will be the whole cost of the loan. Suppose, however, that you do not earn too much and the one-time requirement to donate 400 dollars would be too much for you? Is it profitable to take such a loan for a longer period? Let’s say three months. In this case, we pay it back in three installments. We can decide for ourselves whether we want to pay it back every week, every two months or once a month. It is even possible to determine which particular day of a given month or week. Suppose you choose three monthly installments. They are equal and at 400 dollars are 188.93 dollars. In total, you must pay back 566.79 dollars. That’s 166.79 dollars more than you borrowed. Total interest, at three months, is therefore 41.7 percent. The example is based on the assumption that you will pay the first installment in 20 days. If you want to start paying off later, interest will be higher. The APR stated on the website is from 1255 percent. up to 1698.1 percent You should always check whether you take out a loan directly or through a broker. If so, make sure under what conditions. Some brokers charge fees, so it’s best to be sure. Bubbly Bank offers direct loans and is not an intermediary. Before taking a loan, it’s worth taking a look at websites like money.co.uk, where you can compare lenders (and companies approved by the Financial Conduct Authority, which is always a plus). You should also think about whether borrowing is the right solution. Can you reduce expenses or save and wait until you buy something? Do you borrow to pay off other debts? If you need help with finances, you can contact companies like Step Change for free and unbiased advice.
What if I can’t pay back the loan?
It happens that we are unable to pay the installments. The most important in such situations is contact with the company. If you let her know what happened, she may find the best solution for you. If you are overdue for three days, Bubbly Bank will charge you a delay of GBP 15 and interest will continue to accrue. You must therefore notify the company in advance. The deferral option is only available for the loan you give away after payment because interest and deadline are not fixed. It is an option up to 35 days with one-off repayment in full. In case of deferment you will be subject to a new assessment of your debt repayment options so that the company can make sure that this is the most appropriate option. To postpone loan repayment, you must pay interest that accrued up to that point. This is to reduce the balance to the amount originally borrowed. After paying off the interest, the contract will be reset. You can defer payment for up to 35 days, but no more than twice.
Can I pay back the loan sooner?
If you want to pay off your loan sooner, simply log in to your online account, select “manage my money” and then click “make payment”. You’ll see the “pay now” option. Remember that there is no charge for it. It is worth doing it as soon as possible, because interest is accrued every day.