The Most Frequently Asked Questions
Our short-term loans are designed to help you manage unexpected expenses between paydays and these questions and answers are supposed to make getting a short term loan much simpler and easier for you.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.
Representative Example: Amount of credit: £200 for 28 days. One total repayment of £244.80. Interest: £44.80. Interest rate: 292% pa (fixed). 1294.1% APR Representative.
Application and General Questions
Am I eligible to apply? What information do I need for my application?
To be eligible to apply, you must:
- Have a valid UK bank account.
- Be employed (or on benefits)
- Be a full resident of the UK.
- Be at least 18 years old.
When applying you’ll also need to provide us with the following information:
- Employment details.
- Bank account details.
- Income and outgoings/expenses.
- Other Personal Information.
Can I apply if I have less-than-perfect credit?
Yes. Less-than-perfect credit does not necessarily prevent you from qualifying for a Vamoola loan. We understand that a credit score may take time to repair, even when you have been working diligently to erase past credit mistakes. That is why we use a variety of criteria to evaluate each customer, including their credit score and recent borrowing history. If you’ve had trouble with credit in the past but have worked diligently to improve your score, we may be able to approve you for a loan.
What is Auto Decisioning?
This is because our lenders all use this, and we have to be clear and transparent, there is NO requirement for this to be prominent at all.
Will I need to submit any extra paperwork?
In most cases, we will be able to make a loan decision without additional paperwork. However, there are some instances where we may need some additional information regarding your income and employment. In this case, we will request you send the required documents so that our Loan Processing team can review them manually.
Why do I need to provide proof of income?
For some applicants, we may need to verify income. To help process your loan, we need a recent wage slip or equivalent income statement dated within the last 30 days. You can email or send a picture of this information.
How can I check my application status?
You can check the status of your application online:
- Log-in to your account home page.
- At the top of your account home page you’ll see information on the status of your current loan application.
I'm not eligible for a 1-period loan. Why not?
You may only be eligible for certain repayment period options given your pay frequency, time of application and our requirement that loan durations be no less than 27 days. Depending on your pay frequency and time of application, you may not be eligible for a 1-period loan. Please note that your repayment dates will always be set to the dates on which you receive your paycheque.
Why was my application declined?
There are a number of factors Vamoola uses to evaluate your application, including but not limited to: an applicant’s past borrowing history, credit report, identity verification, the number of outstanding loans, income and existing financial commitments, as well as the validation of application details. If an applicant does not meet all or some of Vamoola’s lending criteria for each of the above items, Vamoola may decide not to approve their application. If your financial circumstances change, you may reapply again in the future. Please keep in mind that each application is recorded on your credit file; too many applications over a short period of time may be seen as a red flag.