Launched in 2012, Anico Finance is a direct lender, authorised and regulated by the Financial Conduct Authority (FCA). It offers short term “instalment” loans to customers who have trouble getting credit from mainstream financial institutions, or who need the money faster than many banks can accommodate. This includes those who work in the UK on a valid VISA and wish to send money back home to family abroad.
Unlike a “payday loan” which is traditionally repaid along with interest in one lump sum on your payday, Anico allows you to pay your loan back in monthly instalments. Spreading the repayment over longer periods can make monthly instalments more manageable, but pushes up the overall cost of the loan. Anico loan amounts range from £300 to £2,000 but any amounts over £1,000 are only for returning customers.
Pros and cons of Anico short term loans
Pros: Personal service. Applicants will always speak to a customer service advisor before a decision on a loan is made. This means the lender can take into account your personal circumstances as well as your credit history.
Early repayment. You can settle your loan early at any time free of charge. This is recommended if you can afford to do so, as it could save you money in interest.
No hidden fees or penalty charges. Anico will tell you exactly what you will have to repay before you take out a loan. It will not charge you if you are late on a repayment, but you will pay more in interest and it can affect your credit rating. Fast access to funds. Anico aims to transfer funds the same day as approval.
Cons:High interest rates. Like any short term loans, Anico loans have a high interest rate. Make sure you consider all other options before turning to a short term loan.
Higher age limit. You must be at least 21 years old to apply for Anico loan
