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How to check if a loan company is legitimate uk

Author: Harry Jones And Facted Checked by : Shanie Capper
Last updated on : 14 December 2023

If you have been searching “how to check if a loan company is legitimate in the UK” then I am guessing you are currently doing your research before applying with a payday loans online company.

Excellent, this is a great thing to do as unfortunately there are a lot of scammers out there and you need to educate yourself on how you can spot them.

Here are some checks you can perform:

1. Financial Conduct Authority (FCA) Registration

Always ensure the loan company is registered with the FCA, the main regulatory body for financial services firms in the UK. A legitimate company will have an FCA registration number, which you can cross-check on the FCA Register. You can usually find all the details in the footer on a loan website. Ours are as follows:

” My Quick Loan is a registered trading style of  is a registered trading style of 1st class finances PJMO Ltd, which is an Introducer Appointed Representative of T.UK and is entered on the financial services register under the reference number 688026 is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 831013. 1st class finances PJMO Ltd is registered in England and Wales (Company number: 11547109), Registered Office, 1st Class Finances PJMO, Office 131, Silk House, Park Green, Macclesfield, Cheshire, SK11 7QJ.”

2. Physical Address and Contact Details of the UK same-day loan company

Be wary of same day loans bad credit companies that do not provide a physical UK address. A legitimate business will usually provide an address, phone number, and a customer service email for contact.

Our details are:

Email – info@my-quickloan.co.uk

Telephone – 01625 315047

Address – 131 Silk House, Park Green, Macclesfield, SK11 7QJ

3. Professional Website and Secure Connection

Look for signs of professionalism in the company’s website. Typos, poor grammar, and shoddy design can be red flags. Additionally, ensure the website begins with “https://” – indicating a secure connection.

4. Check Online Reviews and Feedback

Sites like Trustpilot or Feefo provide unbiased reviews from real customers. These can give you an idea of the company’s reputation. However, always take overly positive or overly negative reviews with a grain of skepticism.

5. Too Good to Be True Offers for Instant Loans Online

If your online instant loan offer seems too good to be true – e.g., very low-interest rates or loans without any credit checks – it probably is. Always approach such offers with caution.

6. Company Credit Check

You can conduct a company credit check using platforms like Companies House, which will provide insights into the company’s financial health and legitimacy.

7. Data Protection License

Ensure the loan company is registered with the Information Commissioner’s Office (ICO) and adheres to data protection laws. This ensures your personal and financial data is in safe hands.

8. Risk warning displayed on the website

All UK short term loan websites need to display the following risk warning:

“Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.”

If you can’t see this on their site – Stay clear!

9. If you receive a call or email

If you receive a call or email from a loan company you haven’t used before – this is a real red flag.

If you receive a call or email from a loan company you haven't used before - this is a real red flag.

10. Are they ranking page 1 of Google?

If you have found a loan company on page 1 or page 2 of Google, this usually means they are legitimate loan company. It is not easy to be found in Google search these days, it takes months and in most cases years to get to page one or two. So if a company is in Google search this is usually a good sign!

11. Are the companies still trading?

Check if the companies are still trading. In the last 5 years companies like Quickquid and Wonga have gone into administration, which means they will not be offering loans. If a company calls you pretending to be them, avoid!

By taking these measures, you significantly reduce the risk of falling into the clutches of a scam

Introducing My Quick Loan – A Trusted Name in the UK’s Loan Market

Recently My Quick Loan has just won Best Loan Company 2023 award, if that wasn’t enough, here are a few more points why here at My Quick Loan we try to be the number 1 trusted quick loans today broker.

How to check if a loan company is legitimate uk

1. An Authentic Online Short Term Loan Broker

My Quick Loan specialises in matching individuals with potential lenders, based on their financial needs and circumstances. Remember, as a broker, we act as the bridge between you and prospective lenders, ensuring you get a short term loan that aligns with your requirements.

2. Transparency is Key

We believe in complete transparency. While we aid in facilitating quick loans, it’s essential to understand that we don’t directly lend money. All transactions occur online, ensuring a seamless experience for our users.

3. We Do NOT Make Phone Calls

An important aspect to highlight is that My Quick Loan will never call you. Our interactions are strictly limited to online platforms. If you receive a phone call from someone claiming to be from My Quick Loan, be advised: this is not us. Such activities are fraudulent and are a clear sign of scam operations.

4. Reporting Suspicious Activities

Given the rise of scams and fraudulent activities, it’s crucial to remain vigilant. If you’ve been approached via phone by someone posing as a representative of My Quick Loan, report it immediately to the Financial Conduct Authority (FCA) to ensure necessary actions are taken.

5. Your Security is Our Priority

Our commitment is to safeguard your interests. We strictly adhere to the UK’s financial regulations and maintain rigorous data protection standards. When you interact with My Quick Loan, rest assured you are in safe hands.

In a financial world filled with uncertainty, My Quick Loan stands as a beacon of trustworthiness and reliability.

FAQs on How to Check if a Loan Company is Legitimate in the UK

Navigating the financial landscape, especially when seeking loans, can be daunting. To aid in this, here are some frequently asked questions to help clarify the legitimacy checks for loan companies.

1. What is the first step to check the legitimacy of a loan company?

Always verify the company’s registration with the Financial Conduct Authority (FCA). The FCA maintains a register of all authorised financial firms, ensuring they meet specific standards and operate in the consumer’s interest.

2. Are online reviews a reliable way to check a loan company’s authenticity?

While online reviews can provide insights into user experiences, they shouldn’t be the sole criteria. It’s essential to consider reviews from trusted platforms and combine this information with other checks, like verifying with the FCA.

3. If a loan company contacts me with an unsolicited offer, should I trust them?

Exercise caution. While some legitimate companies might reach out with offers, many scams initiate through unsolicited contact. Always double-check the company’s credentials and never provide personal information without full verification.

4. How can I check if the loan agreement terms are legitimate?

Real loan companies will provide clear terms, including interest rates, fees, and repayment structures. If anything seems vague, it’s a red flag. Also, cross-check any offered terms with typical market rates to ensure they’re reasonable.

5. Are there specific warning signs I should be aware of?

Yes, be wary of:

Companies asking for upfront fees.
Guarantees of loan approval without checks.
Pressure tactics urging immediate sign-up.
Unsolicited phone calls or emails.

6. I’ve come across a company claiming affiliation with known financial institutions. Is this a sign of legitimacy?

Not always. Scammers often pose as affiliates to reputable institutions to gain trust. Always independently verify such claims through the institution’s official channels.

7. How does My Quick Loan ensure its legitimacy?

My Quick Loan operates as an online broker and never makes unsolicited phone calls. We adhere strictly to UK financial regulations and are transparent in our operations, ensuring our users’ trust and security.

Remember, your financial safety is paramount. You are doing the right thing in searching for “how to check if a loan company is legitimate UK”. Always approach loan options with a vigilant mind, verifying credentials and cross-referencing information to ensure you’re making an informed decision.

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Warning: Late repayment of payday loans can cause you serious money problems. For help, go to moneyhelper.org.uk.

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