What is Koyo?
Koyo is a Loan provider company in the United Kingdom and it gives various competitive loan rates to customers who don’t have a Credit History score. And this company provides many offers and affordable rates for migrants. Also, you can use the Koyo Loans for the early repayment to avoid any extra amount.
Moreover, Koyo is one of the first Open banking depends on Online Consumer lenders, and it targets Borrowers with Little with no credit history to get a Loan.
As per the new update on July 2023, Koyo stopped lending. So, if you are already a customer in Koyo, your loan details and other information will be managed by Capquest.
Is Koyo Legitimate and Safe?
BETR Technology Ltd company and it is the trading name of Koyo. It uses a third-party provider called Truelayer, Connected to a bank account that is generated by the FCA. This company depends on the United Kingdom and connects to banks to recover the account data on behalf of customers. Different types of lenders use true layer services to verify the customer account information.
Koyo allows the customers to only read data access. But it does not save or store your bank login and password details.
How Do Koyo Loans Work?
Most of the Loan Provider companies expect to have a Good Credit History before they will give a personal loan to you. But the Koyo offers the loan even if you dont have a Credit History and also offers a loan for the persons Who have a limited credit history. The traditional lenders access the amount without any high fees and interest charges.
If you Apply for a loan on Koyo then you have to log in to your Internet banking and it allows Koyo to see all your Transactional data this process is called Open banking.
Koyo Loan Company uses this data and refers to it to find how affordable a loan will be for you. It will always note your Account Income and outgoing details. Most lenders use a Credit check to gather all this information. But the Koyo uses Open banking data. It will help you to improve your application that has been approved or rejected.
What are the Eligibility to apply for Koyo Loans?
If you are planning to apply for Koyo Loans then you must need some eligibility. If you are eligible then you can apply through Online.
- Must be at least 21 years old.
- Lived in the United Kingdom for at least Six Month.
- Give a Valid Email Address.
- Ensure, must earn a Regular income.
- Own a Smartphone.
- Are not a Self-employed.
- Not declared bankruptcy.
How to Apply for Koyo Personal Loans?
If you have all these eligibility criteria then can apply for the Koyo Loans Online. It asks for some personal information and employment details.
The Steps are:
- Move to the Koyo official Website.
- Choose your required loan amount.
- Select how long you need for the loan.
- Swipe down a bit and press the button Apply now.
- Further, read the terms and conditions and Press the Start button.
- Now you have to choose your title and fill in all the information such as First and last name, email address, Mobile Phone number, DOB, Driver’s License Number, Nationality, Address, Citizenship status, and Residential Status, and enter all the Employment details.
- Click the Next Button.
- Once you apply they will decide after 1 working day whether your Loan is approved or rejected.
- Luckily your Loan is approved, you can apply for the loan by uploading all the required documents to the Portal.
- You have to sign a loan Contract as well.
- Once you Sign the Loan Contract the amount will be transferred to your Bank account within 48 hours.
How to Repayment Loans on Koyo?
Once the Loan is approved you can select your Monthly repayment date. Then your repayment will automatically taken through your debit card directly from your Account.
Ensure, that you have to keep your Account Balance with the required amount. In Case, if you missed the repayment then it affect your credit score.
Advantages to applying for a Loan on Koyo
- The Loan Application process is available Online.
- No Additional Chargers.
- It uses Open Banking technology to determine the borrowing level.
- Even if you dont have a credit history, Koyo will give you personal Loans.
Features of Koyo’s Loan
Here we will share the features of the Koyo personal Loan.
- You can select the Loan repayment date Options. Select the Repayment term of Six months to Five years based on your Loan amount.
- The Loan application process is online.
- Your respective amount will be transferred to your account within 48 hours.
- It offers a Competitive Loan rate. Apply for £4000 for three years. The interest rate will be 22.44% pa Fixed. It gives 35 Scheduled monthly payments of £152.94 and the last payment of £152.68 will be payable.
- It has an option to Pay your Loan amount early to avoid any extra fees or penalties.
- Koyo Loans company doesn’t offer any short-term or Payday loans.
- You can get a Loan from £1500 to £12000.
koyo Loans Contact Details
You can any time contact the Koyo Customer Center if you have any queries related to your transactions. The Koyo Customer Service team will solve all your doubts within one working day.
Koyo Office Timing:
Monday to Friday= 9:30 Am to 5:30 PM
Saturday and Sunday= Closed.
Koyo Postal Address= London W1F0JL, Koyo, Huckletree Soho, Ingestre Place, Ingestre Court.
Closing Off
From this article, you guys know Koyo Loans Reviews. Most Loan providers need a Good Credit card score, But Koyo offers loans even if the customer doesn’t have a credit history or with limited score. Also, it has an option to choose your Repayment data. Many offers provided favorable to customers. Still, you have to know Koyo Loans are safe. We have mentioned all the information and the steps to apply Via Online. Also, get the Contact details about Koyo Company. I hope you like this article. Still, if you have any doubts related to this guide, Let me know in this comment section.