Is PM Loans Legit or a Trap? pmloans.co.uk

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PM Loan review:- Ups and downs are a part of life. Running a business can sometimes put you at a stage when you are in great debt. This can be the situation in which you require money immediately to clear your debt.

You searched for a loan at low interest, but everywhere, it requires a lot of documentation, a high interest rate, and many complications.

There are many companies available in the market, like PM Loans, that are ready to trap you in their wings. So, make sure to do deep research before applying.

You can read the review article and watch the review video before making your decision.

In this article, I am giving you a short PM Loan review, including all the details you need to know before filling out your application form, such as whether a PM loan is legit. I will also discuss the warning of FCA on pmloans.co.uk.

Now, I will be talking about the PM Loans.

What is PM Loans?

PM Loans is short term cash loan providing company. The company will offer you loans varying from £50 to £1500. Also, it includes many terms and conditions that you have to pay back the money within 12 months to avoid fines. The process of applying to get a loan is very fast, as claimed in the running ads.

About PM Loans

PM Loans can lend you money directly but also help find other lenders to get the best deal for you. They make it safe and simple to apply for a loan online and try their best to help when you need money the most.

You can apply even if you have low credit history. PM Loans ensure you can afford the loan, and because they have many options, many people get approved. Their system is safe and secure to use online.

Why Use PM Loans?

Here are some of the features of the PM lone.

How to Apply for PM Loans?

Follow the below steps if you are interested to apply for the Pm loans:-

• First of all visit the official website of PM loans.
• At the Top right of the page there is Apply option.
• Click on the apply button and fill all the necessary detail.
• After filling all the details click on the submit button.

• Your application will be successfully submitted.

How It PM Loans Works?

Customer Reviews and FCA Warning on PM Loans

The process of disrupting the loans can be very fast, but the question this Loan also has many negative customer reviews. Some of the negative feedback of the PM Loans:-

• Negative Customer Reviews: Numerous online complaints highlight issues with PM Loans.
• Aggressive Marketing: Borrowers report receiving unwanted calls and texts after applying.
• Bait and Switch: Some customers are redirected to other lenders with different terms.
• Legitimacy Concerns: Questions arise about the company’s authenticity.
• FCA Warning: The UK Financial Conduct Authority warns about a “clone firm” using the name PM Loans Ltd, targeting people with fraudulent claims.

The FCA says on its official website that the company should have a valid license to run a business.

Read More: Tendo Loan Review

High Cost of Short-Term Loans

Often, if any company provides you with a short-term loan without going through your multiple documents, it will charge you a very high interest rate like PM Loans. The annual percentage rate (ARP ) ranges from 900 to 1000%. This means you have to pay just a bit less than double your principal amount.

This can be more clear with this example.

Imagine you borrow £200 with a 1000% APR for one month. At the end of the month, the total amount you would need to pay back, including interest, would be £366.66. This means you’d end up paying an additional £166.66 on top of the £200 you borrowed.

Some alternatives of Short terms loan

Here are some of the alternatives to PM Loans you may consider:-

• Credit Unions -These non-profit institutions often offer lower loan interest rates compared to payday lenders.
• Community Development Financial Institutions (CDFIs) – CDFIs provide affordable loans with clear terms, especially in underserved communities.
• Government Assistance Programs -You may qualify for government help with rent, utilities, or other expenses.
• Talk to Your Creditors – Explain your situation to creditors and explore payment plans that might make it easier to repay your debt.
• Sell Unused Items – If you need quick cash, consider selling items you no longer need online or at a pawnshop.

PM loans Contact Number

PM Loans help you get money quickly when you need it. Here is how PM loans works:-

• There are no fees to use its service.
• After applying, lending partners associated with PM Loans may contact you by text, email, or call to discuss your loan.
• If approved, they will show you all the essential details, like how much you need to repay, the interest rate, and when your payments are due.
• Everything will be shown to you before you decide to take the loan.

Conclusion

PM Loans UK might seem like a quick solution, but the high costs, negative customer reviews, and an FCA warning raise significant concerns.

Before choosing a short-term loan, explore other options and understand the total cost of borrowing.

For more information, visit the Financial Conduct Authority (FCA), Money Advice Service, or National Debt Line.

Disclaimer: This blog is for informational purposes only and should not be considered financial advice.

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Ella

Hello! I’m Ella Patel, a blogger based in India with a strong specialization in the finance sector. My journey into the world of finance and writing is a blend of academic achievements and professional experiences, which I am excited to share with you