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Savvy Loans Review: Pro & Cons, Fees, and Alternatives

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Funding speed: 1 hour
Loan amounts: £300-£1.200
Loan terms : 6-12 months
Representative APR: 341.7%-1259.2%
Fees : No
Soft search: Yes
Customer support: Email, phone, post

Updated: April, 8, 2023


  • Instant decision
  • Same-day funding
  • Soft check
  • No prepayment fee
  • Poor credit and CCJ considered
  • No guarantor required
  • Cons

  • High interest rates
  • No top-up option available
  • No payment holidays
  • Savvy is a direct lender that specialises in providing loans to those who may find it difficult to obtain one elsewhere. 
    In this Savvy loans review, we’ll go over the loan amounts and terms, what kind of interest you can expect to pay, and whether Savvy is the right choice for you.

    What is Savvy Loans?

    Savvy is an award-winning direct lender based in the UK that provides short-term loans to people with a bad credit rating score.

    How Does Savvy Loans Work?

    Savvy will offer you a loan, regardless of your circumstance, as long as you are eligible for one and you can prove that you can repay the loan on time. 

    To apply for a loan:

    1. Go to Savvy.co.uk. 
    2. Choose the amount you want to borrow.
    3. Provide some personal details, set a password, and click ‘Continue’.
    Savvy Loans application form
    1. You’ll then be asked to provide financial details, including:
    • Employer information.
    • Banks and debit card details (including sort and account number).
    • Three years of address history.
    • Income and expenditure details.

    Savvy will then perform a credit check to determine your creditworthiness. It also may ask for additional documentation, like payslips and or bank assessments to complete its checks.

    Once approved, the lender will transfer the funds to your bank account in as little as one hour. 

    Note: Savvy loans have a cooling off period of 14 days. If you change your mind, all you’ll have to do is contact its customer support team and let Savvy know you will be making loans refund. Keep in mind that you’ll also have to pay interest accrued to that date.

    What Are The Eligibility Requirements?

    To get a loan from Savvy, you’ll have to meet the following criteria:

    • Be at least 18 years old.
    • Be a UK resident and have a UK bank account and debit card.
    • Have a monthly income of at least £1,000.

    How Does Repayment Work?

    Savvy collects payments via Direct Debit on the due date outlined in the agreement, but it might take your first repayment by Debit Card under ‘continuous payment authority’ (CPA). 

    If you can’t pay via Direct Debit, you can:

    • Make a debit card payment via your account.
    • Make a bank transfer to NatWest Bank.

    Note: Savvy loans do not come with a payment holiday option. If you can’t make repayments on time, you can contact the company and they will set up an affordable  arrangement. 

    Also, keep in mind that some lenders, like CASH4UNOW, allow customers to set their own repayments dates, in line with their paydays.


    Here’s what Savvy offers:

    Loan amount and term

    Savvy offers unsecured personal loans between £300 to £1,200 over 6, 8, and 12 months. The loan terms depend on the loan amount.

    Loan amountLoan term
    £300- £5006 months
    £501- £7008 months
    £701-£1,20012 months

    If you’re looking to take out a bigger loan, you might consider EveryDay Loans, which similarly offers loans to people with a bad credit score.

    Bad credit consideration

    Savvy accepts applications from individuals who have less than ideal credit scores. The lender won’t reject an applicant solely based on their credit score but it will likely apply a higher interest rate.

    Quick funding

    Savvy delivers instant loans, typically within an hour after approval. It funds loans 11 hours a day from Monday to Saturday. It does not pay loans on Saturdays and bank holidays and only works with UK bank accounts.

    Other lenders who offer small, same-day loans are DOT DOT Loans and QuidMarket.

    Easy budgeting with fixed repayments

    All Savvy loans come with a fixed interest rate. That means you won’t pay more in interest than what you initially agreed on, which makes it easier to budget and plan your finances.

    Soft search

    When you initially apply for a loan, Savvy will run a soft search to give you an initial decision. If you choose to move forward with your application after it provides you with an offer, the lender will conduct a  hard credit check.

    CreditSpring is another example of a lender that won’t leave a footprint on your credit report if you apply for a loan.

    Responsible lending 

    As a responsible lender, Savvy only approves applications from individuals that it believes can pay the loan back. 

    Savvy loans do not have a top-up option. If you’re looking for a lender that allows customers to take an extra loan on top of their existing one, check out TSB Bank.

    No early repayment fees

    Similar to THL Direct and Mr Lender, Savvy loans do not incur early payment fees or penalties. Customers can repay the loan at any time before the end date, but they might be charged up to 58 days’ interest beyond the overpay date.


    The interest rate on your loan depends on the loan amount and your circumstances. 

    Savvy’s representative APR for loans of £400 (over 6 months), £650 (over 8 months), and  £1,000 (over 12 months) is 1259.2%, 764.0%, and 341.7% respectively.

    For example, if you borrow £1,000 over 12 months with an APR of 341.7% and an interest rate of 12.5%, you’d pay £166.66 per month or £1,999.92 in total.

    Savvy Loans Pricing Plans

    Customer Support

    Customers can get in touch with Savvy via:

    1. Post: 1st Floor, Highbank House, Exchange St, Stockport SK3 0ET, United Kingdom.
    2. Email: info@savvy.co.uk.
    3. Phone: 0800 007 5888 or 0330 002 0117.

    Savvy offers online account management, but it does not have a mobile app. 

    Savvy Loans Reviews: Customer Success Stories

    Savvy reviews gave the lender a 4.8 rating on Trustpilot. Customers praise its customer service team and the quick application process.

    Here’s what some of them said about Savvy:

    I needed a quick loan for a personal expense. Honestly never had such quick – and professional service ever! Filled out the app – pre approved – then a call where the lady asked some questions to clarify the loan. And then they went through the terms of repayment with me in a very clear way – making sure I fully understood the terms and that it was affordable. No hard sell at all from Savvy. Then within 15 minutes the money was in my account. The whole process was under 2 hours. Yes I don’t have the best credit rating – but I really needed this short-term loan. They were totally professional and none judgemental. I can repay early to save on interest which I intend to. Excellent service.’ – Dino.

    ‘Throughout the whole process, Savvy were amazing. I thought I wouldn’t get a loan and I did (thank you Savvy), but even if I didn’t get the loan. I would have to say the customer service I received with several phone conversations was 10/10 and I spoke with several different staff members and each time they were caring and nonjudgmental. Thank you Savvy and to all your wonderful staff.’ – Stephen.

    ‘Fantastic customer service! Very clear and they take the time to make sure that it’s right for you and you can afford the loan. Quick and straight forward! Thank you!’ – John.

    Is Savvy Loans Safe?

    Savvy is authorised and regulated by the Financial Conduct Authority (FCA). 

    The company uses multiple layers of security and technical safeguards to keep customers’ data safe. Savvy doesn’t keep customers’ data any longer than it needs to.

    Bottom Line

    Savvy is a great option for individuals that are looking for small and quick loans. Savvy loans have quick payout times, are available to individuals with less than ideal credit scores, and can be repaid early, without incurring any penalties. 


    Is Savvy a payday loan?

    Savvy loans are short-term installments loans. Unlike loan providers that offer payday loans, Savvy doesn’t require its customers to pay back what they owe in one lump sum.

    Is Savvy a direct lender?

    Customers can apply for a loan and get the money transferred into their bank account directly from Savvy.

    How long does Savvy loans take to pay out?

    Once the loan is approved, you can expect the money to arrive in your bank account within an hour. The company funds loans 11 hours a day from Monday to Saturday.

    Do Savvy Loans send letters?

    Based on our Savvy loans review, Savvy doesn’t typically contact its customers by post, unless required by law.

    My name is Marija, and I'm a financial writer at DontDisappointMe. Although finance might not be everyone's cup of tea, my 10+ years of working in one of the biggest banks in my country, and my interest in extensive research on everything finance/investment-related, have made me somewhat of an expert in the field (if I do say so myself). No longer having the passion to work in a corporate setting, I decided that I couldn't let all of this knowledge go to waste so I started writing. And, here I am! Today I try to share my knowledge with my audience in the hopes of making this topic as simple and interesting as possible. In my leisure time, I like spending time with my family and travelling to new locations.