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2022’s Tappily Loans Reviews, Features and Alternatives

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Available amounts: 8.5/10
Loan terms: 9/10
Fees: 10/10
Interest rates: 8/10
Ease of use: 9.5/10
Safety and security: 9/10
Responsible lending: 10/10
Repayment options: 9.5/10
Customer support: 10/10

Updated: September, 16, 2022

Pros

  • Easy-to-get credit
  • No hidden fees
  • Various support channels
  • Money management tools
  • Repayment caps
  • Flexible credit limit
  • Cons

  • Intrusive for some
  • Interest costs quickly add up
  • Must receive regular salary
  • Are you considering getting a Tappily revolving line of credit so you are looking for some Tappily Loans reviews to see if they offer good deals?

    Below, we take a closer look at their loan products, application requirements, and everything else that makes Tappily worth your time and money.

    Keep on reading to learn all about it!

    What Is Tappily Loans?

    Tappily is a lending institution offering a revolving line of credit with a £2,500 limit that you can use when you need it, provided you pass certain checks. If successful, you don’t have to abide by a repayment deadline, which is common with lenders like Koyo Loans and Bamboo Loans, but you should still repay quickly to avoid higher interest.

    Tappily loans can be a great alternative to payday loans, which are typically used as a source of quick cash among borrowers. If payday loans are something you are interested in, take a look at our list of best payday loan providers in the UK

    Moreover, borrowers that take out Tappily loans in the UK should be diligent with their payments to avoid missed deadlines or defaulting on the loan as the eventual consequences will adversely affect their credit scores and future loan and mortgage eligibility.

    Take a look at some of Tappily Loans’ biggest competitors and compare various fees and offers: 

    How Does Tappily Work?

    Every Tappily loan review emphasises the ease with which you get credit approval, and below we cover the eligibility criteria and the application and repayment process to make it work:

    Tappily Loans Eligibility Criteria

    You can apply for the Tappily quick loans if you meet the following requirements:

    • You are a UK resident who is 18 or older;
    • You regularly receive wages or salary in the amount of £1,000;
    • You have an account with active internet banking services;
    • You can link your bank account to your Tappily account by providing:
      • Your sort code and account number,
      • Your debit card details,
      • Your log-in details for internet banking.

    Note: Tappily is asking for bank details to regularly check the applicants’ account activity and ensure it lends to those with good credit history who can submit payments on time.

    Tappily Borrowing Options

    Once you apply and are evaluated, Tappily will review your creditworthiness and offer you a certain amount of credit, which you can withdraw via the following methods:

    • Withdraw with ‘Auto-borrowing’—automatically receive (should you choose to) a certain loan amount if your bank balance is nearing your overdraft limit;
    • Borrow when needed—if you require immediate funds, you can access your Tappily dashboard and manually withdraw up to your credit limit at any time.

    Active members can typically transfer money to their bank account instantly, however, it may take up to 15 minutes or even an hour or two to finalise the transaction. On the other hand, new applicants may have to wait a full day to set up their account and get the first credit instalment.

    While other direct lenders like Savvy Loans, CASH4UNOW and Mr Lender all offer same-day funding, they lack the borrowing flexibility offered by Tappily.

    Tappily Loans Repayment Process

    You can submit your Tappily repayments either manually or automatically:

    • Automatic repayments—once Tappily sees enough money coming into your account (at least £50), it will automatically withdraw the necessary payment while abiding by your pre-set balance and repayment limits;
    • Manual repayments—you can repay your debt at any time through the Tappily Dashboard. However, you will also be requested to submit a manual repayment if the lender losses access to your bank account.

    Note: You also receive monthly statements showing your credit instalments, credit limit, and any Tappily interest rate and payments charged to your account.

    Tappily Fees

    For its services, Tappily charges interest of 34p each day for every £100 you borrow and furthermore caps its interest rate at 75 days on each loan amount you receive. For instance, if you borrow £200 for 5 days, you will have to pay 64p per day for a total of £3.20.

    Keep in mind that other lenders out there, such as Likely Loans and Everyday Loans do not charge any fees for their services. 

    Moreover, the Tappily Loans representative APR is marketed at 49.7%, while customers are expected to pay interest of up to 25.5% per annum (variable). The representative APR is a bit high, especially when compared to other lenders like CreditSpring (43.1% Representative APR) and Lendable (24.5%).

    Also, you are only charged for the amount you borrow, without having to pay any hidden fees, such as transactional, signup, early repayment, or subscription charges.

    Tappily Features

    Now that you know what Tappily is and how it works, let’s look at some of its features.

    Responsible Lending

    Tappily is a company that prides itself on its responsible lending practices. So, to receive a line of credit, you will have to pass several types of checks, including identification, credit, affordability, income, and money laundering verifications. Then, you will be offered a credit limit corresponding to these factors as Tappily must ensure you will repay it on time.

    Note: If your personal or financial circumstances change, you can always lower your credit limit or contact Tappily to help you with your repayments. Currently 7% of Brits have problem debt, so make sure you are not one of them.

    Borrowing Protection

    With Tappily, overdraft issues are a thing of the past as well since you can set a specific  ‘borrowing protection’ limit that activates the ‘auto-borrowing’ feature.

    For instance, if you set the protection level at £100, Tappily will be informed to top up your account whenever your balance drops below that point.

    Bank-Level Security

    As a lending institution regulated by the Financial Conduct Authority (FCA), Tappily is required to offer its customers top-notch security that protects their personal information and finances.

    For that purpose, they use bank-level safety and security system built on impenetrable 256-bit encryption, one of the most secure encoding methods out there.

    Moreover, like Lending Stream and Koyo Loans, Tappily uses the Open Banking principle that puts the customer’s interests first. In essence, the company establishes a read-only connection with your card account for purposes of only monitoring your account without the possibility to make any changes to it.

    Money Management Tools

    The best feature offered by Tappily is its dashboard stacked with money management tools:

    • Detailed status overview—to check your credit limit and how much you owe;
    • Simple interactive graphs—these help you track and adjust your spending habits;
    • Spending tracker—a personalised feature that shows your spending over time;
    • Spending analyser—easy-to-read pie charts of your spending categories;
    • Auto-borrowing—as previously mentioned, this tool keeps your balance in check.

    Note: Tappily does not charge anything for the usage of these handy tools. 

    Customer Support

    If you are having trouble understanding, applying for, borrowing, or repaying the Tappily loans, review the various customer support options they offer to resolve your issue:

    Note: Before establishing direct contact with a Tappily representative, look for an answer to your question in their detailed FAQ page.

    Customer Success Stories

    Based on more than 3,400 Trustpilot reviews, Tappily has a rating of 4.8 out of 5. You’ll see why after reading a few of those testimonials:

    Very Happy With My Experience

    “Very happy with my experience with Tappily. They are swift with the funds and the interest isn’t crippling like some other loans. The app is simple to use and streamlined making it easy for you to borrow or repay in seconds. I would easily recommend Tappily to my friends.”—Peter S.

    I Was Pleased With Tappily for Helping…

    “I was pleased with Tappily for helping me out with a very hard time, I needed roughly £1000 and they managed to sort out a limit for me which has really helped me get stable with things. Thank you very much.”—Mohammed

    Tappily Is a Straight Forward Way to Borrow

    “Tappily is a straightforward way to borrow without too many difficulties. If approved a borrowing limit is placed on the account. Easy to pay back and interest is variable. Good helpful and friendly customer service. Always ready to help and explain. Definitely recommend.”—Julle H.

    Bottom Line

    As the majority of the Tappily Loans reviews, we believe that this lender offers a quality product at affordable interest rates. Plus, you get access to certain money management tools to help you track and analyse your spending, and automatically top up your balance if and when needed. Overall, Tappily is a great option if you need quick loans and have decent credit.

    FAQ

    Is Tappily a payday loan?

    No, it is not. Fortunately, Tappily is a good alternative to payday loans as it’s cheaper and more flexible compared to traditional payday loan products.

    Is Tappily a direct lender?

    Yes, Tappily is a direct lender providing running credit products. However, Tappily is also authorised by the UK Financial Conduct Authority to run as a credit broker.

    Does Tappily affect your credit score?

    Yes, borrowing from Tappily leads to bad credit if you miss your repayment deadlines, rack up credit arrears, and ultimately default on the loan.

    How do I increase my Tappily limit?

    If Tappily finds that you can afford higher repayment amounts, it will increase your credit limit and inform you via your dashboard.

    Is Tappily safe?

    Absolutely! Tappily uses the latest security technologies to protect your information and money. Also, most Tappily Loans reviews claim the platform uses premium 256-bit encryption.

    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.