The loans can be requested through the app and, once approved, customers will have access to the money straight away. Users can borrow up to GBP 5,000 and choose the day a repayment is made and over what period.
In addition, customers can see exactly how many payments they have and when payments are going out. There is no penalty charge for early repayment.
Anyone approved for a Starling overdraft can apply for a loan, which will usually be cheaper than an overdraft, according to Banking Technology.
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