Cash Window (CashWindow) is a new name in payday lending that launched recently at www.cashwindow.co.uk in the later stages of 2013. This is actually a fresh rebrand for Early Pay Day Loan who are also well known as EPDL. This is the second high profile lender to start over with the other of course being the transformation of TxtLoan to MyJar. EPDL has been trading since 2003 and so this company stands as one of the industry's most experienced lenders today. The Cash Window loans site has an excellent design that is a big improvement to their previous site that didn't receive too many updates over the years. An optional 3 month term has now been added, but pretty much everything else has remained the same with them.
Madison Finance (part of Madison Direct Ltd) is an instalment loan company headed at www.madisonfinance.co.uk. You can apply for between £500 and £1000 with the term being either 6 or 12 months. This company has been growing fast, particularly when it comes to 6 month loans. When you visit their site you will see that they state that they operate as a lender. I have added them to the broker section for now though. This was since when I made a search through Google I landed on a "How It Works" page where they were headed as a broker and there was a listed application fee of £3.75. Their site was only setup in 2012 and so such a fast transformation from brokering to lending sounds peculiar.
Instacredit that is part of NKK Finance Ltd is a new short term lender for 2013 that can be reached at www.instacredit.co.uk. This company appears to be newly formed in London and so they do not share any ties with the Instacredit brand that trades in Costa Rica. The Instacredit loans are headed between £50 and £500 on their provided calculator, but they note a restriction of £300 for new customers. These are as noted short term loans with their being a term range set between 1 and 31 days. The interest rate is 1% daily and so over 7 days £100 would cost £7 and there is also a an arrangement fee listed at £5 and so you would be charged £12 on this sample loan.
DirectMoney (Direct Money) is a monthly payday lender based in Chessington (Surrey) that resides at the address of www.directmoney.com. This is an aged domain and it is not confirmed when this company (Chromevalue Ltd) took over and launched (it appears to be 2012). Their application form and loan calculator displays amounts between £50 and £400, but £250 is clearly noted as the first time customer restriction. Existing customers may apply for £1000 once logged in to their account. The interest is competitively set at £25 per £100 over the month. There is also a fast transfer fee of £5 that totals 30%. We always add total charges up for display purposes, but they do in fact discount the transfer fee from the funds sent to you.
Remedy Loans (RemedyLoans) is a brand of Click4profit Ltd that launched recently in 2012 at www.remedyloans.co.uk. This direct lender that is based in Bournemouth caters 6 month payday loans of amounts between £100 and £600 when you are new to them, but a possible £1000 is available to all existing customers. When it comes to the costs, they just provide a single example that is headed at 30% monthly. A sample £200 over the 6 month term has a repayable sum of £455.04 (£255.04 charge). Per £100 this would equate to a repayment of £227.52 (£127.52 charge). This monthly rate is close to 20% and so their 30% rate is being taken from a reducing balance. Optional same day funding comes at £15.
12 Month Loans is a broker brand of PDB UK Ltd that can be reached at www.12monthloans.co.uk that was devised back in 2010. It was actually setup at the same time as Flex Credit that is another PDB UK brand catering these same extended bad credit 12 month loans. PDB UK are commonly associated in the payday loan sector through the Cash Lady and Kwik Cash brands, but through 12 Month Loans (and Flex Credit) they are competing in an emerging sector that has been growing quickly, although there are still very few lenders within it. On this site you will see the same 278% rate that is listed at Flex Credit. This is of course the rate that is in place at Pounds to Pocket.
WageMe (Wage Me) is a payday lender that launched at www.wageme.com recently in the summer of 2012. The WageMe loans range between £50 and £400 with there being a possible sum of £750 for past customers. When it comes to the pricing on these monthly loans, they charge £39 per £100 and a note besides shows an optional fast transfer fee of £15. I did notice that there is a WageMe promo code box that would likely be for this transfer fee. I did look around for this WageMe promo code, but couldn't find any details on their Facebook and Twitter pages (or elsewhere). Despite not being active for much time, this company has already picked up a following and has plenty of positive feedback on consumer review sites such as Trustpilot.
1Plus1 Loans is a guarantor loan company located at www.1plus1loans.co.uk that looks to have been setup in early 2013. 1Plus1 Loans is part of Secret Eye Ltd that runs a range of finance brands. There was some initial confusion since I have seen this company reference themselves as a lender, but I know that Secret Eye runs The Finance Facility as a broker. Further to this, they display a variable rate of 49.9% APR that is the same rate in place with the leading guarantor lender Amigo Loans. It appears that they did run TFF Loans at www.tffloans.com, but this now redirects to 1Plus1. Between £500 and £3000 are listed as the available sums and the term range is 12 to 36 months.
Flex Credit is a brand of PDB UK Ltd that has been operating at www.flexcredit.co.uk since back in 2010. PDB UK are one of the leading brokers online who are mostly associated with payday loan brands such as Cash Lady, Kwik Cash and Payday Bank. Flex Credit differs by catering 12 month loan terms. There are very few 12 month loan lenders around and so most brokers tend to use the leading name (Pounds to Pocket). This is also the case with Flex Credit that can be quickly identified when you see the same 278% APR figure. PDB UK also owns 12 Month Loans at www.12monthloans.co.uk. This site was setup on the same day as Flex Credit and the same charges are in place there.
There has been a series of payday lenders closing down their loan services in recent times that just shows that although the demand is greater than ever, the industry has become too competitive for many companies to survive in. The most recent witnessed closures has seen the fall of both Debit Card Loans and Speed e Loans. The Debit Card Loans brand that traded at www.debitcardloans.info looks to have surfaced in 2009, although they did reference that they had been lending since back in 1984. This Luton-based lender wasn't a recognisable industry name over the years. Should you visit their site just now it simply states that they no longer offer loans and that those with existing accounts can reach them on the contact number of 01582 496064.
True Blue Loans is a new lender for 2013 that operates at www.trueblueloans.co.uk. True Blue is a brand from Fidelity Works Ltd that I believe is their only product on the market at this time with this company being located in Haverhill. The True Blue loans are available over 3, 6 or 9 months. New customers can apply for £100 to £400, but once you have borrowed from them you may be able to receive their top figure that stands at £750. There is no fast transfer fee in place here and so you will just have to factor the interest charge. Per £100 borrowed, this would be £62.87 over 3 months, £122.22 over 6 months or £190.35 over 9 months.
This post follows on from looking into the cheapest payday loans. The focus today will be made on the cheapest short term loans online UK, that is based on our frequently updated posting for Short Term Loan Lenders. The top 3 short term loan lenders will be detailed here that currently deliver the lowest prices. This sector includes companies that provide flexibility in their service, for instance in allowing you to borrow cash for just a few days time. It was noted in the previous posting that QuickQuid were dominant in the payday lender category for some time. Wonga is the big name that has been dominant in this category for some time, although they have recently been took over by Reddies Direct and Sunny who are new for 2013.
This posting will provide some insights into the cheapest payday loans online UK, based on the Top 10 Cheapest Payday Loans data that is being continually updated. The payday lenders that ranked in the top 3 will be the particular focus here. For a long time, QuickQuid was the top performer in the monthly payday loan sector. This was mostly aided by their interest tiers that are granted to those with good credit scores. This has always been aided by their promo codes that grant further savings. One of their main competitors (Payday UK) have tended to rank quite low down and in fact currently take the #10 spot. Quick Quid has recently lost their top spot to the highly impressive Vivus and RedWallet are their other close contender.
BishBoshDosh is a fresh face in the payday loan industry that launched in 2012 at the address of www.bishboshdosh.com. The BishBoshDosh payday loans are being introduced here, although they also offer logbook loans on the same site that can be taken up to £30,000. You can apply for between £100 and £400 when you first arrive with £1000 being possible once you have repaid back loans to them. These BishBoshDosh loans generally work around your next payday and so £100 over 30 days would cost a little under 1% daily at £29.58. Slow funding is free, but if you want same day funding then you will have to pay £3 that is a reasonable price for a Faster Payments Service transfer.
Vivus is a brand of the 4Finance Group that was founded in Latvia back in 2008 and is active in a dozen or so countries today. The local Vivus loans site is located at www.vivus.co.uk that was also setup in 2008. Other than Vivus, 4Finance trades as SMSCredit. The main feature of note with this lender is that they offer their first loan for free. The initial Vivus loans can be applied for from £50 to £300. The sums increase as loans are repaid, with a possible £700 being due in time. These are flexible short term loans between 7 and 30 days. The initial loan is as noted completely free and once you come back for a second loan you will be welcomed with an excellent rate.
MyJar is a new brand for 2013 at www.myjar.com, although this is a continuation of the TxtLoan lender that has moved forward with a new identify. TxtLoan was setup back in 2008 and they have over this time grew to become one of the leading names for text loans. This posting has been made to cover this rebranding and any product changes if applicable. The once bright orange theme is no longer in place and all visits to TxtLoan will quickly redirect to MyJar that carries a modern look, this time in mixed light colours. I'm still not sure if I'm overly keen on this revamp. The MyJar loans carry the same initial £100 to new customers, that when repaid will grant new levels that can reach £500.
Sunny is a unique new lender at www.sunny.co.uk that was launched in early 2013. Sunny is a release from Think Finance (UK) Ltd who are known for 1 Month Loan (now replaced by this Sunny brand) and Quid. The Sunny loans range from £100 to £500 and you can choose between 3 and 30 days, or select terms between 1 and 5 months. £100 over 7 days would cost just £6.76. Over 30 days the cost would be £28.99. What is confusing though is that if you select multiple payments and select the single month then the cost would be £30.93. This will likely be due to the Sunny Rates reward that provides a discount on each repayment. Although you may have just selected the single month, it would be easy to simply extend without any fees and earn a discount.
Community Payday is a release of Web Loans Processing Ltd that runs a range of further short term loan brands in the UK today. Web Loans Processing is most commonly associated with the Toothfairy Finance company with a recently featured brand from them being the Easy Finance Club. The Community Payday loan site is headed at www.communitypayday.com that was devised in 2011. There was an update in the summer of 2012 that would likely be the time that they launched (there are no specifics detailed on their about page). The Community Payday loans can range from £100 to £400 with the term range sitting from 7 to 28 days. Over the period of 7 days, a £100 sum would cost £17 based on their loan calculator.
PDB UK Ltd's Cash Lady brand has been in the news yet again. Kerry Katona has been made bankrupt for a second time in 5 years. This took place at Wigan County Court on the 2nd July 2013. Cash Lady of course made the news recently due to a ban being enforced on their TV ads. Changes were made and they were soon back in force and I even saw one of them just a few days ago. When their TV campaign was originally launched, they did attract lots of negative press for using Kerry Katona as the face of the brand. She had became bankrupt in 2008 after failing to pay a large tax bill and so wasn't the best candidate to promote a payday loan business.
There has been an interesting development in the guarantor loans sector that will be detailed here. This change has been made from the Guarantor Loans Online lender who have now taken over Amigo Loans as the cheapest guarantor lender. As noted in the recent post that detailed the price increase at Wonga, only significant changes in costs are referenced here. Although Guarantor Loans Online isn't quite a household name alike Wonga, the low rate that they provide ranks them ahead of Amigo. Additionally, with guarantor loan costs tending to be the lowest available for bad credit loans, this may well qualify Guarantor Loans Online as the UK's cheapest bad credit loan lender. Their previous rate was 53.8% APR and they have now dropped this to 47.9% APR.
Lend UK (LendUK) is a brand from United Kash Ltd that offers instalment loans through www.lenduk.com that was launched in 2010. These instalment loans are taken over 4, 6 or 12 months based on the level of cash borrowed. Although they reference the starting sum of £80, the quote form displays terms set as: £100 to £200 (4 months), £200 to £500 (6 months) or £500 to £1000 (12 months). £100 to £500 will be first time customer restrictions with sums above this being for return customers. With Lend UK, a £200 loan over 6 months would require a full repayment of £432 (£232 charge). A free same day transfer is provided, but be aware that this needs to be authorised by them between Monday and Thursday before 7pm.
Ladder Loans (LadderLoans) is a brand from Inventive Finance Ltd that looks to have launched at www.ladderloans.co.uk back in 2011. From digging further into Inventive Finance I noticed that they are listed as being part of the Dollar Financial Group (known today as DFC Global Corp). They are a big name in the industry, owning Payday Express, Payday UK and The Money Shop stores. It may be the case that DFC have witnessed the great success that Pounds to Pocket has received and they want a piece of the action. PTP are of course part of Cash America International Inc (well known for QuickQuid). The Ladder Loans in question can be taken over 6, 12 or 18 months and the available sums range from £500 to £1500.