Brand New Payday Loan Lenders 2021

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Brand New Payday Loan Lenders 2021

Google keyword data has consistently shown sizeable query demand for brand new payday loan lenders online. Today we’ll expand on this topic to share all of the latest industry newcomers in subprime lending. You’re not in luck if you are exclusively seeking payday-only options. Most competing providers shifted away from monthly-only when price capping was rolled out in early 2015. 0.8% daily capping has massively squeezed profit margins that with high risk borrowers just doesn’t make business sense. This is why firms (both old and new) tend to instead package longer term products. This isn’t a big issue as you could simply go long and then settle up early and only pay interest up to that point.

One could argue that brand new payday loan lenders could benefit from the collapse of the once dominant majors. PaydayUK, QuickQuid and Wonga are all now gone and other recognisable players have closed such as 247Moneybox, Peachy, Swift Sterling and WageDayAdvance. Most of which closed through complaints that switched to compensation payouts. A newcomer could fight for this market share by dedicating their full focus to monthly-only where there is still vast queries of Google searches made daily. As it stands, the big instalment players are optimised for such high volume “Payday Loan” queries where they package themselves as better alternatives. As far as current market share, SafetyNet has taken on from Wonga’s previous lead.

The Impact of the Pandemic

It’s important to of course highlight the impact that the pandemic has had on not just the volume of newcomers, yet also the accessibility of existing market products. Between late 2019 and 2021 the state of subprime lending has proven highly volatile. Some providers took the decision to impose a pause on lending such as Amigo Loans, whilst everyone else was bound to be more selective as many of their customers may have been on restrictive furlough pay with great uncertainty surrounding their jobs. The hope is that the table has now turned, but it is understandable that fresh activity has proven a rarity. There has been some newcomers though and we’ll now uncover the latest 5 additions.

The Most Recently Launched Lenders

PM Loans

1) PM Loans: This is to our knowledge the newest market release, arriving a few months into 2020. This is a brand of The Money Hive who otherwise lend through BingoLoans and LoanPig. The Money Hive had initially operated as a broker, but now acts as both a broker and lender. Applicants here can choose between 2 and 12 months. So you’d either have to opt for 2 or simply settle early. PM’s site has been performing quite well recently, but it’s tricky to get a clear picture of how they’re doing as there are no customer reviews on any of the major review portals.

Loan on Your Car Loans

2) Loan on Your Car: LOYC is a newcomer in the logbook sector, but we wanted to cover all bases here. Loan on Your Car only launched in late 2019 and yet they’ve already emerged as the most visited lender in the logbook space. To back this up, they already hold the top sector Trustpilot rating at 98%. The remarkable growth enjoyed here hasn’t been a huge shock to us as the founder is Paul Hilburn who was the man behind Car Cash Point who themselves are #2 ranked. Available here is an innovative product that runs on a Hire Purchase agreement rather than Bill of Sale. This enables full UK coverage and you don’t need to hand anything over. You never in fact have to meet them with the entire process completed online with inspections taking place on WhatsApp. The main limitation is that you’ll need a motor no older than 10 years.

Polar Credit Loans

3) Polar Credit: In summer 2019 we welcomed a new credit line lender in Polar Credit. This project arises from Apfin (the team behind Cash Asap). As a revolving facility is provided, this means that you can freely borrow for a few days or whenever it is that you’re next paid. From a qualified limit you’ll be able to access funds whenever they are needed here. There is a very low price charged on this service and unfortunately this means that bad credit would likely be declined. It’s modelled in this way similar to Drafty and Tappily. SafetyNet is the only bad credit revolving facility available as it stands. SafetyNet is for reference the #1 visited lender across monthly and instalment terms.

Fund Ourselves Loans

4) Fund Ourselves: This isn’t a fresh starter, but rather an overhauled service in June 2019. The previous company was called WeLendUs that itself arrived not further back in 2018. This is a peer-to-peer platform (alike Zopa) and so you can be the borrower or the lender on the marketplace. The repayment terms are set between 4 and 6 months although the duration will be determined by how much you request (any amount up to £750 is 4m). Within your login you can however settle up early and will only be charged for the period of borrowing. We have been impressed with Fund’s initial growth. They are already top 5 most visited and we are seeing lots of their adverts online. They are also attracting high praise on Trustpilot.

Buffa Loans

5) Buffa: We round off this top 5 with Buffa who hit the market back in January 2019. There are high hopes for this newcomer as it arises from the team who brought us Smart-Pig that’s a successful student-only lending venture. This mainstream product had been planned for many years and Buffa is the result of this, targeted at instalments with any month between 3 and 6 months being selectable. You can again repay early and save on interest if you’d prefer to go short term. Early reviews have been full of praise and they rate highly at 94%. This service is notably operational 7 days a week.


If you’re seeking brand new payday loan lenders online then as shown there is Polar Credit for the shortest term. Buffa, Fund Ourselves and PM Loans then follow that are longer term products, but you can select these and opt to settle early. Finally, if you have a newish motor then Loan on Your Car can provide a fully online logbook service. Going back a little further, BingoLoans started to lend in 2019, but they had operated as a broker since 2018. Then there’s Creditspring that is is an impressive longer term membership service that sprang up in September 2018. There aren’t expected to be any new payday lenders in 2021 arriving, but we’ll keep a look out for them and others in alternative subprime sectors and will keep this page updated.

Last Update: May 17th, 2021