Update (Feb 2020):
Comparison listings are currently being updated.
Comparison listings are currently being updated.
About Fair Finance Loans
Fair Finance is an experienced social enterprise active since the year 2005. Today they have built up more than 30,000 customers. Their potential for growth has improved considerably since they expanded nationwide, although this has been restricted somewhat by their lack of promotion. They originally opened several branches across London where payouts needed to be completed in person. They have adapted to operate both fully online that means that everyone now has access to affordable credit. They have opted to maintain 3 of their offices (these are situated in Brixton, Dalston and East Ham). Fair’s product is highly flexible spanning from 6 to 18 months. Any month across this range can be selected.
The option is also there to repay weekly if you’d prefer, but this isn’t advisable as the prices jump up. In the pricing examples shown an admin fee is included, but this is taken from the money sent out. Customer loyalty is rewarded here with existing customers receiving a cheaper deal. Longer term borrowing is quite expensive compared to what’s out there. It’s advisable to opt for their instalments for their best value. At 6 months they charge £116 for £300 and then £92 when returning. Qualified funds are typically paid in 24 hours, but they do close at weekends. Eligibility is relaxed with coverage for people on benefits, with CCJs or defaults. They score higher than any instalment competitor on Feefo.
About AvantCredit Loans
Avant was founded in Chicago by Al Goldstein alongside John Sun and Paul Zhang. Al Goldstein had previously formed Enova who had been a key local competitor until their recent closure. After formation in 2012 their first personal loan was issued in 2013. The UK division also started in 2013 under the SpringCoin name. They later changed this in early 2015 adding “Credit” on what they are known stateside. Globally, this firm has helped 600,000 customers with 80,000 of these being located in the UK. Collectively more than £3.5 billion is impressively borrowed annually across their user base. This company is famed for their in-house proprietary technology that determines an individual’s creditworthiness.
AvantCredit’s product is competitively priced and they lend sizeable amounts typically pitched by banks. Between £1000 and £25,000 is made available although only £20k max is selectable on their homepage calculator. To match the high sums you can spread the loan across as long as 72 months. This lender importantly operates 7/7 across matched times of 9am to 6pm with same day payouts pitched. A variable interest range is headed, but most pay 42.5%. This translates as £205.16 for £1000 per year that is currently the cheapest subprime deal on the market. AvantCredit’s Trustpilot score has taken a bit of a battering recently falling to 50% (1040+). Their American site in contrast scores at 94% (9640+).
About 118 118 Money Loans
118 118 Money was launched in September 2013 as a personal loan alternative for near-prime borrowers. Essentially they targeted the middle ground between banks and payday lenders. More recently in 2018 they launched their own credit card that was the first ever subscription-based card. This is a peculiar product in that it charges no interest, yet even if your balance is clear you’ll still pay a monthly fee. Joining the world of personal finance seemed like a logical step forward. Most people are familiar with their directory service that arrived in 2002. This is still popular despite customers paying £2.43 plus the access charge. It’s confusing why people don’t just search for information for free with a simple Google search.
118’s loan is packaged from £1000 to £5000 across 12, 18 or 24 months. At a year a good credit score gets £176 for £1k, but most borrowers pay £428 since this is the representative charge. Self-employed workers are considered. This service has become increasingly popular as seen over the past 12 months where they’ve attracted 400,000+ applications with 100,000+ total customers. The latest ranking of www.118118money.com has been competitive sitting in the region of 800k (global). They have 3400 Facebook fans and have received high praise on leading review portals noting Feefo (96%) and Trustpilot (89%). Customer support here is available 7/7 for new loan applicants and then 24/7 for existing customers. Payouts are aimed within 24 hours.
About Ferratum Money Loans
Ferratum’s global expansion has been impressive to witness with 23 markets now served and long term plans to hit 50 countries. This company was started in Helsinki, Finland, by Jorma Jokela in May 2005. They have generally spread out across Europe although they have started to expand further noting Brazil and Mexico. Collectively, the group serves 800,000+ active customers (+186k global Facebook fans). There has been a drop though since we can recall a 1.5m tally quoted some years back. The UK market has been served since 2010 when they started trading from Liverpool. Local progression has taken its time, but they are now considered as a major brand in the payday and instalment sectors.
The early focus at www.ferratum.co.uk was to cater flexible short terms spanning between 7 and 37 days. They would later switch to instalments across 2 products, but the larger option (called PlusLoan) was discontinued. They now cater 1 to 4 months on amounts ranging from £50 to £700 for newcomers and £1000 max when reloaning. They do for reference also push business loans on their site (£50,000 max on a 18 month term). This lender has historically been strict with bad credit, but this has eased a little. They have for instance lowered the minimum age from 23 down to 18. Support is available during working days only, but existing customers can request funds 7/7.
About Uncle Buck Loans
Dartford-based Uncle Buck is one of the longest running subprime lenders in operation since 2004. This company started with ex-pawnbroker Steve Murray who managed to build up a large team of around 100 employees. We had a peek behind the curtain some years back when the ITV documentary “Cash in Hand! Payday Loans” followed the workings of Uncle Buck’s collections team. A rough video is on Dailymotion if you’d like to check it out. At that time they were paying out around 12,000 loans monthly. An interesting group acquisition of Ancora Capital Ltd brought in a trio of brands (RedWallet, VarioLoans and WagedayXpress), but for some reason they opted to sell this business off to brokers RevUP Media Llc.
Whilst historically operating as a payday lender, a complete switch over to instalments was taken on. 2 monthly instalment options of 4 and 6 months are available. An issue when opting for 6 months is that you need to borrow at least £425 to access this term. One standout feature with this lender is that they process applications 7/7 across extended hours of Mon/Fri (8am-9.30pm) and Sat/Sun (9am-6pm). Measuring brand popularity has always been tricky through the skewed search queries made for the John Candy movie of the same name. They have just over 3600 fans on Facebook. Buck’s traffic ranks have remained competitive. They alike others have benefited from the closures of high profile competitors.
About Peachy Loans (Now Brokering Only = Further Details to Follow Soon)
Peachy’s first loan was issued in June 2011 (after being formed in 2010). Since arriving on the scene they have served over 2 million customers. Kristjan Novitski created this venture after moving on from TxtLoan (now MyJar) that he founded alongside others. This company had been the sole operation of Cash on Go until recently. Uploan was launched in 2019, but it didn’t appear that this project would ever see the light of the day (Uploan’s site had a coming soon notice back in 2014). Peachy’s service itself has took on a series changes over time. It has now morphed into one of the most flexible products around with any selectable month of 1 to 12.
Across this range all customers can select from £100 to £1000. Applications are processed through the vibrantly styled www.peachy.co.uk 7 days a week. This site usually floats just within the top 10 most visited of their catered sectors. Their profile has been boosted from strong search engine rankings and they have also advertised on TV. Social media has always worked well for them to build up customer loyalty. They have just under 30,000 fans on Facebook where they have lots of engagement on posts with various competitions often taking place. With pricing, you could receive a £5 promo discount (not available on the payday term, but this has now expired). Do note that any CCJ on your record (6 years) will see a decline.
About George Banco Loans
The George Banco company was formed in November 2013 and they began lending a few months into 2014. They had started out as a guarantor lender, but would in time add the option of a personal loan. Early growth had been spurred on by key broker partnerships. They had for instance worked with the leading retail lender The Money Shop. A significant milestone came in August 2017 when they were acquired by Non-Standard Finance for £53.5m. NSF had already acquired Everyday Loans (+TrustTwo) in December 2015, as well as the August 2015 deal for Loans at Home. Banco’s owner now controls a 180,000+ customer base with around 25,000 being attributed to the guarantor division (includes TrustTwo).
This tally is quite modest when you consider that the market leader (Amigo) has 224,000+ customers. The traffic performance (Alexa ranking) of www.georgebanco.com has been sporadic over the years. They remain a top 5 guarantor lender, whilst for unsecured 12 month terms they now sit just outside the top 5. Banco’s 2 products have slight differences. For unsecured you can receive between £1000 and £5000 paying £285.56 per £1000 over a year fixed. Their guarantor product extends to a whopping £15,000 and a cheaper deal is also available at £236.12 if you can find a backing aged 21-75. Same day payouts are pitched, no late fees are charged, they have amassed 7660+ reviews on Trustpilot scoring 96% and have 1700+ Facebook fans.
About Bamboo Loans
Bamboo is an established provider of bad credit loans with or without guarantors. This lender has operated since 2014 and today has more than 50,000 customers. They employ 80+ staff across 3 offices situated in Caerphilly, London and Southampton. The Southampton office deals with new loan applications and Caerphilly manages existing customers (London’s purpose is unclear). Boo the Panda is the brand mascot of www.bambooloans.com that has historically been a top 5 visited site in their catered sectors. They have remained in this ballpark region, but their Alexa ranking did take a dip across 2019 and now in 2020. This has also been the case with George Banco who are a similar matched competitor.
The 2 products available each start from £1000. The caps do differ though with the non-guarantor option stopping at £5000 and the guarantor option extending to £8000. Homeowners or tenants are accepted on that side between ages 21 and 72. Pricing is matched across each over a year at £235.72 for £1000. This is the representative example, but a variable range is headed as 26.9% to 89.9%. Just remember that with very poor credit you are likely to be asked for a backing even if you are opting for unsecured. Bamboo’s score on Trustpilot is excellent at 98% from 16,900+ reviews (the best in the sector). Not many customers however go on to follow them on Facebook where they have captured 600 likes.
About Loans 2 Go Loans
Loans 2 Go is the market leading logbook lender active at www.loans2go.co.uk. This is a position that they cemented when they merged with Hermes Property Services in January 2015. Hermes had purchased the rights of www.logbookloans.co.uk when the original owner entered administration (after years of being the dominant force). L2Go’s history dates back to 2002. They became a recognisable sector brand in 2013 through TV advertising. They had also become well known after building a large network of 78 branches. They opted to eventually close these down and operate fully online. With the popularity of logbook lending dropping it is refreshing to see a personal loan option made available. This is fixed at 18 months with CCJs considered.
Pricing across each of the products is expensive. On the logbook side they charge £1320 on £1000 across a year. Whilst you won’t find competitive rates here, they don’t impose age limits on your cars whilst many competitors impose a 10 year restriction. They are also open on Saturdays for extended hours and charge no late fees. A handy online payment can now also be made. Reviews have been mixed. Their Feefo feedback is favourable with 74.8% 5 star ratings from 2436 reviews, but on Trustpilot they score at 42% from 2000+ total feedback. This continues to the most visited sector brand although they aren’t locally ranked (global floats around 1.5 million). They recently surpassed 1000 fans on Facebook.
About The One Stop Money Shop Loans
The One Stop Money Shop has valued experience on their hands having been in operation since 2002. They had started out in life as a broker, but would eventually transform to lend directly. This Wakefield-based company was built up very slowly. The recent popularity surge of www.theonestopmoneyshop.co.uk has been tricky to diagnose. The last few Alexa ranking checks have placed them as the most visited 6 month loan lender sitting ahead of the likes of Lending Stream, Satsuma, Sunny etc. This is confusing as unlike those noted they aren’t running TV ads and we haven’t tracked any online ads either. They still have very few external reviews online as well.
It may be the case that many leads are being sent across from brokers and other lenders (when declined). The only data available does show that many referrals have been traced from www.cuj.com. This URL however actually redirects to www.upwards.co.uk that is a Flux Funding company (and so New Horizons may now be sending referrals). One Stop’s site shares no details regarding eligibility. On several comparison/review portals it however states that there is a required age range of 30 to 65 plus other restrictions. They do however target poor credit and will consider CCJs. They lend between £200 and £1000 across 6, 9 or 12 months with no late fees charged. Pricing is charged at £277.50 for £300 (6m) and £899.96 for £1000 (12m).