About JL Money Loans
JL Money was established by Daniel Suppey in the year 2004, although it wasn’t until 2014 that they’d head online. Their history is a little unclear, but they had initially operated as a broker before making the transition to lending. This company has a diverse product range that is split across 3 sections. The main one of focus here is Essential that is guarantor-supported for £1k to £10k and 1m to 24m. This can the only product that can be applied for through their site. Bespoke and Business can only be phoned through. If you do live locally to them in Bromley then you could however always pop in to run through any of their products.
Bespoke provides £5000 to £100,000 over a 12 month term. This includes a few interesting repayment structures such as “Roll up” for paying everything at the end of the term. The Business loan section sees £2000 to £100,000 over a year again. Both of these sections are pretty vague. You’d need to call or visit them to learn of the ins and outs. Moving to Essential, a flexible 1 to 24 month repayment range is packaged. You can pick any single month between. This is the only short term guarantor loan available online. It’s just a shame that they don’t offer smaller starting sums of say £300 or £500 that would make sense over a short period of borrowing.
About Cash4UNow Loans
Cash4UNow has been in business since early 2011. This is now the sole operation of Novaloans Ltd. Some time back they did also broker through WiseCash although this project has now ceased. This Leeds-based business has been moderately popular over the years. On a past check-up not that long ago they were Alexa unranked. However they have suddenly managed to jump all the way to #479,289. This is the current #2 rank at 6 months that highlights such a giant leap. It seems unusual that a lender would enjoy such a quick surge especially during the pandemic. They are clearly taking on much more business though as their Trustpilot reviews page has suddenly got much more active.
Cash4UNow’s product has historically been a little more flexible (1m-6m). As it stands today, you can choose either a 4 or a 6 month repayment. Amounts of £150 to £600 are available at first with a future advance maxing at £1000. They’ve done a great job with their loan calculator that rapidly throws up price estimates as you choose your specific payday. The instalment charge of £300 over 6 months came in at £298.86 and so this is just an average sector charge. There is a £5 fee imposed for a late payment. As many as x3 (=£15) could be charged for reference. This lender’s Trustpilot currently hits 88%, but with increasing support this may soon surpass 90%.
About Conduit Loans
The Five Lamps Organisation is an FCA-regulated charity based in Stockton on Tees that was formed in 1985. Five Lamps Trading Ltd was established in 2012, but Conduit which is the active trading arm didn’t spring up until 2017. There was some initial confusion between this featured company and the Scottish version at www.conduitscotland.com. That appears to be composed for mere targeting as they have a Dunfermline office over there. The prices on that side are higher and so we’d advised applying here at www.conduit.org.uk that is open to all UK residents. There had until recently been a pause placed on lending during the pandemic. This has remained, but now based strangely on a high volume of applications.
One of the main gripes with this provider is the conflicting information that they provide on their service. Within the FAQ it states in one section that paperwork must be sent through the post whilst on the same page they state that you can e-sign and complete the process online. There is also a noted £7 faster payments fee listed here. They don’t however reference this on their homepage and so we have added it with the presented costs. Regardless of this fee, they do still pitch the cheapest 6 month loan whether you have good or bad credit. There are different prices in place depending on whether you choose to repay monthly or weekly.
About 1Plus1 Loans
1Plus1 Loans is an Accrington-based guarantor lender that was constructed by Gary Mckenna back in 2013. This firm has progressed well over time and now ranks as a top 5 market brand. 1Plus1’s site is vibrantly styled. Here you can access between £1000 and £10,000 that is a slight change on the previous starting sum of £500. The full repayment range is 12 to 60 months with the choices rising in 6 month increments. There are to note some restrictions based on what you select. As an example, at £1k you can only select 36m max whilst on the other end of the scale at £10k you’d need to pick from 24m onwards.
Pricing is set at £233 per £1000 over the period of a full year. This is the same price whether the backing is a homeowner or a tenant. They do however specify that a tenant backer would need to have an exceptional credit score in order to stand in. The required age difference is 18 (H) and 21 (T) that extends to 75 in both cases. It is stated that all applicants are considered and that a fast payout is promised. They don’t however go into the specifics. They will need to verify income through Open Banking. External reviews have been picking up and they now hold an approx 80% share of 5 star ratings on Feefo.
About Creditstar Loans
The Creditstar Group that was established by Aaro Sosaar has been in operation since 2006. They operate today in 8 countries that includes Czech Republic, Denmark, Estonia, Finland, Poland, Spain, Sweden and the UK. Current Alexa data shows that their best visibility is seen in Finland, then Estonia (founder’s home) and then Spain. The brand name in focus is central, but there is also Monefit that is expected to launch in the UK soon. Globally, the Group’s customer base has surpassed 1 million users and there are now 135 staff within the organisation. Local performance hasn’t been great thus far, but with such an impressive global reach there is less reliance on this particular market served.
Creditstar’s site is stylishly designed with just a minor issue being that their calculator freezes once you have entered a few details in. The only workaround for this was to delete the browser’s cache. Moving to the product, amounts of £100 to £600 are accessible to first time borrowers and then the reloan cap rises slightly to £700. A nice touch is that the amounts rise in small £5 increments. Any month can be taken up between 1 and 6. A simple capped £24 per £100 is charged over 30 days. The £300 instalment prices worked out at £157.88 (3m) and £295.90 (6m). Standard working hours are now in place, but they did previously operate 7/7 (9am-8pm).
About WageMe Loans
WageMe was formed in 2012 when they started out as a payday lender. This has remained a single project of the Group. There is a related company called SelectFinance although this is catered towards mortgages. WageMe’s popularity was notable in their early days. This was a company that quickly achieved competitive traffic ranks for all of the major payday related terms in Google search. Offline promotion was also of note. We can for instance recall their logo sitting on the side of many taxis across London. This firm’s progress has however waned to the extent where they are now Alexa unranked. General user feedback isn’t great also by the looks of their Trustpilot listing.
It can be confusing reading through the pages of their site where there is conflicting information on the available amounts, the terms etc. On the homepage they for instance list 1 to 12 months at the top and then 1 to 18 months below. £50 to £5000 is headed as the available amount span. If you run through the main application form both £50 and £80 are however marked out with £100+ only being there to select. On the same form 3 to 18 months are only there (not 1 or 2). There is no loan calculator, with just the single example presented of £144.06 per £300 for a 3 month period. The value here is quite competitive.
About Logbook Money Loans
Logbook Money has emerged as a key player in the logbook sector. This brand was launched by Andrew Gardiner back in 2009. V5 Solutions is now also Group owned. V5 had been previously part of Betterpace Ltd. It has been impressive partnerships that has made this particular firm highly intriguing. A well known lender (Varooma) recently switched to brokering and went exclusively with them. A few established high street brands are also sending referrals including Cash Converters and Ramsdens. Whilst several key partners are sending visitors across it is surprising to see www.logbookmoney.com be unranked in Alexa. We’d expect this to change soon and we have already noticed more recent reviews start to pop up.
What makes this lender an attractive proposition is that they impose no required age limit on the car that you own. This is perhaps what attracted Varooma as they themselves had no such restriction. There is however a heavy price to pay when choosing this service. The representative example that they display comes with an £1800 per £1000 cost over 18 months (that would be £1200 over a year if that was possible). If you however use their current attached loan calculator then the cost comes in at £1980 (equates to £1320 for 12m). The term range is 18 to 48 months and so for a year you’d need to go longer and opt for an early settlement.
About Skyline Direct Loans
Skyline’s history is unclear, with only a past reference as to being a trusted name throughout Northern Ireland for over 60 years. This should link them to the late 1950s. Outside of NI, in recent times this doorstep lender has ventured into central Scotland and they’ve grown impressively as a result. They’ve even managed to emerge as the 3rd most visited firm, only trailing 1) Morses Club and 2) Loans at Home. This is impressive when you consider that England isn’t served. Missing out on a population of 56 million hasn’t however seemingly hindered them. An important further step to growth has been the development of loyalty and trust with 4500+ fans on Facebook and 2000+ Trustpilot reviews.
This Trustpilot rating also hits an excellent 98%. A key feature of the service itself is the ability to choose between having weekly home collections or simple debit card repayments. They’ve done a good job on the site for this adding a login facility. The full loan amount range spans between £150 and £1000 with a £500 restriction on first time borrowing. There are just the 2 repayment choices of 20 and 30 weeks that just surrounds the 6m point of 26 weeks. Opting for the latter 30 week term would be advised for slightly improved value on the daily interest rate. At 0.238% this is matched with Cockle Finance.
About Chloe Brooke Loans
Chloe Brooke Loans (logo branded with Finance) is a Leicester-based lender that has been active since 2016. This is the sole operation of Divine Securities Services Ltd. Whilst this service is targeted at low-income borrowers across Leicester and the Shires counties, anyone from across the UK may qualify. Brooke’s service is competitively priced and flexible, but this company doesn’t have great visibility online as evident from the site being Alexa unranked. There is also no active social media that would surely aid them. As it stands, they appear to be collecting much of their business across their local region where much of their focus has been directed since arriving around 5 years back.
There are 2 products pitched at www.chloebrooke-loans.co.uk. Firstly there is a payday loan packaged as Purple One that runs from £200 up to £500. Interest is charged competitively here at 15% and so if £100 were available over 30 days this would equate as a £15 charge. Since the minimum borrowing sum is however £200 you’d need to access this and pay £30. We then move to instalments with the Aubergine loan. This varies from £200 to £1000 for first time borrowers and there will be a potential future limit of £2000. Terms change in monthly blocks up to 6 months max. There is only an example for this end term at £150 for £300.
About Street UK Loans
This experienced lender is structured as a Cic (Community Interest Company) and so as you can expect the pricing is highly competitive and qualification is open to those who would otherwise face the highest rates of interest. Street’s key problem comes down to localisation. You may only qualify here if you live within 10 miles of a branch. There are 6 of these including 2 in Birmingham with supporting bases in Coventry, Walsall, West Brom and Wolverhampton. It’s a shame that coverage only extends across the West Midlands region as they would surely be a serious competitor if they could serve the wider UK. For reference, applications can be taken online, but completion must follow in-branch.
Due to localisation, branch completion and term restrictions we have classified this firm as a doorstep lender, but there are no agent visits required. Repayments are collected by Direct Debit. They are able to collect weekly, fortnightly, monthly etc. The actual loan can be taken primarily over either 26 or 52 weeks (6 or 12 months). This is the case for the available amounts of £200, £400, £600, £800 and £1000. The largest selections of £1500 and £2000 are packaged for 12 and 18 months only (so 52 and 78 weeks). So alike doorstep lenders, term options are restricted, but there are at least sizeable amounts up for grabs for all customers (new and returning).