About Naylors Finance Loans
This Yorkshire-based doorstep lender was established in 1978. The original company was setup as J&R Naylors of Wakefield Ltd that they changed in 2012. This explains why they previously used www.jrnaylors.co.uk. Over time they have spread across regions, but they aren’t fully national. This has been an interesting doorstep lender to monitor over the past year. On past Alexa stat checks, they had managed to climb up to rank 2nd behind Provident and then on a later check they took the very top spot for a short time. They have however since dropped down behind Mutual, Morses Club and Provident Ireland. It isn’t clear where that surge came from, although we’d guess at Google search advertising.
General coverage areas include areas of East Midlands, North East, North West, West Midlands and Yorkshire & the Humber. It is stated that they are continually expanding across new areas. Just be aware that all new customers must now be aged at least 21. When starting off, a small loan of £100 will always be provided that can in time be bumped up to £400. Just a single repayment term of 27 weeks is provided (approx 6 months). An interesting recent upgrade to payments has been made. Whilst an agent must initially visit you, moving forward you’ll be able to repay by standing order or by recurring debit card payments if you don’t want agent collections.
About Provident Loans
This is the most historic brand in subprime lending worldwide, in operation since 1880. You could in essence tie them back a little further to 1877 through Greenwood loans that they acquired, but later closed in 2014. In those early days they issued vouchers that could be exchanged for coal and food through weekly collections. Provident’s dominance in doorstep lending hasn’t been troubled. They have however lost a fair share of their user base. We can recall them having close to 800,000 customers. Today, this tally has almost halved to 440,000. They also used 11,000 agents, that has dropped to 2500. A savvy move was the launch of their online equivalent service (Satsuma Loans) that now has 120,000+ customers.
The larger group collectively has 2.3 million customers. Most of which are using Vanquis (1.7 million) and a small portion of 62,000 use Moneybarn for finance. GLO was a brand composed to compete in the guarantor loan sector, but they closed this. Provident’s doorstep product is importantly nationwide and they also have a dedicated site for Ireland. They deliver sizeable sums of £1000 and £2500 when reloaning. There are wide repay selections of 13, 26 and 52 weeks, whilst 78 and 104 weeks becomes available on reloans. This span is much longer than their rivals. Further advantages are that they process applications on Saturdays and charge no late fees. You can now also pay online, although this doesn’t replace visits.