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Instalment Loans

Fair Finance Loans | www.fairfinance.org.uk Reviews

Fair Finance Loans

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.

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Ferratum Money Loans | www.ferratum.co.uk Reviews

Ferratum Money Loans

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.

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Uncle Buck Loans | www.unclebuck.co.uk Reviews

Uncle Buck Loans

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.

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Peachy Loans | www.peachy.co.uk Reviews

Peachy Loans

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.

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The One Stop Money Shop Loans | www.theonestopmoneyshop.co.uk Reviews

The One Stop Money Shop Loans

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).

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Mr Lender Loans | www.mrlender.com Reviews

Mr Lender Loans

About Mr Lender Loans

Mr Lender’s founder (Adam Freeman) had a lucky escape when deciding to pull out of 2008’s Apprentice show. Withdrawing at the last minute received media attention and Alan Sugar took a potshot that the entrepreneur had bottled it. Regardless, he would soon launch his own payday loan venture that has generated more money than 99% of past Apprentice contestants. PDL Finance Ltd was incorporated on Halloween 2008 and the project followed in February 2009. A highlight year for the company was 2014 when they took £8.4 million profit before tax. Due to price capping and regulation changes, they are lucky to hit a few million these days, but regardless… leaving the show was clearly the right choice.

Payday lending was central to this business in the early days, but there has been a complete turnaround today with instalments only being catered between 3 and 6 months. This has always been a well packaged service available 7 days a week, with no late fees and they have valued experience. High praise has been attracted on 2 external portals noting Reviews: 98% (22,890+) and Trustpilot: 94% (6830+). Based on those counts, they are obviously incentivising, but they do at least have a strong loyal following as seen on their Facebook page with approx 13,000 likes. There is for reference a promo code button on their site, but there have never been any live codes circulating.

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Smart-Pig Loans | www.smart-pig.com Reviews

Smart-Pig Loans

About Smart-Pig Loans

Smart-Pig was launched in early 2012 by Shreiff Benaziza and Tom Parks. This start-up was undertaken when each studied at university. It was a frustrating experience with a payday lender that would lead to the creation of their very own product. They opted to deliver this to students-only who must receive an income from NHS Bursary, SAAS or Student Finance. Going micro targeted like this would be seen as risky, yet the concept has worked very well for them with more than 50,000 students currently using the service. It is clear that they have managed to attract a very loyal fan base. This is evident from viewing Smart’s Facebook page that has attracted 30,000+ likes.

An impressive repayment range is set between 1 and 180 days. However, this term is based on your next student payment. The biggest feature of note is Smart’s own interest cap at 50% of the amount borrowed. This means that if you were to borrow £300 then the most that you’d pay is £150 that would be met on the 63rd day. Obviously, if your next payment is some time away then it is worth adding the extra time for free interest. The opportunity to settle early is always there. There are no late fees charged and they operate 7 days a week. Perhaps one gripe would be that they only lend out £350 max.

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MyJar Loans | www.myjar.com Reviews

MyJar Loans

About MyJar Loans

MyJar was rolled out as the 2013 rebrand of TxtLoan that was formed in 2008 (trading since 2009). Founder Gert Koppel moved on and later worked at CreditStar whilst another co-founder (Kristjan Novitski) would go on to launch Peachy. TxtLoan was the dominant force in the text loans niche. They opted to leave short term lending behind them and would instead target instalments. To date they have issued 2.3 million loans and have enjoyed consistent growth despite not being one of the bigger advertisers in the space. MyJar’s main product has set levels (or Jars) in place. These are £100 to £500 (3m), £150 to £1000 (6m) and £250 to £2000 (12m).

Then there is Plus that has a fixed 24 month term on amounts of £400 to £4000. They did previously rise to £7200. There is a significant difference in value between standard and Plus. Using the example of a £1000 loan, the standard product at 1 year would cost £804.56 whilst for Plus on a 2 year term you’d pay £859.52 that is only marginally more for double the time. There was a time when this lender enabled existing customers to simply request extra funding 24/7. This has changed now as they state that further checks are taken. They still do operate 7/7 and so will process payouts quickly. MyJar’s Trustpilot feedback scores well at 88% (6200+).

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CashFloat Loans | www.cashfloat.co.uk Reviews

CashFloat Loans

About CashFloat Loans

CashFloat is the central lending arm of Western Circle Ltd that is also active in Spain (via www.cashfloat.es) as well as the UK. There is a cluster of other brands controlled by Western Circle. This has however remained quite a small financial group that has helped just over 40,000 people across their roster of sites. CashFloat’s popularity has been boosted considerably by their impressive search engine rankings that have been held for some time now. They are for instance ranked on the first page of Google for the major “Payday Loans” term that is impressive considering that they only launched back in 2014. In this particular sector they now in fact rank #1 as a result of key competitor closures.

CashFloat’s service does come with its limitations. The smallest loan sum that you can borrow is £200 that is quite a chunky amount for new applicants to repay with interest added. They are also only open during working days only. Terms do extend to 4 months here, but there are restrictions in place that are: £200-£250 (1-2m), £300 (1-3m), £350-£450 (2-3m), £500-£600 (2-4m), £650-£850 (3-4m) and £900+ (4m). Their 3 month price at £143.70 per £300 is quite competitive and they have historically been known for high acceptance rates. Their feedback on Reviews.co.uk also scores well at 97% from more than 600 reviewers. From glancing over, praise is often directed at their customer support team.

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Auden Loans | www.auden.co.uk Reviews

Auden Loans

About Auden Loans

This company originally operated as Uberima from late 2014. They tended to fly under the radar making little impact and so opted to follow with a complete overhaul that would lead to the rebrand of Auden in 2017. The new name was catchy and the product was greatly enhanced with a much greater focus on flexibility. This Manchester-based for profit social enterprise is intent on delivering affordable credit to those underserved and overcharged. It is very much the case that their pricing is competitive. Unfortunately, until this day they just haven’t been able to catch fire that is evident from their Alexa ranking (they globally ranked at around 3.5m, but have now lost this).

Auden’s repayment flexibility is the best that we have seen on the market. For short term lending you can opt to repay between 7 and 30 days. Then there is the option to choose between 2 and 12 months. A handy bonus is that you can repay either monthly or weekly (this impacts pricing). Their payday charge is £38.40 per £200 that would translate as £19.20 per £100 if that was available (£200 is minimum). This ranks as the 4th cheapest short term bad credit deal. Their £102.09 charge for £300 at 13w is the 5th cheapest for subprime. Just how well this service is functioning is unclear, since there are no listings on any external review sites.

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