Payday Loans

247Moneybox Loans | www.247moneybox.com Reviews

247Moneybox Loans

About 247Moneybox Loans

247Moneybox is one the UK’s largest payday lenders. This brand is the sole operation of Active Securities Ltd that was incorporated in 2006. 247Moneybox’s launch would follow a few years later in 2009 and so they have just marked their impressive 10 year anniversary. Outside of the UK, this project had been extended to Canada and New Zealand. Both sites were however soon taken down. As suggested by the name, this service operates as a “24/7 Money Box” hence you (as an existing customer) can request subsequent borrowings on any day around the clock. It should be noted however that their customer support hours are restricted to Monday to Friday (8.30am to 6pm).

When applying for the first time at www.247moneybox.com you’ll be able to access a modest £200 max, but in the future this limit is increased to £800. When price capping hit the payday sector we saw most lenders adapt to cater instalments, but this company opted to stick with their original monthly-only service. This experienced lender has clearly benefited from the closure of such heavyweight brands as PaydayUK, WageDayAdvance and Wonga. Regardless of these key closures, this is still a tricky sector to compete in and they’ve grown impressively through minimal advertising. Even still, they’ve attracted more than 83,000 fans on Facebook alongside attracting over 3700 reviews on Trustpilot where their rating is fair at 81%.

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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 top 10 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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Peachy Loans | www.peachy.co.uk Reviews

Peachy Loans

About Peachy Loans

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 can receive a £5 promo discount (not available on the payday term). Do note that any CCJ on your record (6 years) will see a decline.

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Swift Sterling Loans | www.swiftsterling.co.uk Reviews

Swift Sterling Loans

About Swift Sterling Loans

Swift Sterling was brought to market in 2010 by the controversial Malta-based Northway Financial Ltd. This was Northway’s 2nd local project as they had got under way with Pounds Till Payday way back in 2006. PTP is no longer lending having recently been passed on for use by a broker (RU Media UK). There had been problems with the owner Stateside regarding licensing and this was also the case in the UK. This is likely why they had to sell the business. For some time, the sites were down, but it was later announced that MMP Financial would acquire in November 2015, with trading recommencing in December. MMP has done a good job since taking over.

Swift’s popularity isn’t however close to their peak years between 2012 and 2013. The product itself hasn’t changed considerably over the years. There was originally a monthly-only term, but you can now pick between 1 and 5 months. The opening hours have tended to change every so often. It is impressive to see such late closings on Saturdays (11.30pm) and Sundays (10.30pm). It is surprising that this firm has so little feedback on the major review portals. On both Reviews.co.uk and Trustpilot they had less than 10 reviews posted on each. More would be expected from a lender that was historically one of the top lenders outside the top 5.

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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 31,000+ 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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PiggyBank Loans | www.piggy-bank.co.uk Reviews

PiggyBank Loans

About PiggyBank Loans

PiggyBank was launched in early 2012 by DJS (UK) Ltd. At launch, they rolled out a peer-to-peer payday loan that would compete against The Lending Well who tried out the same concept. P2P however turned out to be a bad idea in this sector and The Lending Well soon closed. This featured lender simply adapted to lend out of their own pockets. Piggy’s progress has continuously risen over the years. Whilst many firms have lost ground and struggled, this company always manages to attain top 5 Alexa ranks. On our most recent search they even sneaked 2nd place for payday loans, only trailing QuickQuid. Just how has DJS managed to compete so impressively?

This is difficult to determine, but we do tend to see frequent ad campaigns running in Google that will be sending plenty of visitors their way. Whilst they are attracting many visits, it is equally important to see high praise from their customer base. Evidence of this can be seen on Feefo where they rate at 94% and that’s from 500 reviews across the period of a year. Feefo’s always a good platform to pay attention to this since they validate sales to evade the fake reviews that pollute other platforms. PiggyBank’s product is packaged well for flexibility. Short term repay options of 7 to 35 days plus instalment choices across 2 to 5 months are available.

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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 have generally ranked just within the top 10.

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 96% from more than 500 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 are unranked locally and globally rank at around 3.5m).

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 zero listings on any external review sites.

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Cash Asap Loans | www.cashasap.co.uk Reviews

Cash Asap Loans

About Cash Asap Loans

Cash Asap is one of the best developed short term loan products on the market. They have however tended to fly under the radar due to minimal advertising on their part. This has been the sole lending arm of Apfin Ltd active since 2012. The owner also runs a broker site called Clear and Fair. Apfin has very much modelled Asap on the now defunct past market leader Wonga. As was the case there, flexible short terms enable any day to be selected within the month (they even extend to 35 days). There is also a fixed 3 month option. They haven’t opted to add 6 months that was added before Wonga’s closure.

This lender is open every day of the week and it’s a nice touch to see them just edge out the payday cap (even if this calculates at just by a few pence lower). There was a promotion called #PriceCheck that has been taken down now. What happened here was if they declined you, but you got funded elsewhere on the same day then they’d pay out the loan cost. They did also offer very small £20 loans that was handy over shorter borrowing periods. Unfortunately, they raised this to £50 and then more recently to £100. Whilst being one of the smaller lenders, they have managed to attract over 1000 reviews on Trustpilot (scoring at 88%).

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Fernovo Loans | www.fernovo.com Reviews

Fernovo Loans

About Fernovo Loans

Fernovo was launched not too long back in 2017. The owner had already been trading through the Quidie Online Lending brand since 2015. This older company has recently been closed. All visits there at (www.quidie.com) will quickly redirect you across. The key difference between the pair was that Quidie’s product started from 2 months onwards, whereas you can opt for a payday loan here. This is important as it is at this term where they are highly competitive. With interest at just 0.5% daily this means that a £100 monthly loan costs just £15. This is a notable improvement on the FCA’s cap of 0.8% (£24) that is what many lenders opt to stick exactly on.

Fernovo’s 3 month charge at £92.85 for £300 is the 3rd best subprime deal available. Their 6 month charge is competitive, yet doesn’t hit the top 5. This lender has valued expertise in technology that has lead to their NOVOQuote decision engine to deliver rapid responses. Whilst the opening hours are restricted between working day hours of 9am to 6pm, it is listed that their underwriting team operates 7 days a week between 9am and 9pm that is good to see. Due to the freshness and lack of web popularity this firm hasn’t attracted any feedback on review sites that just makes it tricky to determine how well their service is being received on the market.

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