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 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 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 Sunshine Credit Loans
Sunshine Credit delivers the cheapest payday loan on the UK market today. This is what helps them to stand out from the crowd, but this is one of the most basic sector offerings, alongside being one of the least popular. This is surprising as they’ve had 5 years to establish themselves having launched in 2016. There are 4 brands attached to The Quick Loan Shop Ltd roster. Quick Loan Shop is central that is packaged with excellent flexibility whilst the company in focus delivers the short term value. Miss Payday and Wee Loans are hit and miss. They are simply charged at the market cap of 0.8%, they carry no extra features and receive very little traffic.
Sunshine’s product is simple in its design. New and returning customers can apply for between £100 and £500 covering their next payday only. There is no ability to manage the loan through a login. There’s also a lack of phone support and as the case across the Group there are no opening times shared. There are no online reviews and so it remains unclear how they’re being perceived. It may be the case that they are using the low rate to entice leads that are then passed through their broker channel. The price is certainly catchy. If you were being paid in 30 days then you’d be charged £12 rather than the capped £24 that most firms stick with.
About The Money Platform Loans
The Money Platform is a short term structured peer-to-peer platform targeting credit-worthy individuals. This service was launched by Gracombex Ltd back in 2016. Their growth since has been gradual across this time. Breaking through would have surely come easier if they went down the subprime route. This has been working well recently with Fund Ourselves and GuarantorMyLoan. TMP’s service could also do with some tinkering on the flexibility side. As it stands, those borrowing are only granted 4 amount picks across select weekly terms. There is firstly £250 over 8 or 12 weeks and then £500 covers 6, 8 and 12 weeks. Both £750 and £1000 open up all available choices of 4, 6, 8 and 12 weeks.
As a result of these restrictions, we had to compare the 4 week price at £750 and the 12 week option at £250. The £750 4w charge sits at £147. If £100 were available then this would calculate as £19.60 that is over 28 days equating to 0.7% daily interest. Pricing is variable since lenders can lend at 0.7% or 0.8%. When charged at the cap rate of 0.8% you’d pay £168 for £750 that translates as £22.40 per £100. The cost would be £24 for a full month of 30 days, but 28 days is set here. A lender receives 50% of the interest paid and the other 50% is assigned as the TMP loan administration fee.
About Quick Loan Shop Loans
Quick Loan Shop is a flagship brand that strangely takes the full company name in its domain of www.thequickloanshopltd.co.uk. There are 3 other lending arms all competing in the payday space noting Miss Payday, Sunshine Credit and Wee Loans. Outside of this they have a comparison site called LenderSeekers and various other unfinished projects as highlighted on their FCA page. It has been impressive to see so many operations running from the founder (Stuart Salter). It would surely be beneficial though to really push the flagship brand in focus, but this hasn’t really been the case and this is with a long running venture established in 2012. This core asset is packaged the best of the bunch.
It carries great flexibility and impressive value when borrowing over several months. The loan amounts range from £100 to £2000 for all customers. The single monthly choice sees £100 to £500 and then the instalment selections (named FlexiEase) enable £400 to £2000. This is when picking any month between the range of 3 and 12. We compare instalment costs at £300 and so with £400 being minimum we’ve had to double up to £600 examples. These prices equated to £152.28 (3m) and £281.10 (6m) that would translate as £76.14 (3m) and £140.55 (6m) for £300. These are each competitive top 5 subprime deals. The full year price of a £1000 gets much more expensive at £957.20.
About Kabayan Finance Loans
Kabayan Finance is a UK lender that targets the Filipino community that makes up an audience of around 200,000 people. This is an experienced operation that was incorporated in 2009 and later opened in 2010. Kabayan’s service is competitively priced and it carries great flexibility. There is a minimum age requirement in place of 21 years. There was a previous £1000 wage request, but this seems to have been relaxed now. Sums ranging from £300 to £2000 are open to all customers across a term range spanning 1 to 12 months. For the payday term, a charge equivalent of £14 per £100 is imposed regardless of being paid between 20 to 40 days (minimum is £42 /£300).
The instalment charges are also priced well at £300 ranging from £84 (3m) to £146.99 (6m). We’d skip the large 12 month option where £910.04 is charged for £1000. There are a few tech issues worth raising here. There has for instance been an existing customer web login button added over at www.kabayanfinance.co.uk for many years now, but they have never got around to actually adding it. There is also no calculator or term choice on the application page. You choose your amount and they simply get back to you. In the late payment section area below “£2.50 to £15” is noted. This is under the process of letter sent (£2.50), 2nd letter (£2.50) and 3rd letter (£10).
About Fast Loan UK Loans
Fast Loan UK is a flexible direct lender that has been in business since 2010. This is the sole lending arm of the JDB Enterprise Group with Kite Loans being used for brokering only. This firm has grown impressively in recent years, but they did have a slow start and haven’t really been well known across much of their history that now surpasses 10 years. Fast’s product is built with notable levels of flexibility. For short term borrowing you can pick any single day between 7 and 60. You can instead go long term and freely pick any month between 1 and 8. If you’d prefer weekly repayments then you can alternative repay between 1 and 36 weeks.
First time applicants can access sums stretching from £50 to £600 whilst returning customers can apply for as much as £2000. This lender has attracted lots of praise for their friendly support team over on their Reviews listing where they rate at 96%. Customer Care Managers are assigned to all and so you can see that there is a more personal approach here. A quick call may be required depending on how the application is scored. No late payment fees are charged. The option to repay monthly or weekly is a nice touch. You’ll receive slightly lower rates of interest when choosing weekly. The charges in place are more competitive than the market average.
About Polar Credit Loans
The Polar Credit loans project arises from Apfin Ltd who have been operating since 2012 as Cash Asap. This fresh brand that was unveiled in summer 2019 is a welcome addition to the industry, becoming the 4th credit line facility. As a revolving facility you can access funds from a determined limit 24/7. Unlike Asap, it is however prime targeted as suggested by the competitive pricing. This isn’t surprising as Lending Stream did this with Drafty and SafetyNet did this with Tappily. The Polar Credit loans limit will be determined between the range of £200 and £2000. There is no set term. You can repay what you want so long as the minimum payment is met (£10 or 5%).
From your limit you must borrow at least £25 each time. It’s better to do this just once as each request takes on a transfer fee. Pricing is competitive, yet a little confusing as they display different variable rates across pages. Based on the 60.23% example, you’d pay for £100 borrowed £2.80 (7d) or £6.60 (30d). For £300, the cost is £50.12 (3m) and £95.29 (6m). The prices always include a 1.65% transaction fee. There is Polar Credit promo code button, but no such active code. Initial market growth has been slow, but launching throughout the pandemic was always going to be tricky. They have started picking up support on Trustpilot surpassing 100+ reviews.
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.