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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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AvantCredit Loans | www.avantcredit.co.uk Reviews

AvantCredit Loans

About AvantCredit Loans

Avant was founded in Chicago by Al Goldstein alongside John Sun and Paul Zhang. Al Goldstein had previously formed Enova who had been a key local competitor until their recent closure. After formation in 2012 their first personal loan was issued in 2013. The UK division also started in 2013 under the SpringCoin name. They later changed this in early 2015 adding “Credit” on what they are known stateside. Globally, this firm has helped 600,000 customers with 80,000 of these being located in the UK. Collectively more than £3.5 billion is impressively borrowed annually across their user base. This company is famed for their in-house proprietary technology that determines an individual’s creditworthiness.

AvantCredit’s product is competitively priced and they lend sizeable amounts typically pitched by banks. Between £1000 and £25,000 is made available although only £20k max is selectable on their homepage calculator. To match the high sums you can spread the loan across as long as 72 months. This lender importantly operates 7/7 across matched times of 9am to 6pm with same day payouts pitched. A variable interest range is headed, but most pay 42.5%. This translates as £205.16 for £1000 per year that is currently the cheapest subprime deal on the market. AvantCredit’s Trustpilot score has taken a bit of a battering recently falling to 50% (1040+). Their American site in contrast scores at 94% (9640+).

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118 118 Money Loans | www.118118money.com Reviews

118 118 Money Loans

About 118 118 Money Loans

118 118 Money was launched in September 2013 as a personal loan alternative for near-prime borrowers. Essentially they targeted the middle ground between banks and payday lenders. More recently in 2018 they launched their own credit card that was the first ever subscription-based card. This is a peculiar product in that it charges no interest, yet even if your balance is clear you’ll still pay a monthly fee. Joining the world of personal finance seemed like a logical step forward. Most people are familiar with their directory service that arrived in 2002. This is still popular despite customers paying £2.43 plus the access charge. It’s confusing why people don’t just search for information for free with a simple Google search.

118’s loan is packaged from £1000 to £5000 across 12, 18 or 24 months. At a year a good credit score gets £176 for £1k, but most borrowers pay £428 since this is the representative charge. Self-employed workers are considered. This service has become increasingly popular as seen over the past 12 months where they’ve attracted 400,000+ applications with 100,000+ total customers. The latest ranking of www.118118money.com has been competitive sitting in the region of 800k (global). They have 3400 Facebook fans and have received high praise on leading review portals noting Feefo (96%) and Trustpilot (89%). Customer support here is available 7/7 for new loan applicants and then 24/7 for existing customers. Payouts are aimed within 24 hours.

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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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George Banco Loans | www.georgebanco.com Reviews

George Banco Loans

About George Banco Loans

The George Banco company was formed in November 2013 and they began lending a few months into 2014. They had started out as a guarantor lender, but would in time add the option of a personal loan. Early growth had been spurred on by key broker partnerships. They had for instance worked with the leading retail lender The Money Shop. A significant milestone came in August 2017 when they were acquired by Non-Standard Finance for £53.5m. NSF had already acquired Everyday Loans (+TrustTwo) in December 2015, as well as the August 2015 deal for Loans at Home. Banco’s owner now controls a 180,000+ customer base with around 25,000 being attributed to the guarantor division (includes TrustTwo).

This tally is quite modest when you consider that the market leader (Amigo) has 224,000+ customers. The traffic performance (Alexa ranking) of www.georgebanco.com has been sporadic over the years. They remain a top 5 guarantor lender, whilst for unsecured 12 month terms they now sit just outside the top 5. Banco’s 2 products have slight differences. For unsecured you can receive between £1000 and £5000 paying £285.56 per £1000 over a year fixed. Their guarantor product extends to a whopping £15,000 and a cheaper deal is also available at £236.12 if you can find a backing aged 21-75. Same day payouts are pitched, no late fees are charged, they have amassed 7660+ reviews on Trustpilot scoring 96% and have 1700+ Facebook fans.

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Bamboo Loans | www.bambooloans.com Reviews

Bamboo Loans

About Bamboo Loans

Bamboo is an established provider of bad credit loans with or without guarantors. This lender has operated since 2014 and today has more than 50,000 customers. They employ 80+ staff across 3 offices situated in Caerphilly, London and Southampton. The Southampton office deals with new loan applications and Caerphilly manages existing customers (London’s purpose is unclear). Boo the Panda is the brand mascot of www.bambooloans.com that has historically been a top 5 visited site in their catered sectors. They have remained in this ballpark region, but their Alexa ranking did take a dip across 2019 and now in 2020. This has also been the case with George Banco who are a similar matched competitor.

The 2 products available each start from £1000. The caps do differ though with the non-guarantor option stopping at £5000 and the guarantor option extending to £8000. Homeowners or tenants are accepted on that side between ages 21 and 72. Pricing is matched across each over a year at £235.72 for £1000. This is the representative example, but a variable range is headed as 26.9% to 89.9%. Just remember that with very poor credit you are likely to be asked for a backing even if you are opting for unsecured. Bamboo’s score on Trustpilot is excellent at 98% from 16,900+ reviews (the best in the sector). Not many customers however go on to follow them on Facebook where they have captured 600 likes.

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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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Everyday Loans | www.everyday-loans.co.uk Reviews

Everyday Loans

About Everyday Loans

Everyday Loans is an established branch-based subprime lender active since 2006. Applications are taken online, but the process is always completed in person. Everyday’s network has continually been increasing. We can recall there being just over 50 branches not so long back, but now in 2019 they have extended to 73. Expansion in this sense has been surprising considering that most subprime retail businesses have either closed or been greatly downsized (as seen with The Money Shop). What helps Everyday’s cause is that they now have ambitious new owners supporting them. This is Non-Standard Finance who acquired both this brand and TrustTwo from Secure Trust Bank in 2015. NSF also controls George Banco and Loans at Home.

Everyday’s active customer base sits at 61,000+. This is an impressive tally when you consider that the loan contracts drawn up here include big numbers with borrowers potentially being able to access £15,000. They start small at £1000, but strangely don’t lend over a year. The term range is 18 to 60 months. Pricing is rather vague from such a wide variable APR range of 24.2% to 299.9%. The representative rate that most people pay is 93.6%. For branch visits, you’ll need to take in bank statements, payslips and your passport. More documentation is required when self-employed. Assuming that you get the green light you’ll need to be patience on payout (a cheque will be handed over).

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Likely Loans | www.likelyloans.com Reviews

Likely Loans

About Likely Loans

GuarantorUs initially arrived in the summer of 2013. The rebrand to Likely Loans followed not long after in 2014. Whilst guarantor lending was the initial focus, the requirement of a backing was dropped when the change went through. The owners (Oakbrook Finance) really wanted to push this project into the limelight and they achieved this well through the aid of TV ad campaigning. Growth since has been impressive with more than 100,000 customers now using the service. This is Oakbrook’s sole lending operation, but they had also composed a site for Appro at (www.approloans.com). This itself was a mere brokerage arm, with the central company funding and servicing the product. It has since been removed.

Poor credit borrowers are the target audience. You just need some borrowing history and mustn’t have been made bankrupt in the past 12 months. Even though subprime is their focus, they still pass on excellent sector value. For £1000 per year you’d be looking at a representative cost of £278. This is only around £50 more expensive than what you’d usually pay for a guarantor loan. Borrowing levels start small at £500 and rise high to £5000. You can stretch the balance across 5 years that for £1k creates an affordable monthly repayment of just £44.13. There are no late fees charged and Likely’s reviews on Feefo are excellent with 90% rating their service 5/5.

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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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