About JL Money Loans
JL Money was established by Daniel Suppey in the year 2004, although it wasn’t until 2014 that they’d head online. Their history is a little unclear, but they had initially operated as a broker before making the transition to lending. This company has a diverse product range that is split across 3 sections. The main one of focus here is Essential that is guarantor-supported for £1k to £10k and 1m to 24m. This can the only product that can be applied for through their site. Bespoke and Business can only be phoned through. If you do live locally to them in Bromley then you could however always pop in to run through any of their products.
Bespoke provides £5000 to £100,000 over a 12 month term. This includes a few interesting repayment structures such as “Roll up” for paying everything at the end of the term. The Business loan section sees £2000 to £100,000 over a year again. Both of these sections are pretty vague. You’d need to call or visit them to learn of the ins and outs. Moving to Essential, a flexible 1 to 24 month repayment range is packaged. You can pick any single month between. This is the only short term guarantor loan available online. It’s just a shame that they don’t offer smaller starting sums of say £300 or £500 that would make sense over a short period of borrowing.
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 WageMe Loans
WageMe was formed in 2012 when they started out as a payday lender. This has remained a single project of the Group. There is a related company called SelectFinance although this is catered towards mortgages. WageMe’s popularity was notable in their early days. This was a company that quickly achieved competitive traffic ranks for all of the major payday related terms in Google search. Offline promotion was also of note. We can for instance recall their logo sitting on the side of many taxis across London. This firm’s progress has however waned to the extent where they are now Alexa unranked. General user feedback isn’t great also by the looks of their Trustpilot listing.
It can be confusing reading through the pages of their site where there is conflicting information on the available amounts, the terms etc. On the homepage they for instance list 1 to 12 months at the top and then 1 to 18 months below. £50 to £5000 is headed as the available amount span. If you run through the main application form both £50 and £80 are however marked out with £100+ only being there to select. On the same form 3 to 18 months are only there (not 1 or 2). There is no loan calculator, with just the single example presented of £144.06 per £300 for a 3 month period. The value here is quite competitive.
About Savvy Loans
Stockport’s Valour Group references operating in FinTech and LegalTech. We aren’t familiar with everything that they have been working on, but their Savvy personal loan product has been central. There was a time when they were brokering under Best4Loans and Money Hotshot, although this is no longer the case. Savvy’s roots head back to 2013, but they had originally used both the Valour and Lightning names for a short period. To date they’ve paid out just over 92,000 loans. They do seem to be doing well as a local business, but have evidently struggled across the wider UK being unranked at Alexa. This is surprising as we can recall them running a TV ad campaign in late 2016.
On a past check this lender offered a starting term of 6 months, but they now offer 4 available selections of 8, 12, 15 and 24 months. Various amounts are assigned to these fixed terms that are £300 to £500 (8m), £501 to £1200 (12m), £1201 to £2000 (15m) and £2001 to £3000 (24m). The rates of interest lower as you climb up the levels. For a year, a charge of £999.92 would apply for £1000. At 2 years, £2999.90 would come in for £3000 that is equivalent of £999.97 for £1k. You could always access £2001, but for display purposes we compare full figures. The Savvy reviews are supportive on Feefo and Trustpilot is good at 88%.
About Anico Finance Loans
Anico Finance is a London-based instalment loan provider. There is some uncertainty on the background launch of this firm. Anico Financial Services Ltd was incorporated in 2010. It wasn’t until late 2014 that www.anicofinance.com was composed though and they later began building their social media properties across 2015. When reaching the site you’ll see a clear focus on the Filipino community. This is a popular niche that we’ve seen targeted elsewhere by Kabayan Finance and Pera Loans. The standout feature here is competitive pricing, whilst the main drawback is the inability to apply online. You’ll either need to give them a call or if you’re based locally then you can pop into their London office.
As part of the application process documents will need to be issued, but they state that there is an easy way of getting them across. Anico’s product delivers between £300 and £1000 to first time borrowers whilst reloaning extends to £2000. The term range is 3 to 12 months, but it isn’t made clear if full monthly selections can be made. Pricing is competitive with a fixed rate of 98% that is applied on an annual basis rather than against a reducing balance. When accessing £300 you’d pay £73.50 (3m) or £147 (6m). They don’t charge late payment fees. All applicants must be aged 21 or above. External reviews are lacking and unfortunately their operational hours aren’t shared.
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 PM Loans
PM Loans is the 3rd and latest project attached to The Money Hive roster. PM’s site as located at www.pmloans.co.uk was registered in summer 2019 and they look to have then launched a few months into 2020. There isn’t much difference between BingoLoans and LoanPig on the traffic rank front. Their global Alexa ranks have floated just over the 3 million mark. PM’s rank just surpasses 6 million, but this is still impressive for a newcomer. Regardless of visibility, a matched product can be found pitched across each of these trio of sites. These are generally built as lead generation doorways with the account management facility being controlled centrally at The Money Hive.
This firm promotes themselves as both a lender and a broker. Whilst there are many firms that do this it seems strange just how much emphasis they place on it. The PM loan has a wide repayment spread of 2 to 12 months. Unlike Hive’s other brands there is no such calculator on the homepage. You can choose the amount, but will need to hit apply and then modify the term. Any amount can be selected from £50 to £1500, but it would be unrealistic to expect a sizeable figure when borrowing for the first time. On the pricing side for £300 the cost would be £156.52 (3m) whilst you’d pay an equal £300 at 6m.
About Dot Dot Loans
Dot Dot Loans has been one of the biggest success stories of the past few years in subprime lending. Throughout the pandemic the Alexa rank of their site has been rocketing ahead of their rivals. This was during the time that now closed Satsuma put a pause on lending and so it appears that they have swiped a lot of Satsuma’s business. Dot’s controlling Group will also soon benefit from the closure of Provident in the doorstep space. Dot’s launch went ahead back in March 2017. This was composed as the online instalment equivalent of Morses Club (similar to Provident/Satsuma). The brand however was built on the foundations of Shelby Finance and WageDayAdvance.
Morses Club Plc has certainly been savvy with their acquisitions and is now collectively serving around 205,000 customers (23,000 here). Dot’s instalment product is highly flexible granting between £100 and £1000 across 3, 6 or 9 months to first time borrowers. Existing customers can access between £1500 and £5000 up to 48 months. There is a 21+ age requirement for this larger loan. The overall flexibility here is great, but it’s strange that they have opted to skip on 12 months. Pricing on £300 instalments comes in at £155.46 (3m) and £288.06 (6m). These are quite average market rates. Whilst Monday to Saturday opening hours are in place, they do impressively fund loans hourly 24/7.
About Creditspring Loans
Creditspring (or Credit Spring) was launched by Inclusive Finance Ltd in September 2018. They received plenty of media attention at that time aiding them to emerge quickly. Creditspring’s service is packaged unlike anything seen in subprime lending. They deliver flexible no interest loans with tools in place to help improve your credit score. There is in essence however interest charged, but rather in the guise of a membership fee that is charged at 2 levels. The smaller loan is set at £500 over 8 months (£250 x2 at £6 monthly = £72) whilst the larger choice is set at £1000 over 12 months (£500 x2 at £10 monthly = £120). Each option is split as 2 on-demand loans.
An issue here is that if you don’t use the 2nd then you’ll still pay the full membership fee dropping the value. This could be common if the initial advance wasn’t collected successfully. All being well you’ll benefit from Creditspring’s super competitive and market leading value in their sector. A limitation sees an initial 14-day wait period for first time members (later removed on subsequent renewals). Whilst being targeting for people with poor credit, there’s also a high minimum wage requirement of £18,000 per year. Since launching this lender has attracted highly competitive Alexa ranks and they’re already building a loyal fan base as evidence on their highly rated Feefo review page.