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Compare 24 Month Loans 2018 | New 24 Month Lenders

Compare 24 Month Loans

Intro…

As an extension from comparing 12 months, we’ll today double this to investigate 24 month loans for bad credit (& fair). Prime options will be explored at a later date. The niche in focus is small in demand, but we feel that it is an important one to consider for borrowers. Above all else this term helps to craft a highly affordable monthly repayment. If you were applying for £1000 then you would typically repay between £65 and £85 monthly that most borrowers should feel comfortable with. In contrast, if you just went with a single year then the payment would float between £105 and £160 that would be more tricky to keep on top off.

Keeping those repayments low is always advised since if the car breaks down or some unsuspected bill pops up you’ll be better prepared to lower that risk of a late payment or even defaulting. The number of listings below is much smaller than 12m, but you could in essence get the same term with a guarantor or logbook lender. What has squeezed down the tally of brands here is that most of the payday and instalment firms stop lending at the year point. They tend to impose expensive rates whereby for £1000 you could be paying almost the same amount in interest charges. The value in contrast today is much improved, yet still more expensive than the guarantor deals.

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Compare Doorstep Loans 2018 | New Doorstep Lenders

Compare Doorstep Loans

Intro…

Doorstep loans (aka cash or home collection loans) have a rich history that can be traced back as far as the late 1800s. This niche has remained popular, but it has become very dated in contrast to the Wongas of this world. Provident has always been the dominant sector brand, although they haven’t exactly received much fierce competition with the exception of perhaps Morses Club. The common problems faced with this type of lending is that the process is very slow, weekly home collections can be problematic and market choice is limited due to many providers covering specific regions only. Pricing is fair, but long term borrowing is expensive and many customers do end up on continual cycles.

When an application has been received, an agent would typically visit to complete the loan within a few days time between Monday and Friday. The agent makes an affordability assessment, but most do say yes (they are after all working on commissions). The option of receiving Love2Shop vouchers rather than a cash loan would be made available. The agent will agree a time to make weekly collections. The term is always packaged in weeks (usually 26 to 30) and initial borrowing is small often £100 or £200. Smaller amounts and long terms like this at least help to devise highly manageable repayments of £10 (sometimes less). The idea is to manage your account well for later increases.

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Compare 12 Month Loans 2018 | New 12 Month Lenders

Compare 12 Month Loans

Intro…

This submission will focus on 12 month loans for bad credit (plus fair). We’ll compose other comparisons to cover low rate personal loan options from banks, peer-to-peer firms etc. Today’s comparison is a continuation on instalments, but rather than several months, we are specifically looking at a year. This is minus doorstep, guarantor and logbook lenders that receive their own categories. When opting to borrow over a year you’ll receive lower interest rates, but the costs are very sporadic across providers. You’ll spot this below with the £1000 charges ranging between £205.22 and £1000. Cheaper rates is a plus and at the same time more modest borrowing sums are suited at this term for manageable repayments.

The first major player to specialise in bad credit personal loans was Everyone Loans. They popped up on the high street in 2006. As back then, the application needs to be completed face-to-face. They aren’t included below since their minimum term is 24 months. Pounds to Pocket was one such notable brand that popped up in 2010. They were the first to offer same day payouts on sizeable sums (originally 24/7). TV advertising helped to put them on the map, but it is Sunny that is the dominant force today, although Oakbrook’s Likely has been making significant recent gains. The subprime giant (Wonga) has never opted to target this niche.

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Compare Line of Credit Loans 2018 | New Revolving Credit Lenders

Compare Line of Credit Loans

Intro…

A personal line of credit works in a similar way to a modern overdraft through your online banking. Alike an overdraft, there will be a set determined limit that you’ll have access to 24/7. There no set repayment whereby interest is charged for however long that you borrow for. The main lender in this niche however has a price cap. The bad news is that the choice in this sector is limited. There was 4 options, but MyKredit has recently restructured their product that leaves us with 3 choices. We felt however that it was important to cover this micro niche, since it receives little attention elsewhere and the product quality really is superior.

Surely it is better to know that you have pre-approved funding, to be used whenever you need and for however long you desire. The competitive interest aids this. The 3 active firms also charge no late fees whilst the 2 Indigo Michael brands include protection on overdrafts. Outside of the dedicated featured services, personal lines of credit aren’t made available in the UK. They are however common overseas, with HSBC offering them in select countries. Over in the United States, Speedy Cash also has a dedicated product. We do expect local companies to adapt to this model over the years ahead. SafetyNet is now the 3rd most popular subprime brand and so rival firms will surely follow their pathway.

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Compare Guarantor Loans 2018 | New Guarantor Lenders

Compare Guarantor Loans

Intro…

The history of suretyship can be traced as far back as 2750 BC (surety being the guarantee of a debt of one party by another). This type of contract here applies whereby an applicant with poor credit can access funding through the backing of a family member or friend who is made responsible should there be a default. The guarantor loans niche is being battled out by just over a dozen brands, but Amigo Loans is the dominant force. Amigo’s name was introduced in 2012, but they head back to 2005 when they operated as FLM. Their service has been revamped with frequent upgrades over the years, but TV advertising has made all the difference.

Finding guarantors has been the main obstacle for many. The providers have eased this by accepting securities from tenants, rather than just homeowners. Speed has risen greatly also thanks to e-signs that can lead to same day payouts (in the past documents had to go through the post). More sizeable amounts have also become available up to £10,000. TFS does headline £15,000, but applicants need to be homeowners themselves for anything over £8000. With pricing, APRs usually float in the 40s or 50s. This is fair considering that arrears, CCJs, defaults and discharged bankruptcy isn’t off the table. The repayments are almost always spread out across 1 to 5 years.

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Compare Instalment Loans 2018 | New 3 & 6 Month Lenders

Compare Instalment Loans

Intro…

When the FCA rolled out price capping in early 2015 there was a big rush for payday firms to add instalment terms to their service or to make the complete transition. The game plan was to place customers on longer and more profitable contracts rather than to take a risk on monthly-only lending where profits are now tightly squeezed. What was already a competitive niche soon became arguably the most competitive in subprime lending. An instalment loan (common as installment loan in the States) would typically span between 2 and 11 months. A personal loan would then kick in at a year. Within this comparison we have scored the lenders across 2 sub-niches including 3 and 6 month loans.

Better value will always be available as terms are extended. This is due to fixed interest discounting itself from a reducing balance (in line with payments being collected on the account). More time is also ideal in constructing smaller repayment amounts that won’t affect the pay packet too much. This assumes that you aren’t requesting more than you would have when opting for payday. The lenders will of course wish you to be accessing more, as this is how they’ll make their money. A key benefit of choosing instalments is the quantity of service providers active today (50+). There is also a good variation in pricing across the range that makes it easy to spot value.

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Compare Payday Loans 2018 | New Payday Lenders

Compare Payday Loans

Intro…

More than 200,000 local Google searches are made monthly for “Payday Loans”. This is just a single keyword of many that highlights how high the consumer demand stands within this niche. On the supply end things have however been troubling since the FCA imposed price capping in early 2015. This resulted in many high profile closures (the latest being PaydayUK) plus service changes as monthly firms commonly switched across to instalments to keep users on extended contracts. Operating monthly on its own is tricky now that no more than 0.8% can be charged daily (including fees). No one has been safe from the wrath of the FCA with even Wonga reporting a post-tax loss of £76.5 million across 2015.

The market leader did however manage to weather the storm, but others have been less fortunate. The recent PaydayUK closure was surprising since they were the first major firm when the industry was kick-starting in 2003. Capping was also naturally very taxing on those with a retail presence. Cheque Centre and Speedy Cash each closed whilst The Money Shop have lost around 300 stores. This once booming industry has certainly seen better days, but consumers at least receive a fairer deal and now have added protection through stricter regulation. In this comparison today we’ll be looking at the cheapest rates, market share, the most experienced and newest lenders on the block and also weekend coverage.

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