One could argue that brand new payday loan lenders could benefit from the collapse of the once dominant majors. PaydayUK, QuickQuid and Wonga are all now gone and other recognisable players have closed such as 247Moneybox, Peachy, Swift Sterling and WageDayAdvance. Most of which closed through complaints that switched to compensation payouts. A newcomer could fight for this market share by dedicating their full focus to monthly-only where there is still vast queries of Google searches made daily. As it stands, the big instalment players are optimised for such high volume “Payday Loan” queries where they package themselves as better alternatives. As far as current market share, SafetyNet has taken on from Wonga’s previous lead.
Brand New Payday Loan Lenders 2021
Google keyword data has consistently shown sizeable query demand for brand new payday loan lenders online. Today we’ll expand on this topic to share all of the latest industry newcomers in subprime lending. You’re not in luck if you are exclusively seeking payday-only options. Most competing providers shifted away from monthly-only when price capping was rolled out in early 2015. 0.8% daily capping has massively squeezed profit margins that with high risk borrowers just doesn’t make business sense. This is why firms (both old and new) tend to instead package longer term products. This isn’t a big issue as you could simply go long and then settle up early and only pay interest up to that point.