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Update (Feb 2020):

Comparison listings are currently being updated.

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Compare 12 Month Loans: Bad Credit Direct Lenders

Compare 12 Month Loans
About: History

Personal loans for bad credit will be analysed here beginning with 12 month loans (24 months will follow). There are 2 types of lenders targeting this niche. You firstly have the various firms that specialise on instalments (payday terms may also be provided). These companies often stop exactly at the 1 year point. Then you have the more long term specialised firms who typically start from 1 year onwards. There is a significant difference between these groups in product value. Most of those leaning on the instalment side charge £900+ for a £1000 loan. Value from personal loan lenders in contrast is much more competitive. The top 5 deals all come in at under £500.

Sizeable subprime lending was championed by 2 brands who won’t be included today. This is since Everyday Loans have a minimum term of 18 months and so we’ll include them at 24m. Then there is Pounds to Pocket who had merged with On Stride, but all such Enova brands ceased trading in late 2019. Everyday has been in business since 2006 and is famed for their branch network. Pounds to Pocket helped to develop this niche online when they advertised aggressively on TV soon after launching in 2010. There are several big names competing for market share, but there is no such dominant force as seen in other sectors be that Provident (doorstep) or the now closed Wonga (payday).

About: Niche

There are just 19 brand listings on this page, but there are other subprime options over this period noting the guarantor and logbook sectors. Each of those require some form of security though whilst here the reliance and trust is firmly placed on the borrower and their credit worthiness. Most of the providers shown are happy to consider bad credit. There are some that are however seeking fairer credit scores. It will be important to demonstrate affordability, especially for lump sums. The true prime unsecured loan products come from banks and specialist lenders where the APRs float around 20% (even in the single figures when accessing thousands). Low rate deals will be explored in future comparisons.

Using any featured company can be a useful step up from 6 months when you want more time to lower the monthly repayment. You have to be careful though when opting for more sizeable borrowings at say £1000 since this is where the costs really ramp up. As was noted, some instalment lenders can give you this term, but charge almost as much as interest as the actual money that is there to spend. For a £1k loan we’d only advise using a provider that is charging less than £500 and there are few of these listed below. For the best overall value, it would however always be worth heading down the guarantor route to pay approx £230.

Compare 12 Month Loans: Bad Credit Direct Lenders (Alexa Ranked)

Top Ranked

Brand + Alexa Rank
1) The One Stop Money Shop | #107,793

The One Stop Money Shop Loans

/£1000 Price (12m)
£899.96

Borrow
£200 to £1000
Choices
6m to 12m
Opening Hours
Mon/Fri (8am-4pm)
Notes
Required age (30+)
Brand + Alexa Rank
2) Likely Loans | #624,993

Likely Loans

/£1000 Price (12m)
£278 (rep)

Borrow
£500 to £5000
Choices
12m to 60m
Opening Hours
Mon/Fri (8am-8pm)
Notes

Brand + Alexa Rank
3) 118 118 Money | #809,831

118 118 Money Loans

/£1000 Price (12m)
£176 to £428 (rep)

Borrow
£1000 to £5000
Choices
12m to 24m
Opening Hours
Mon/Fri (8am-10pm), Sat (8am-8pm), Sun (10am-8pm)
Notes
7/7 reloan payouts. 24/7 ongoing support
Brand + Alexa Rank
4) Satsuma Loans | #1,019,800

Satsuma Loans

/£1000 Price (52w)
£990.04

Borrow (Existing)
£100 to £1000 (£2000)
Choices
3m to 12m
Opening Hours
Mon/Fri (8am-8pm), Sat (8.30am-5pm)
Notes
Monthly repay: £992
Brand + Alexa Rank
5) SafetyNet | #1,139,443

SafetyNet Loans

/£1000 Price (12m)
£2920

Borrow (Existing)
£100 to £500 (£1000)
Choices
Line of credit (reloan monthly when paid)
Opening Hours
Mon/Fri (8am-7pm), Sat (9am-5pm)
Notes
7/7 reloan payouts. Reloan example
Brand + Alexa Rank
6) Bamboo | #1,582,238

Bamboo Loans

/£1000 Price (12m)
£235.72 (rep)

Borrow
£1000 to £5000
Choices
12m to 60m
Opening Hours
Mon/Fri (8am-8pm), Sat (9am-2pm)
Notes
Existing times differ
Brand + Alexa Rank
7) George Banco | #1,755,906

George Banco Loans

/£1000 Price (12m)
£285.56

Borrow
£1000 to £5000
Choices
12m to 60m
Opening Hours
Mon/Thu (9am-7pm), Fri (9am-4.30pm), Sat (9am-3pm)
Notes
Existing times differ
Brand + Alexa Rank
8) Drafty | #2,218,634

Drafty Loans

/£1000 Price (12m)
£657

Borrow (Existing)
£50 to £3000 (£5000)
Choices
Line of credit (no fixed date)
Opening Hours
Mon/Fri (7am-10pm), Sat/Sun (7am-10pm)
Notes
7/7 payouts (all). Good score required
Brand + Alexa Rank
9) MyJar | #3,001,647

MyJar Loans

/£1000 Price (12m)
£804.56

Borrow
£100 to £4000
Choices
3m to 24m
Opening Hours
Mon/Fri (8am-8pm), Sat (8am-6pm), Sun (9am-6pm)
Notes
7/7 payouts (all)
Brand + Alexa Rank
10) Quick Loan Shop | #3,591,028

Quick Loan Shop Loans

/£1000 Price (12m)
£957.20

Borrow
£100 to £2000
Choices
1m to 12m
Opening Hours
Not disclosed
Notes

Brand + Alexa Rank
11) Tappily | #3,962,342

Tappily Loans

/£1000 Price (12m)
£1241

Borrow
£100 to £2500
Choices
Line of credit (reloan monthly when paid)
Opening Hours
Mon/Fri (8am-7pm), Sat (9am-5pm)
Notes
7/7 reloan payouts. Good score required
Brand + Alexa Rank
12) WageMe | #6,251,252

WageMe Loans

/£1000 Price (12m)

Borrow (Existing)
£50 to £350 (£5000)
Choices
1m to 18m
Opening Hours
Mon/Fri (9am-5pm)
Notes
No example provided
Brand + Alexa Rank
13) Fair Finance | #8,152,293

Fair Finance Loans

/£1000 Price (12m)
£624 (new) | £527 (reloan)

Borrow (Existing)
£100 to £1000 (£3000)
Choices
6m to 18m
Opening Hours
Mon/Fri (9am-5.30pm)
Notes
Weekly repay: £672 (new) & £568 (reloan)
Brand + Alexa Rank
14) Maxcroft | #9,927,973

Maxcroft Loans

/£1000 Price (12m)
£420

Borrow
£500 to £5000
Choices
8m to 36m
Opening Hours
Mon/Fri (9am-6pm), Sat (9am-5pm)
Notes
Essex completion required

Unranked (Alphabetically Sorted)

Brand
15-19) Anico Finance

Anico Finance Loans

/£1000 Price (12m)
£980

Borrow (Existing)
£300 to £1000 (£2000)
Choices
3m to 12m
Opening Hours
Not disclosed
Notes
Phone applications only
Brand
15-19) Auden

Auden Loans

/£1000 Price (52w)
£740.08

Borrow (Existing)
£200 to £400 (£1000)
Choices
7d to 12m
Opening Hours
Mon/Fri (9.30am-5pm)
Notes
Monthly repay: £752.48. Reloan example
Brand
15-19) AvantCredit

AvantCredit Loans

/£1000 Price (12m)
£205.16 (rep)

Borrow
£1000 to £25,000
Choices
12m to 72m
Opening Hours
Mon/Sun (9am-6pm)
Notes
7/7 reloan payouts
Brand
15-19) Kabayan Finance

Kabayan Finance Loans

/£1000 Price (12m)
£905

Borrow
£100 to £1000
Choices
1m to 12m
Opening Hours
Mon/Fri (9am-5pm), Sat (10am-2pm)
Notes

Brand
15-19) Savvy

Savvy Loans

/£500 Price (12m) | £1000 Unavailable
£499.96

Borrow
£200 to £3000
Choices
6m to 24m
Opening Hours
Mon/Thu (8am-7pm), Fri (8am-5pm), Sat (10am-2pm)
Notes

END OF LISTINGS

Notes…

Alexa.com: Comparison listings are sorted by global traffic rankings. Those unranked are sorted alphabetically.

Amounts: Borrowing amounts displayed are complete ranges (across every term available).

Closures: H&T Finance (web), In-Sync Credit Services, Juo Loans, NextCredit, Oakam & Pounds to Pocket. More recent: On Stride Financial. Now brokering only: Peachy & Uploan.

Examples: £1000 costs have been compared. Savvy was an exception as they only allow £500 over this term. Any lenders not offering exactly 12 months were excluded regardless of early settlements. This was the case for instance with Sunny where you’d need to settle from 14 months.

Pricing: Some featured lenders charge variable interest. When a quoted range is presented we’ll mark this range with (rep) noted besides the representative rate. Others may note a vague variable range, yet only show one such example. For these, we’ve marked (rep) on its own. For reference, when shown the representative APR this is the rate that at least 51% of customers receive.

Cheapest 12 Month Loan Prices 2019 (365 Days /£1000)

Best Prime Deal

1) 118 118 Money (A-Tier): £176

Subprime

1) AvantCredit: £205.16

2) Bamboo: £235.72

3) Likely Loans: £278

4) George Banco: £285.56

5) Maxcroft: £420

Top Reviews 2019

Feefo.com (5* Percentage + Exact 5* Counts)

1) Likely Loans: 89.5% (17,382/19,414)

2) Fair Finance: 88.0% (980/1114)

3) 118 118 Money: 86.5% (7205/8329)

Reviews.co.uk (Percentage + Rounded Counts)

1) Drafty: 95% (710+)

2) Satsuma Loans: 93% (2910+)

3) No 3rd listing

Trustpilot.com (Percentage + Rounded Counts)

1) Bamboo: 98% (16,900+)

2) George Banco: 96% (7660+)

3) Drafty: 92% (9670+)

Recommended

118 118 Money Loans

Prime: 118 118 Money

The famous directory enquiries provider voyaged into the competitive world of financial services in 2013. 118 offers a competitively priced loan at £176 for £1000 that beat every other listed company. Most of their customers however pay their representative rate leading to a charge of £428. This lender has attracted excellent reviews scoring 96% on Feefo as well as 90% over on Trustpilot. They are also open 7/7 for new applications and 24/7 for existing customers. A sizeable £5000 loan is possible here. Ideally, they’d extend to longer repayment terms (2 years can be selected at max). 118 has also made their credit card available to all audiences. A monthly subscription is however required regardless of a cleared balance.

Likely Loans

Subprime: Likely Loans

Oakbrook Finance launched GuarantorUs in summer 2013. This project was moderately successful, but the owners wanted a switch from guarantor lending and so followed a full rebrand to Likely Loans in 2014. Product value is of note with this lender. Likely’s representative rate (that most people pay) is £278. This was beaten by AvantCredit (£205.16) and Bamboo (£235.72). Avant however lacks customer feedback and traffic performance. Bamboo scores better in these departments, but there is always the chance that they’d push on a guarantor (says may be required). Likely’s review feedback couldn’t be beaten on Feefo where they received 90% 5 star ratings. They extend to £5000 and 5 years max to repay. It’s just a shame they close at weekends.

Last Update: February 14th, 2020