Compare 24 Month Loans: Bad Credit Direct Lenders

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Compare 24 Month Loans
About: History

Our bad credit personal loans series will switch up here to 24 month loans (doubling up from a year). Many of the instalment lenders stop offering terms at the year point and so this page will be made up of a very small collection of providers. There have also been a few brand closures with recent ones including Juo and On Stride Financial. The quantity of unsecured 24 month loans lenders may be limited, but when security is added the variety picks up through the various guarantor, logbook and homeowner-only solutions. The backings provided with those help to minimise default risk, whilst each featured lender must hand their full trust in yourself and your past borrowing history.

The most interesting addition of the pack today is Everyday Loans who were skipped previously since their starting term is 18 months. Everyday is arguably the biggest force in subprime lending. Most of the dedicated web brands are still gathering market experience whilst this company has been in business since back in 2006 through their extensive retail network. Their owner Non-Standard Finance also controls Loans at Home. They also had a guarantor division that has since closed (George Banco and TrustTwo). Overall market share is generally more sporadic due to the rise of several web firms noting 118 118 Money, AvantCredit, Bamboo and Likely. Quality is evident, but quantity is thin, with just 10 brand options attached within this comparison today.

About: Niche

The 24 month loan sector is a micro niche that few people actively search for. We thought that it would be a good idea to analyse this term whereby many instalment firms are stripped out as they do tend to overprice. A 2 year period itself is a good period to spread out a loan of say £1000. This combination would devise affordable monthly repayments usually ranging between £60 and £80. Opting for a longer term would of course be advisable if you are seeking thousands. Select providers extend to 5 years and the amounts tend to go very high, especially with AvantCredit who heads to £25,000 that is what the banks generally stop at.

You’d certainly have a much greater chance of receiving a loan in the thousands if you were to use a guarantor lender like Amigo or their competitors (these generally max out at £10,000). There is just too much risk attached to unsecured borrowing in the thousands, unless you have an excellent credit status. Even though you may have low credit trust score now, over time the idea is to rebuild and edge a little closer to those single figure APRs and tempting 0% credit card introductory deals from banks. Unfortunately, when starting over you may just have to accept the high costs involved, but once a large subprime agreement concludes you’ll have much greater freedom to pick and choose.

Compare 24 Month Loans: Bad Credit Direct Lenders (Alexa Ranked)

Top Ranked

Brand + Alexa Rank
1) Dot Dot Loans | #642,785

Dot Dot Loans

/£2000 Price (24m) | £1000 Unavailable
£1822.48

Borrow (Existing)
£100 to £1000 (£5000)
Choices (Existing)
3m to 9m (48m)
Opening Hours
Mon/Fri (8am-7pm), Sat (9am-2pm)
Notes
7/7 reloan payouts. Reloan-only product. Required age (21+) for this loan
Brand + Alexa Rank
2) 118 118 Money | #922,294

118 118 Money Loans

/£1000 Price (24m)
£344 to £896 (rep)

Borrow
£1000 to £5000
Choices
12m to 24m
Opening Hours
Mon/Fri (8am-10pm), Sat (8am-8pm), Sun (10am-8pm)
Notes
7/7 payouts (all). 24/7 ongoing support
Brand + Alexa Rank
3) Oakam | #2,016,557

Oakam Loans

/£1000 Price (24m)

Borrow (Existing)
£100 to £800 (£5000)
Choices (Existing)
6m (3m to 36m)
Opening Hours
Mon/Fri (8am-7pm), Sat (9am-6pm)
Notes
No example provided. Reloan-only product
Brand + Alexa Rank
4) Bamboo | #2,033,388

Bamboo Loans

/£1000 Price (24m)
£481.50 (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
5) H&T Pawnbrokers | #2,582,424

H&T Pawnbrokers Loans

/£1000 Price (24m)
£823.04

Borrow
£500 to £5000
Choices
12m to 36m
Opening Hours
Mon/Fri (8am-7pm), Sat (9am-6pm), Sun (10am-4pm)
Notes
7/7 payouts (all). In-branch option (250+ network)
Brand + Alexa Rank
6) Everyday Loans | #2,620,140

Everyday Loans

/£1000 Price (24m)
£854.25 (rep)

Borrow
£1000 to £15,000
Choices
18m to 60m
Opening Hours
Mon/Fri (10am-6pm), Sat (10am-12pm)
Notes
Must complete in-branch (70+ network)
Brand + Alexa Rank
7) Likely Loans | #4,215,947

Likely Loans

/£1000 Price (24m)
£572.72 (rep)

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

Brand + Alexa Rank
8) AvantCredit | #9,910,929

AvantCredit Loans

/£1000 Price (24m)
£416.48 (rep)

Borrow
£1000 to £25,000
Choices
12m to 72m
Opening Hours
Mon/Sun (9am-6pm)
Notes
7/7 payouts (all). Pause on lending (covid)

Unranked

Brand
9) Savvy

Savvy Loans

/£3000 (24m) | £1000 Unavailable
£2999.90

Borrow
£300 to £3000
Choices
8m to 24m
Opening Hours
Mon/Thu (8am-7pm), Fri (8am-5pm), Sat (9.30am-1.30pm)
Notes

END OF LISTINGS

Notes…

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

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

Closures: Juo Loans. More Recent: George Banco, Maxcroft (product removal), MyJar & On Stride Financial.

Examples: £1000 costs have been sampled. Due to selection unavailability we sampled £2k for Dot Dot and £3k for Savvy.

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 example. For these, we’ve marked (rep) on its own. When shown the representative APR this is the rate that at least 51% of customers receive.

Cheapest 24 Month Loan Prices 2021 (730 Days /£1000)

Best Prime Deal

1) 118 118 Money (A-Tier): £344

Subprime

1) AvantCredit: £416.48

2) Bamboo: £481.50

3) Likely Loans: £572.72

4) H&T Pawnbrokers: £823.04

5) Everyday Loans: £854.25

Top Reviews 2021

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

1) Likely Loans: 89.6% (18,617/20,780)

2) Everyday Loans: 88.0% (16,305/18,517)

3) Savvy: 85.7% (522/609)

Reviews.co.uk (Percentage + Rounded Counts)

No listings

Trustpilot.com (Percentage + Rounded Counts)

1) Bamboo: 98% (20,440+)

2) H&T Pawnbrokers: 98% (3740+)

3) Oakam: 94% (18,360+)

Recommended

118 118 Money Loans

Prime: 118 118 Money

118’s prime deal is the only current one available featured. When On Stride was active their best offer was £601.06 that in itself was quite a difference to 118’s £344. This great value stands out although it is worth noting that their representative price is £896 that is beaten by several subprime lenders. A further benefit to 118’s value is that they do run payouts 7 days a week and offer 24/7 support to existing customers. Their service has also been well received with impressive feedback fetched on Trustpilot (Feefo was also good, but that account is now closed). They do offer as much as £5000, but their terms are more restricted stopping at 2 years. It will be interesting to see just how well they match up against the leading banking products.

AvantCredit Loans

Subprime: AvantCredit

AvantCredit had been struggling with their traffic ranks even before their pause on lending went through. They do however shine in other key areas and are a great choice once they reopen. This is particularly the case with pricing where they came in with the cheapest subprime cost of £416.48. They also lend as much as £25,000, offer the highest 6 year term and operate 7/7. It was Likely that earned the recommendation for 1 year, but we thought for 2 years that Avant deserved the top spot for their impressive value. Everyday Loans is another notable contender. Not everyone will appreciate branch completion, but this personal approach could lead to a higher chance of approval since you’ll be able to get your point across in person without being judged on credit checking alone.

Last Update: June 20th, 2021