Compare Payday Loans 2018 | New Payday Lenders
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.
Compare Payday Loans 2018…
Alexa Traffic Rankings & Facebook Fans…
1) Wonga.com: #7984 | 365,800+
2) QuickQuid.co.uk: #9496 | 23,900+
3) SafetyNetCredit.com: #12,021 | 3630+
4) Smart-Pig.com: #20,122 | 30,800+
5) WageDayAdvance.co.uk: #22,647 | 9400+
6) Piggy-Bank.co.uk: #33,574 | 980+
7) 247Moneybox.com: #40,540 | 85,500+
8) Ferratum.co.uk: #42,167 | No Page
9) CashFloat.co.uk: #52,946 | 200+
10) Drafty.co.uk: #53,557 | 220+
*Alexa (UK) rankings and Facebook counts are shown as indicators of market share and web popularity.
/£100 (30 days) | Range: £5.40 to £24
Top 10 Payday Loans for Bad Credit & Fair…
1) Drafty: £5.40
2) Tappily: £10.20
3) Sunshine Credit: £12
4) Fernovo: £15
5) In-Sync Credit Services*: £15.47
6) Auden*: £19.20
7) MPP Money: £21
8) Credio: £22.25
9) QuickQuid*: £22.80
10) CashAsap: £23.84
*Auden and In-Sync don’t lend as low as £100 and In-Sync’s term is 28 days. For those hypothetical examples the costs are calculated based on daily rates. QuickQuid’s new customer discount is factored. Otherwise you pay £24. Kabayan Finance’s displayed monthly costs are priced above the FCA’s cap (not legal).
Most Experienced and New Payday Lenders…
Total Brands = 35.
*Experience has changed a lot through recent closures. Both Payday Express and PaydayUK who recently closed opened online in 2003. Express actually dates back to 1999, whilst SafeLoans (another closure) was established in 1989 (started online in 2003).
Weekend Payday Loans: Open Saturday and Sunday…
1) Drafty: Sat/Sun (7am-10pm)
2) CreditStar: Sat/Sun (9am-8pm)
3) Cash Asap: Sat (8am-7pm), Sun (9am-7pm)
4) QuickQuid: Sat/Sun (10am-6.30pm)
5) Peachy: Sat/Sun (10am-6pm)
6) Smart Pig: Sat/Sun (10am-6pm)
7) Wonga: Sat (7am-8pm), Sun (8am-5pm)
8) Fast Loan UK: Sat/Sun (9am-5pm)
9) WageDayAdvance: Sat (9am-5pm), Sun (10am-4pm)
*Sorting by latest Sunday closing times or longest range if tied. Working hours are important for initial application approval. Once approved pre-approved 24/7 funding becomes available from Drafty, SafetyNet and Tappily. Others may extend to 24/7 (subject to approval).
Instant Payday Loans: Some providers like Wonga are very sophisticated in the tech department where instant payouts are possible without having to wait around for clearance. Such requests could of course still be declined. This is more so the case in the modern day through increased regulation whereby poor affordability checks can lead to harsh penalties. Dollar UK was for instance forced to repay £15.4 million for checks (and also debt collection and system issues). There are various instant funding options available, but we’d personally advise using a revolving credit facility from Drafty, MyKredit, SafetyNet or Tappily. This grants customers with the ability to request pre-approved funds 24/7. Otherwise, just use any firm open 7/7 as listed above.
Payday Loans for Bad Credit: Most lenders historically targeted bad/poor credit, but in light of capping and tighter regulation, they are now more picky. This makes sense since they are now operating on tight profit margins and so they’ll need to keep the default rates low. When unsure they’ll likely request a bank statement or payslip to be uploaded. Another popular term spotted was “Payday Loans No Credit Check”. No active provider would approve without a successful search. Those using such headlines are typically brokers intent on lead capture. A viable alternative would be a buyback loan whereby you put forward your laptop, phone etc and loan against that. No searches are required there, just ID. Many logbook firms also don’t require checks.