WageDayAdvance (mostly searched for as Wage Day Advance) has been famed as one of the most highly profitable payday lenders over the years. This is a niche that they still target today, although they are now more structured as an instalment service. The history of WDA as they are commonly known takes us back to the year 2004 that highlights the valuable experience held. The founder was Dale Chapman who was tempted to sell up the venture in 2013 to America’s Curo Financial Technologies Corp who most people will know through the Speedy Cash division. Their local chain has been downsized, but on the global stage Curo has over 400 shops operating through various brand names.
Pounds to Pocket was the first lending brand to offer sizeable same day loans for bad credit. They had started out in 2010 and enjoyed impressive early traction through mainstream advertising. Back then of course it was tricky to obtain quick funding with a low rated score. The guarantor firms were much slower then and Everyday Loans required face-to-face interviews. There are many options today for quick turnarounds, but P2P remains one of the most popular choices. The charges do come at a premium. You can get a much cheaper loan at On Stride Financial if your credit isn’t too bad. On Stride is the latest project within this same group who count QuickQuid as their core operation.
Likely Loans was the 2014 rebrand of GuarantorUs who had started out in 2012. It was the guarantor loan niche that they targeted, but this is no longer the case (no backing required). They do still focus on poor credit though. The owner (Oakbrook Finance Ltd) has recently invested in TV advertising that has really boosted the popularity of this fresh brand. There are now 30,000 customers that is an impressive tally considering that high value contracts are drawn up between £1000 and £5000 across the range of 12 to 36 months. At application stage you can type the specific loan sum required to the exact pound that is a nice touch on the flexibility side.
The Satsuma loan brand was unveiled in 2013 essentially as the no agent equivalent of their Provident doorstep loan service. Since launch, Satsuma’s customer base has hit 50,000. They have issued 280,000 loans to date. Their user base is much smaller than that of their home loan division and also Vanquis on the credit card side. This variation will however close up over time that is evident from the fact that their site has already surpassed Provident’s (based on Alexa data). Flexible instalment terms are packaged here across 3 to 12 months (or 13 to 52 when repaying weekly). First time applications can go for £100 to £1000 whilst a bump up to £2000 is available when trust has been demonstrated.
Amigo Loans is the market leader in the guarantor loan space. This company was established in 2004 originally as FLM Loans, with the rebrand following in 2012. The founder was James Benamor who controls The Richmond Group who have released a few successful projects over the years. Non of which have however reached the dizzy heights of this guarantor powerhouse. The product delivers between £500 and £10,000 for up to 5 years. CCJs, defaults and self-employed are all ok so long as a backing can be found. Guarantors must be aged from 18 to 75 and have good credit. It helps if they are a homeowner, but tenant backings can still make the grade if their credit is tip-top.
SafetyNet Credit was launched in the year 2012. Indigo Michael Ltd who control the brand had started out with ClearAccount in late 2010, but this changed from a lending arm into a financial tool, leaving Safety taking centre stage. SafetyNet’s Alternative Lender of the Year award in 2015 was a clear sign that they were a name to watch out for, but it was surprising just how much traction they have attained. They haven’t been a big advertiser, but they have used tech to their advantage. Awards, reviews and word of mouth has turned them into one of the UK’s leading subprime brands that may well go on to challenge Wonga over the years ahead.
The Drafty loans arrived in July 2016 after the owner (Lending Stream) had piloted the project throughout 2015. Whilst the Lending Stream service is packaged at 6 months, you’ll be receiving a line of credit here. This means that from a determined limit you’ll be able to request any amount up to that limit 24/7. Drafty’s rate of daily interest is just 0.18%. This translates on £100 borrowed as £1.26 over 7 days or £5.40 over 30. This value is great, but they are going to turn away those with low scores. The minimum wage is £1250 (Stream’s is £400). The limit itself is set between £50 and £3000 with a future top-up of £5000.
Sunny’s roots lie in the 1 Month Loan company that had been in business since 2004. The owner of that brand was Fortress Group (UK) Ltd who would later be sold on to America’s Think Finance. Think Finance has since become Elevate Credit Inc. This new ownership inspired a rebrand that would follow in 2013. It’s always tricky to start over and challenge the majors, but there has been an empty chequebook here with TV and web advertising. This ad push plus favourable search engine rankings has worked wonders for Sunny’s growth in recent years. This is now their sole trading in the UK, but they had previously also operated as Quid that has now been discontinued.
Pixie Loans has been one of the fastest growing payday lenders since arriving back in 2014. They have grown quickly without any major advertising (TV or web). Their product was initially pitched to cater short terms between 7 and 40 days. The amounts of £100 to £400 could be accessed by first time users and £1000 for those returning. There has however been a recent restructure of their service that now delivers terms of 1, 2 or 3 months. The new user sums are £150 to £650 with the same £1000 on return. When borrowing over a single month you pay £48 per £200 whilst for £300 over 3 months the charge is £154.24.
MyJar started out life in 2009 under the TxtLoan name. Their fresh identity was unleashed in 2013 and a few service changes also went through. The interest rate was slightly lowered, but this again changed in 2015 to meet the industry cap (0.8% daily) and flexibility has seen changes. The original TxtLoan term was 15 days that later shifted to 18. At each stage, new applicants could select £100 with potential bumps up to £500. At the start of 2015 we saw an overhaul that has again just changed. New users can access up to £1000 on repayments up to 1 month (based on payday) or 3 months. Existing customers can access Ladder that adds on 6 and 12 months with a max £2500 sum.