Update: This brand has been closed. They now operate as UK Credit only.

Loans4Tenants is a new service served at www.loans4tenants.com that was launched in October 2013. This brand was crafted by UK Credit Ltd who also trade as Guarantor Loans Online and UK Credit. You receive the same product when applying through either of those, but with the brand in question they are opening the doors to more people. This is through the introduction of tenant guarantor loans that replaces the requirement for the backing of a UK homeowner. This creates more risk and so the costs are higher here. If you apply at The Quick Cash Club then they also accept tenant guarantees, but they cater payday loan level amounts only.

When it comes to pricing, a fixed APR of 69.9% is in place that translates to £1000 over a 12 month period costing £317.12. You can additionally select their homeowner option that will redirect you to UK Credit where the rate is 47.9% APR (charge of £228.44). The Loans4Tenants product characteristics are smaller in their sizing than their other properties. Between £1000 and £3000 can be received between 12 and 36 months. When you are making an application over on the www.loans4tenants.com site this form is fully secure. Same day cash is available so long as the application is processed throughout the day of Monday to Friday.

The tenant guarantor must be at least 25 years old, they must be earning £1500 each month and they must be on the electoral register at their rental property. I do think that this new service has a lot of potential moving forward! When you usually have to find a homeowner, you can imagine that family members would usually be brought into the agreement on most occasions. When finding a tenant on the other hand this could just be a friend of yours that creates more scope within this niche. The pricing itself is also much more competitive than the various other bad credit loan solutions around today.

The Lending Well previously offered a payday loan peer to peer service through www.thelendingwell.com with their launch occurring in 2012. This product was closed in late March 2013 due to an unsuccessful attempt to make the P2P payday loan concept workable. They had of course taken their inspiration from Zopa who have enjoyed considerable success since launching. They allow everyday people to lend out of their own pocket that then gets thrown into a large pool for a return. Zopa has always focussed on prime lending whereby their clients have a good credit history (creating minimal defaults). They recently quoted a default rate of just 0.03%.

The default rate in this sector has been reported to range between 10% and 20%. With this data in mind, it is no surprise to see that problems would have been faced here. PiggyBank was another company to try out P2P in this industry, but they soon adapted to lend their own cash. If you visit www.thelendingwell.com just now they are merely collecting emails and they have previously stated that they will be returning, although this will be within a new market. When The Lending Well was active they promised a 12% return. £100 to £750 was available across flexible terms of 10 to 31 days.

The interest was set well at 1% daily and if fast cash was required then a £6 charge was in place to make this quick transmission happen. The website included secure logins and the design of it was impressive with them using Wickedweb to create this. I do think that we will see this brand returning soon, although just what they will come up with remains unclear at this time. I wasn’t too sure why they didn’t just follow in the footsteps of PiggyBank and just lend directly themselves. They could have even perhaps raised the eligibility requirements and made the P2P side of their business as being optional.

IDosh was a payday loan provider at www.idosh.com that was owned by Cashfoundry Ltd who were based in Harrogate. This company had launched back in the year 2012, although their time active was short lived and the service was closed down without any notice. They did run some social brand pages that were starting to become inactive throughout the later stages of 2012 and so this was a sign that things weren’t going too well for them. They then closed a few months into 2013. During the period that they were serving loans they had become quite a popular name, although this has now faded.

To run through their product details that were in place, they did offer £100 to £400 to every new customer and £1000 was possible to return customers. Although you could pick out a specific repayment date, this surrounded the time of your next payday and so a full charge was always required. This cost for interest was set at 30% (£30 per £100) and there was also a fee of £5.50 that had to be paid to cover the transfer. With these charges combined, this overall cost did sit above the market average that would have made it difficult for them to stand out in this crowded industry.

The IDosh loans could be controlled swiftly through the login facility at www.idosh.com that was designed well and included SSL. The reviews back then showed lots of positive feedback and this was a respectable company that did hold a BCCA member place. The times in which funding could be received was limited since they closed at the weekend. This was the only company competing in this sector from Cashfoundry. What happened to trigger their exit is unclear, but as always you have to consider fierce competition being enough to tip smaller companies like this over the edge into a position whereby they can no longer function.

Update: This brand has been closed. They now operate as UK Credit only.

Guarantor Loans Online (GLO) has been providing their loan service through www.guarantorloansonline.com since 2010. The brand owner is UK Credit Ltd who are based in Norwich. Amigo Loans have had several competitors and many new ones have launched recently, but GLO has really been the biggest threat to their market share. They have managed to stand out from the crowd through their competitive interest rate offering. To highlight this, a £1000 sum over 12 months would be priced at £228.44 and this comes at the rate of 47.9% APR. In comparison, the rate at Amigo is 49.9% and their cost would be £236.72.

This shows that they are cheaper although there isn’t a significant difference. There would be a broker fee here if you were referred by a partner and so you should head directly to them to avoid this. When making an application you could choose between the amounts of £1000 to £5000, but they have now increased the maximum sum to £7500 that is a good move on their part. The term range of 12 to 60 months has remained the same. If you take out a loan with Guarantor Loans Online then you would have to do this without a login at www.guarantorloansonline.com. They do use SSL though and they have recently revamped the design.

Their opening times are 8am/8pm (Monday/Thursday) Friday (8am/6pm) and Saturday (9am/12pm). So long as the application is given the green light, cash can be received on the same day. The guarantor must be a UK homeowner with a good history in repaying their debts and they must be aged from 25 to 72. They have interestingly recently launched another brand called Loans4Tenants. The costs are more expensive there, but the person backing the loan is not required to be a homeowner and so more risk naturally is going to be attached, hence the price bump. GLO have also now took on FLA membership. Just to add that the product in question today is now also available through UK Credit.

Speed e Loans was a payday lender that had originally entered the market back in 2009 through the address of www.speed-e-loans.com. This company that was based in Borehamwood ran into financial problems and entered into administration. The administrators were appointed in July 2013. A few months before this took place they had published results revealing that they required more funding to continue trading and so the closure was no major surprise. When they were active they were well known and they had even received press in the media. This included an article in The Guardian that discussed the typical working day of one of their employees.

They were even at one time the sponsors of the World Championship snooker players Ali Carter and Joe Perry. Speed e Loans were available over the month and you could also take a second monthly term is you wished. Over these periods, you could receive cash amounts between £150 and £500. The charge imposed was set at £30.70 per £100 and there was also a same day transfer fee to pay that was priced at £4.95. On a previously owned payday loan comparison website I had promoted this company and it was always clear that they were very strict with who they chose to accept.

If you were issued a loan from them then this could be managed online at www.speed-e-loans.com. If you visit this site now you will quickly see their under maintenance notice. They did take on BCCA membership and they had received favourable reviews across the market, but they were as noted very picky. This was a sole trading brand that the owner was operating through. Due to the administration, it doesn’t appear that they will be returning. It was a shame to see this popular lender close down, but there have of course been many other companies that have faced similar closures due to the fierce competition.

Debit Card Loans was a monthly direct lender that was active through www.debitcardloans.info. This website was created in 2009, but when they were operating it was stated by them that they had been lending since 1984 that would have been through some kind of high street operation. The “Debit Card Loans” term is searched for frequently in the Google search engine. This is a generic term that isn’t particularly associated with this lender. With this in mind, their exact popularity was always unclear and I can’t recall seeing them advertised online. There was also no online discussions on the various consumer finance forums that is quite rare.

To cover their product, this Luton-based outfit provided a monthly payday loan. This service covered the amounts of £100 to £800, although they did make a reference that they would usually cut down new customers to smaller amounts. When it came to pricing, the interest was charged at £30 per £100 that was good price. However, if you wanted same day funding then this would have attached a £15 fee. You could freely just choose their slow funding if you could be patient for a few extra days. The www.debitcardloans.info domain did not include a customer login facility, but they did always use secure encryption.

This website is actually still up, although it just states that they are no longer trading there. Further to this a contact number is displayed for anyone who had an account there who still needs to clear their balance with them. They did operate between Monday and Friday only and they required all applicants to be aged above 21 years of age. I don’t think much effort was injected into advertising over their trading years. Since they do note roots of 1984 though, there may be more to this company than what is accessible online. There are no details surrounding what was the specific reason for the closure.

PoundAccess was another payday lender that unfortunately faced difficulties that followed with the closure of their service. This brand was originally setup at www.poundaccess.co.uk back in the year 2011. It appears that they closed down a few months into 2013 and so they weren’t active for long. Soon after this, it was stated by them that they had stopped trading and that collections would be made by Engaged Solutions Ltd. They did at the time note that they would return back soon. This website has now simply been taken down. The owner was Via SMS UK Ltd that is part of the Via SMS Group.

This company is active today in 6 countries across Europe such as Via SMS in Poland where they are highly established. When they were active locally they offered flexible loans between £1 and £500 with terms of 1 to 30 days. The interest cost over 7 days was £7.25 and this was joined by a £5 same day transfer fee. What was notable with the PoundAccess loans was that they started offering sums from just £1. Wonga.com was the first company to do this and they may well be the only one in operation today. Secure applications were taken at www.poundaccess.co.uk and this included logins.

As an existing customer you could apply by text if you wished to do this. Applications were processed between Monday and Friday only. The early reviews were positive and they were a respectable outfit that did hold CCTA membership. It has never been made clear why this lender closed down. There may have been financial problems, but the competitive landscape of the payday loan sector may have been enough to push them over the edge. The larger group is still operating across Europe and there was that note that they would come back soon. We may well see a return, but it doesn’t like this will happen anytime soon.

FLM Quick has now closed down, but we will be looking here at this service in further detail and also at the alternative solutions available today. Despite this closure, this company is still searched for a considerable amount online. If we go back to the early days, this guarantor loan product was created in 2008 and it was served from www.flmquick.co.uk. This company was the workings of The Richmond Group who are well known for Amigo Loans. FLM Quick was a miniature version of this service that did require a guarantor backing, but it was designed more along the lines of a payday loan alternative.

The cash sums were £50 to £500 and an excellent term range was offered from 1 day through to 24 months and early settlements could be made. If you did choose to settle after just a month then on each £100 you would need to pay £9.56 (including a fast transfer) that is certainly great value. A backing was required though who had to be a UK resident at the age of 18 with good credit (they didn’t need to be a homeowner). A secure login was equipped to www.flmquick.co.uk. If you visit this site now you will see the notice of their closure.

This page heads some background information and they then link out to Amigo Loans. What was the reason for this closure? Well, despite the excellent pricing and term offerings, when you are applying for small loans like this you can’t imagine most people wishing to involve third parties. It is a little different with Amigo where you can possibly access 1000s of pounds (rather than 100s). Perhaps they just wanted to focus more on this central product. If you are looking for a similar lender to FLM Quick, then you should check out The Quick Cash Club that was created by a previous employee from The Richmond Group.

Update: This company has now closed and forwards visits on to the broker at the (.com). It appears that they have sold this domain on to them.

Swift Money is a direct lender based in the region of Bournemouth. They cater a range of terms that can be selected as monthly, between 3 and 6 months or between 12 and 24 months. The brand owner here is New Forest Finance Ltd. They were formed in the year 2007 and the site for this brand in question (www.swiftmoney.co.uk) was composed later in 2008. This company is not to be confused with the broker that uses the same name via the (.com). This appears to be the single loan service provided by New Forest Finance. Their popularity is fairly moderate, with this being a small family owned business.

The payday product grants £100 to £200 at first and £1000 when returning. The instalment product is noted as £750 and the longest term highlights that £3000 is possible. The Swift Money payday loan costs £30 per £100 for interest, but there is also a £10 admin fee deducted from the funds sent. This is only the full cost if you wait on slow funding, with the fast transmission costing £15. The pricing over instalment periods is much more expensive compared to what’s available from the big sector names. This is not helped by the added fees. No customer login facility or encryption is attached to www.swiftmoney.co.uk.

One thing of further note is that you can only apply when you are aged above 23 and you must also be earning £1500 monthly. This lender is open from Monday to Friday only between the times of 9am and 6pm. It is good to see that they do offer plenty of flexibility when it comes to repayments, but the costs are too expensive when you have to be paying admin and fast transfers fees on top of interest. What they ask for in eligibility is also too much. Many of the biggest payday lenders ask for much less from their applicants and they charge much less as well.

Update: Mums Payday Loans Closed

Mums Payday Loans is a newly formed brand for 2013. This lender can be accessed through www.mumspaydayloans.co.uk where they claim to operate 24/7. This is a monthly product, but interest is charged daily and so if you are being paid in 20 days then you only pay for 20. You can select any single amount between £100 and £250 when applying for the first time. The return sum in the FAQ is headed at the amount of £400. For a loan of £100 over 30 days, here you would pay £30.92 for the interest and so this is just a little over 1% daily.

This is a competitive price, but a £5 FPS fee must also be added on top of this. It would be ideal to see a promo code released for this, since there are already a range of established lenders that charge 1% or less for same day loans. Over at www.mumspaydayloans.co.uk they do encrypt applications, but they currently provide no customer logins. With the gender branding here, it looks like they are trying to follow in the footsteps of the popular broker Cash Lady. The difference is that the Cash Lady owner Money Gap Group Ltd is receiving mass brand exposure through TV advertising.

They also have a successful affiliate program that has helped to push them forward as a market leading broker. The Mums Payday Loans brand needs to start doing more on the advertising front if they are looking to find similar success. I only ran into them myself after spotting their listing on Loanfinder. The major asset here is that it is listed within their FAQ that they never close and can be contacted any day or night! Whether you are likely to get an automated line when calling in the early hours remains unclear, but it is at least good to know that weekend funding is catered here.