We Recently Explained why the site hadn’t been updated for some time and we expressed the desire to get things back on track. There is a lot to discuss when it comes to casualties from the FCA ruling, but for today we will just pick up on the major payday lender closures that we know as it stands. An entire fleet of firms have now closed down, however it is the bigger companies of interest since many of their exits came as a surprise. The most well known exit (certainly when factoring popularity though Google) would be Microcredit Ltd’s MiniCredit brand. They cancelled their licence and ceased trading as of the 10th December.

Miyagi Loans has not received fresh content or any updates for some time now that will be explained here. There is one major reason for this and a few other issues that haven’t helped the situation. Going right back to the beginning, no visitors arrived across the initial month. Then out of nowhere the hits started increasing very quickly and between this period and 6 months the traffic continued to grow until it peaked. We had hit first page rankings for many of the major lenders that were introduced and some of these are searched thousands of times each day via Google. We also received lots of brand-related searches from return users.

Every Payday Lender that we have studied asks that their customers must hold a UK bank account where they can issue the funds and later take the repayment from. Building societies aren’t often listed, but they’ll also be fine. There is no chance of receiving a payday loan with a prepaid card. Other than this, you can set up Direct Debits, pay your wages on them, use them abroad and so on. One company that has really shined in this sector has been CashPlus. They can offer a £250 overdraft and loans up to £400 through their IAdvance product. Their CreditBuilder offering is also notable that allows you to rebuild trust.

There is a significant demand for high acceptance payday loans in the UK. Many people in particular are searching for no credit check payday loans online. We were aware of two lenders that claimed to run no checks, but each of them now state that they do (these companies were AccessFastMoney.co.uk and PaydayOverdraft.com). Many Logbook Lenders that we have studied offer a no credit check loan, but you do have to secure the agreement on your car. This allows them to reclaim defaults with ease that explains their minimal expectations. Guarantor Lenders do conduct a search, but they too can take a punt on a poor score due to the backing.

Back in November 2013 The Chancellor of the Exchequer (George Osborne) announced that the government would introduce a cap on the cost of payday loans through amendments to the Banking Reform Bill. They have handed these powers to the Financial Conduct Authority (FCA) who replaced the Office of Fair Trading (OFT) for regulation. You may have noticed this change through the Consumer Credit Licence number now going under the title of the Interim Permission number. The FCA has already initiated changes to advertisements, to affordability checks and they now limit rollovers to two. They are also developing quite a reputation for churning out fines to various companies involved in financial markets.

Options are limited for those searching for small Payday Loans Online. Most monthly lenders offer a minimum cash sum of £100, but not everyone requires an amount this high. Someone may for instance just require a few notes to cover them for food until they are being paid in a few days. The perfect lender in this scenario would be Wonga. They allow you to choose any amount from £1 onwards and any repayment from one day onwards. So you could for instance receive £33 for 5 days if you wished and you pay for this duration only. In comparison, most mostly firms charge at £100 covering a full month.

We count direct Payday Loan Lenders through single brand identities. So if an owner had four brands/websites then we would consider this as four lending opportunities. However, it is likely that you could only borrow through any one of these at one time. As an example, in the Credit Card Space, you can’t receive an Argos or a Granite card if you already use Vanquis (they issue all such cards). Products may be matched across multi-brands, or there may be differences. In most cases, the same eligibility requirements apply and so if someone is known to be strict at one company, then this would commonly follow to the next.

A wide range of UK lenders promise quick loans in minutes, but who really delivers? Many companies do head up payday loans in 15 minutes (or even 10) that is generally done to drive up conversions. They all use the same Faster Payments Service (FPS) that as you may know from personal banking can take a few minutes, or it can take a few hours. The times in which a lender operates across can make a big difference to the payout process, particularly if underwriting is required. Some companies may only need to do this on the initial application if perhaps supporting documentation is required when an application is flagged.

Can you receive a £10,000 loan or even a £20,000 loan with bad credit? It turns out that you can and surprising these can be offered on unsecured terms with no guarantor required. Amounts of this size are naturally going to only be accessible to those that receive a sizeable monthly wage. It is understandable to see people searching for high cash sums, since it is easy to spend £20k on a car or perhaps on a wedding (average cost £18,000). It may be the case that the potential borrower doesn’t have bad credit, but we all know that banks are very selective when it comes to lending.

Government loans have been available in a range of forms over the years and these forms are continually evolving. It can be confusing to know what support is available to you, but we will try to cover some of the basic groundwork here regarding your financing options as it stands. Starting with the Crisis Loan, this product is no longer available in England, Scotland or Wales. They are currently still active if you reside in Northern Ireland though. Why are Crisis Loans no longer available? Well, these were abolished (alongside Community Care Grants) back in the year 2013 that was a result of The Welfare Reform Act 2012.