2014 Lender Lists:

Midland Credit @ www.midlandcredit.co.uk

Midland Credit was established in 2011 and they then started out on www.midlandcredit.co.uk in 2012. Their office is setup in the area of Derby. This company isn’t too well known across the sector, but they haven’t been active for that long. They have certainly packaged their website well and they do have a high score over on Trustpilot. This brand is targeting subprime audiences and those in self-employment. They do ask that every applicant must meet their minimum age bracket though that stands at 21. The financing agreement was not stated, but there was a section covering Hire Purchase and so this would be expected.

The direct lenders that they’ll match you to are not disclosed. They do hand some clues to the likely costs though from the finance calculator fitted into www.midlandcredit.co.uk. They do secure applications here that is always important to see. The amounts of £3000 to £50,000 are available over the periods of between 24 and 60 months. As the norm, we were looking for a £10k sum over 48 months. This created a selection of charges determined by profile scores. The costs included £1198 (Excellent), £2598 (Good), £3798 (Fair), £5598 (Poor) and £7398 (Bad). I would have thought that Poor would have been considered as the most expensive tier.

Anyway, the rates of APR for these examples were 5.99%, 12.99%, 18.99%, 27.99% and 36.99% that would likely be offered to their subprime target audience. Decisions are promised within one hour, although the processing takes place during Monday to Friday from 9am to 5.30pm only. You can pick up your vehicle from any dealer once approved by their lending panel. They have their own database if you would prefer to use that. Midland Credit as noted has a top Trustpilot score that is always a good measure of quality. This currently stands at 9.8/10 and they have received around 300 reviews to date.