2014 Lender Lists:

Short Term Loans | Payday Loans | Instalment Loans | 12 Month Loans
Doorstep Loans | Guarantor Loans | Logbook Loans

Smile is an internet-only bank launched in 1999 by The Co-operative Group at www.smile.co.uk that has earned several awards over the years. Their office is located in the King’s Valley Pyramid building in Stockport that is familiar to me since this is my home town. The Smart overdraft charges are straight forward with there just being a single current account available. As well as this, the ins and outs of the product are designed to match the Co-op fees in most areas. One angle where they have improved on them is to offer a £500 overdraft limit that is much higher. This takes interest on at 18.9% EAR.

Borrowing costs £20 each year above £500. Any changes to your limit also attracts a £20 fee. If you head into informal borrowing then a £20 usage fee applies and should this increase the same fee shall follow. Unpaid items cost you £15. As at the central brand they have their waiver in place that protects you if the overdrafts last six consecutive working days or less and you haven’t requested informal overdrafts within the previous 366 days. This means that you can escape being penalised if this is your first time. If you have been in difficulty before and fall in deep then there is fortunately a quarterly cap of £150.

A Smile login is provided at www.smile.co.uk and you can also pick up their mobile app. If you need assistance then their call centre is open 24/7. There is a great incentive to switch over to them today. They currently offer £100 to you and £25 is directed to a charity. The discussed Smile overdraft charges are aided by that £500 limit that is higher than what you will receive through the Co-op accounts. You can also pay in cash and cheques at their Group’s large branch network. You do not receive any interest on your balances though that is one of the single product limitations.