Advantage Finance Review | www.advantage-finance.co.uk
Address: Unit 7 Acorn Business Park, Moss Road, Grimsby, DN32 0LW.
Branding: Advantage Finance. AKA: AdvantageFinance.
FCA Licence: 470036.
From: Advantage Finance Ltd (part of S&U Plc).
Available: Mon to Fri (9am/5pm).
Bad Credit Considered: Yes.
Manage: No Advantage Finance login at www.advantage-finance.co.uk.
Niche: Car, LCV, motorbike.
Products: Hire purchase.
Sums: £2000 to £10,000 (new and returning).
Terms: 12 to 60 months.
Notes: You can apply directly through the site and this service is also reachable through 100s of dealerships. Applicants have the freedom to source the dealer of their choice. The contact times aren’t shared. Bad credit is considered, but there are restrictions queried at application stage. This includes a starting age of 22 and minimum pay of £850 per month or £200 if paid weekly. Those in self-employment are asked to show recent bank statements.
– Experience: This has been a highly profitable business since launching in 1999. Their record was broken in the year ending 2015 when they generated £16.7 million. Market experience is also seen through their owner who was formed in 1938.
– Ownership: S&U Plc was established by Clifford Coombs in 1938. They later floated on the London Stock Exchange in 1961. The owner’s pre-tax profits sat just above £23 million. Some of this sum was portioned to LoansatHome4U who are the 3rd biggest doorstep lender. They were sold to Non-Standard Finance Plc in summer 2015 for £82.5 million. S&U’s objective moving forward is to focus solely on this business that they’ll be hoping to turn into the #1 subprime solution.
– Pricing: 29.26% is the cheapest subprime rate that we have covered to date. Moneybarn starts at 25.3%, but that is for good credit. Their low score rate is 39.3%.
– Profile: Commands a fair level of web popularity that you’d expect to increase further now that the doorstep lending business has been sold, hence more focus shifting here. You’d expect to see more investment in such things as advertising, dealer network expansion etc. They have accepted over 80,000 people since launch and are now growing at a rate of 12,000 users per year.
– Days/times now added.
– Sum was £12k max, but this has changed.