Best Instalment Loans: Direct Lenders Compared

*Skip to Comparison*

Last Update: February 12th, 2017

Compare Instalment Loans for Bad Credit (+Prime)

About:

Instalment loans are marketed as a better payday loan alternative. The term is commonly stretched out to 3 or 6 months that helps to break down the chunky repayment seen in the traditional monthly products. The daily interest works out much cheaper in comparison to continually rolling over, although the FCA has now ruled out continual extensions (rollover limit is 2). The instalment sector hasn’t been booming, but its popularity has seen a spike in 2015. Through industry capping we have seen many shorter term lenders head into this niche. This is a profitable market to be involved in since whilst the rates are lower, the user is continually generating a return for the lender.

Dominance:

Lending Stream has been the major contesting brand since they launched in 2008. Across the industry they are one of the very top spenders on advertising whether that be on Facebook or TV. The competition has been hotting up though with Satsuma Loans posing a real challenge to them. Pounds to Pocket originally offered their product over a year, but their monthly terms now spread between 6 and 12. Various big name monthly firms have also moved into this field that has balanced out the market share further. Getting back to Lending Stream, they offer 6 month loans, but as with many of their competitors you can settle much earlier. They did trade 24/7, but they now close at night (new times are 7am to 10pm).

Eligibility:

The requirements are a little higher than payday/short since customers typically borrow larger sums of cash. You’ll need to be a working UK resident at least 18 year old. Your credit score can be low, but not in the red (CCJs, several defaults). It is common to see telephone calls being made to yourself or to your workplace before payouts are made.

Market Size:

When payday lenders were hit with price capping, many crumbled, whilst others moved into this niche where there is now lots of choice. The current lender count stands at 47. These companies weren’t affected so much by capping, since their rates were already some way below the 0.8% daily mark. Whilst an improved deal is available, the interest amounts ramp up over a prolonged time. For longer term borrowing it may be a better idea to opt for a guarantor or personal loan where the rates are much lower.

We Have Compared:
Cost (C): Total cost of a £300 loan taken over 3 or 6 months (marked as 3 and 6)
Operations (O): Opening days and times
Sums (S): How much can be borrowed (New = N and Return = R)
Terms (T): The selectable repayments in monthly blocks

Notes:
– Listings are sorted alphabetically.
– There are occasions when a company starts much higher than £300. When this is the case we have split a £600 loan. If they don’t reach £300 then we doubled up £150. Otherwise, they may offer low sums, but impose restrictions.

Best Instalment Loans: Direct Lenders Compared:

Care Finance and Loans (2010)
Care Finance and Loans
C: £171 (3)
O: Mon/Fri. Times unknown
S: £100 to £150 (N) and £500 (R)
T: 3
* Only existing users can access the sampled sum

Cash4UNow (2011)
Cash4UNow
C: £153 (3) and £255 (6)
O: Mon/Fri (9am/5.30pm)
S: £100 to £400 (N) and £750 (R)
T: 2 to 6

Cash ASAP (2012)
Cash ASAP
C: £154.23 (3)
O: Mon/Fri (8am/9pm), Sat (8am/7pm), Sun (9am/7pm)
S: £100 to £300 (N) and £750 (R)
T: 1 to 31 or 3 months
* Starts from £50 for 1/31

CashFloat (2014)
CashFloat
C: £146.84 (3)
O: Mon/Fri (9am/5.30pm)
S: £200 to £500 (N) and £1100 (R)
T: 1 to 4

Credio (2014)
Credio
C: (£41.35) £78.70 (3)
O: Mon/Fri. Times unknown
S: £50 to £200 (N and R)
T: 1 to 4
* £150 example in brackets. Interest is then doubled, but not the fee
* Looks to be dormant. See profile for more info

Different Money (2014) (MyMate/2013)
Different Money

C: £156.51 (3) and (£517.44) £258.72 (6)
O: Mon/Fri (8am/8pm), Sat (9am/1pm)
S: £150 to £2500 (N and R)
T: 2 to 12
* £600 example in brackets. This is then split

Drafty (2016)
Drafty
C: £48.60 (3) and £97.20 (6)
O: Mon/Sun (7am/10pm)
S: £200 to £3000 (N) and £5000 (R)
T: 1 day+
* No fixed repayment. Can draw £50 (1st) and then £20 on re-loans

Fair Finance (2005)
Fair Finance
C: £85 (6) | £96 (26)
O: Mon/Fri (9am/5.30pm)
S: £100 to £2000 (N and R)
T: 6 to 18
* Monthly and weekly repayment options
* Must complete at branch (London area) with 5% admin fee

Ferratum (2010)
Ferratum
C: £154.26 (3)
O: Mon/Tue (8am/7pm), Wed (8am/5pm), Thu (8am/7pm), Fri (8am/5pm), Sat (8am/12pm)
S: £50 to £300 (N) and £500 (R)
T: 1 to 4 months or 3 to 6 months (PlusLoan for return users only)
* Existing customers can receive weekend funding
* PlusLoan amounts differ as £300 to £500 (N) and £1000 (R)

H&T Finance (2015)
H&T Finance
C: £134.40 (3) and £178.32 (6)
O: Mon (9am/5pm), Tue (9.30am/5pm), Wed/Sat (9am/5pm)
S: £50 to £1000 (N and R)
T: 3 to 24
* H&T relaunched online in 2015

Kabayan Finance (2010)
Kabayan Finance
C: £109.94 (3) and £154.94 (6)
O: Mon/Fri (9am/5pm), Sat (10am/2pm)
S: £300 to £1000 (N and R)
T: 1, 3, 6 or 12
* The payday option starts at £100

Lending Stream (2008)
Lending Stream
C: £275.52 (6)
O: Mon/Sun (7am/10pm)
S: £50 to £800 (N) and £1500 (R)
T: 6
* Existing customers can receive 24/7 funding

Money Boat (2014)
Money Boat
C: £130.79 (+discount) £135.30 (3) and £251.65 (+discount) £255.91 (6)
O: Mon/Fri (8.30am/5.30pm)
S: £200 to £800 (N) and £1500 (R)
T: 2 to 6
* Single discount available for customer review

MPP Money (2013)
MPP Money
C: £145.47 (3)
O: Mon/Fri (9am/5.30pm)
S: £100 to £500 (N and R)
T: 15 to 90 days
* Must show 2 payslips

Mr Lender (2009)
Mr Lender
C: £143.20 (3) and £254 (6)
O: Mon/Fri (8am/6.30pm), Sat/Sun (8am/3.30pm)
S: £200 to £500 (N) and £1000 (R)
T: 3 to 6

MyJar (2013) (TxtLoan/2009)
MyJar
C: £144.06 (3) and £234.54 (6)
O: Mon/Fri (8am/8pm), Sat (8am/6pm), Sun (9am/6pm)
S: £100 to £1800 (N and R)
T: 3, 6 or 12
* Existing customers can receive 24/7 funding
* Longer term sees £250/£3600 (12)

Oakam (2007)
Oakam
C: £129.78 (3) and £263.16 (6)
O: Mon/Fri (8am/7pm), Sat (9am/6pm)
S: £200 to £1750 (N and R)
T: 3 to 12 or 12 to 36
* 12/36 amounts differ as £1000 to £5000 (N and R)

Payday Express (1999)
Payday Express
C: £139.98 (3) and £217.80 (6)
O: Mon/Fri (8am/7pm), Sat (9am/4pm)
S: £100 to £2000 (N and R)
T: 1 to 12
* Existing customers can receive Sunday funding

PaydayUK (2003)
PaydayUK
C: £139.98 (3) and £217.80 (6)
O: Mon/Fri (8am/7pm), Sat (9am/4pm)
S: £100 to £2000 (N and R)
T: 1 to 12
* Existing customers can receive Sunday funding

Peachy (2011)
Peachy
C: £158.60 (3) and £299.61 (6)
O: Mon/Fri (10am/6.30pm), Sat/Sun (9am/5.30pm)
S: £50 to £700 (N and R)
T: 1 to 12
* Peachy promo code box on site, but no live codes

PiggyBank (2012)
PiggyBank
C: £155.79 (3)
O: Mon/Thu (8am/7pm), Fri (8am/5pm), Sat (9am/1pm)
S: £150 to £1000 (N and R)
T: 7 to 35 days or 2 to 5 months
* 7/35 amounts differ as £100 to £400 (N) and £1000 (R)

Pixie Loans (2014)
Pixie Loans
C: £154.24 (3)
O: Mon/Fri (8am/5pm)
S: £150 to £650 (N) and £1000 (R)
T: 1, 2 or 3

Pogo Loans (2015)
Pogo Loans
C: £115.59 (3)
O: Mon/Fri (9am/5pm)
S: £200 to £600 (N and R)
T: 2 or 3

Pounds Till Payday (2006)
Pounds Till Payday
C: £155 (3)
O: Mon/Fri (5am/8pm)
S: £100 to £500 (N) and £1500 (R)
T: 1 to 5

Pounds to Pocket (2010)
Pounds to Pocket
C: £199.61 (+promo) £208.08 (6)
O: Mon/Fri (7am/10pm), Sat/Sun (10am/6.30pm)
S: £200 to £2000 (N and R)
T: 6 to 12
* Pounds to Pocket Promo (FIRST10) is for new customers

Quick Loan Shop (2012)
Quick Loan Shop
C: (£152.28) £76.14 (3) and (£281.10) £140.55 (6)
O: Mon/Fri. Times unknown
S: £400 to £2000 (N and R)
T: 1 or 3 to 12
* £600 examples in brackets. These are then split
* 1 month amounts differ as £100 to £500 (N and R)

QuickQuid (2007)
QuickQuid
C: £205.20 (+promo) £216 (3)
O: Mon/Fri (7am/10pm), Sat/Sun (10am/6.30pm)
S: £50 to £1000 (N) and £1500 (R)
T: 1, 2 or 3
* QuickQuid Promo (QQ5) for new customers

Quid Market (2009)
Quid Market
C: £154.37 (3)
O: Mon/Thu (8am/6.30pm), Fri (8am/6pm), Sat (9am/4pm)
S: £200 to £750 (N and R)
T: 1 to 6

Response Funding (2016) (Fancy a Payday/2009)
Response Funding
C: £167.04 (3)
O: Mon/Fri (9am/6pm)
S: £150 to £200 (N) and £500 (R)
T: 3
* Example only shown for 82 days

Satsuma Loans (2013)
Satsuma Loans
C: £142.80 (3) and £268.80 (6) | £129.26 (13) and £274.60 (26)
O: Mon/Fri (8am/8pm), Sat (8.30am/5pm)
S: £100 to £1000 (N) and £2000 (R)
T: 13 to 52 weeks or 3 to 12 months
* Monthly and weekly repayment options

Savvy (2014) (Valour/Unknown)
Savvy
C: £300 (6)
O: Mon/Thu (8am/7pm), Fri (8am/5pm), Sat (10am/2pm)
S: £200 to £3000 (N and R)
T: 6 to 24

SkyQuid (2014)
SkyQuid
C: £216 (3)
O: Mon/Fri (9am/6pm)
S: £100 to £500 (N) and £1000 (R)
T: 1 to 90
* Loan sum set by credit check

Smart Pig (2012)
Smart Pig
C: £150 (3) and £150 (6)
O: Mon/Fri (9am/7pm), Sat/Sun (10am/6pm)
S: £50 to £350 (N and R)
T: 1 to 180 (next SLC pay date or sooner)
* Student only loans. Price capping at 50% of sum

Square Today (2015)
Square Today
C: £279.52 (6)
O: Mon/Fri (9am/5pm)
S: £200 to £850 (N and R)
T: 5 to 9 or 12 to 36
* 12/36 amounts differ as £1000 to £5000 (N and R)

Sunny (2013) (1 Month Loan/2004)
Sunny
C: £137.99 (+promo) £154.24 (3) and £262.87 (+promo) £295.91 (6)
O: Mon/Thurs (8.30am/7pm), Fri (8am/5pm), Sat/Sun (10am/3.30pm)
S: £100 to £2500 (N and R)
T: 6 to 14
* Sunny Promo (SUNNY10‎‎) is for 6 months or less
* You can settle early for terms below 6

Swift Sterling (2010)
Swift Sterling
C: £155 (3)
O: Mon/Fri (5am/8pm)
S: £100 to £500 (N) and £1500 (R)
T: 1 to 5

The Money Platform (2016)
The Money Platform
C: No 3 month term
O: Mon/Fri. Times unknown
S: £250 to £1000 (N and R)
T: 21 to 84 days
* Must be 20+ to qualify with good credit
* Term is 84 days and £300 is not available. Hypothetically, cost would be £81

The Money Shop (1996)
The Money Shop
C: £110.97 (3) and £143.04 (6)
O: Mon/Fri (8am/7pm), Sat (9am/4pm)
S: £100 to £2000 (N and R)
T: 3 to 12 or 12 to 36 (in-store)
* 12/36 amounts differ as £2010 to £5000 (N and R)
* Existing customers can receive Sunday funding

THL Direct (2008)
THL Direct
C: £169.62 (3)
O: Mon/Fri (9am/6pm)
S: £200 (N) and £500 (R)
T: 3
* Example only shown for 83 days

TickTock Loans (2014)
TickTock Loans
C: £157 (3) and (£357) £178.50 (6)
O: Mon/Fri. Times unknown
S: £100 to £750 (N and R)
T: 2 to 8
* £600 example in brackets. This is then split

True Blue Loans (2013)
True Blue Loans
C: £155.38 (3) and £298.25 (6)
O: Mon/Fri (9am/5pm)
S: £100 to £300 (N) and £500 (R)
T: 3, 5 or 6

Trusted Quid (2011)
Trusted Quid
C: £247.82 (6)
O: Mon/Fri. Times unknown
S: £100 to £250 (N) and £1500 (R)
T: 6

UK Lenders Alliance (2011)
UK Lenders Alliance
C: £334.35 (6)
O: Mon/Fri (8am/8pm)
S: £100 to £600 (N) and £1000 (R)
T: 6

Uncle Buck (2004)
Uncle Buck
C: £145.51 (3)
O: Mon/Fri (8am/8pm), Sat (9am/3pm)
S: £100 to £500 (N) and £1000 (R)
T: 3
* Existing customers can receive Sunday funding

WageDayAdvance (2004)
WageDayAdvance
C: £211.20 (3) and £253.99 (6)
O: Mon/Fri (8am/8pm), Sat (9am/5pm), Sun (10am/4pm)
S: £100 to £500 (N) and £1000 (R)
T: 1 to 3 or 4 to 6 (Advance Plus)
* 1/3 amounts differ as £80 to £500 (N) and £750 max (R)

WizzCash (2012)
WizzCash
C: £155 (3)
O: Mon/Fri (9am/5.30pm)
S: £300 (N) and £1000 (R)
T: 3

Wonga (2007)
Wonga
C: £155.97 (3)
O: Mon/Sun (7am/10pm)
S: £150 to £400 (N) and £1500 (R)
T: 1 to 35 or 3 months (Flexi)
* Existing customers can receive 24/7 funding
* Short term amounts differ as £50 to £400 (N) and £1000 (R)

Comparison Insights:

Cheapest 3 Month Loans (/£300 for 90 Days):

1) Drafty: £48.60 (0.180%)
2) Quick Loan Shop: £76.14 (0.282%)
3) Credio: £78.70 (0.291%)

Cheapest 6 Month Loans (/£300 for 180 Days):

1) Fair Finance: £85 (0.157%)
2) Drafty: £97.20 (0.180%)
3) Quick Loan Shop: £140.55 (0.260%)

Notes: Daily rates to 3DP shown. With Fair Finance you must complete in branch (the monthly repayment example is shown). Quick Loan Shop’s charge is split from £600 since £300 is not available. Credio also doesn’t offer this sum and so their interest only was doubled (they charge a fee).

Experience: The Money Shop

The Money Shop’s first store was opened in 1996 and they headed online in 2015. Their sister site Payday Express was another early starter through store lending in 1999 (2003 online). H&T’s web product was relaunched in 2015. They are the oldest overall company though (1897).

Flexibility: Drafty

With Drafty’s product any single term of choice can be opted for. There are some other notable services such as H&T (1 to 24 months), Peachy (15 days to 12 months) and Sunny (6 to 14 monthly options). Both Oakam and Square Today offer longer term products, but with large cash sums only. Don’t forget that with most companies you can commonly settle early and pay interest up to that point.

Loans on Sunday: Various

Cash ASAP, Drafty, Lending Stream, Mr Lender, MyJar, Payday Express (return), PaydayUK (return), Peachy, Pounds to Pocket, QuickQuid, Smart Pig, Sunny, The Money Shop (return), WageDayAdvance and Wonga are your options on Sundays.

Sums (Smallest): Drafty

This lender starts at £200 as a credit limit, but you can draw out £50 at a time and then on re-loans £20. Credio, Lending Stream, Peachy and QuickQuid all start from £50.

Sums (Largest When New): Drafty and Fair Finance

Each lender’s top sum is £3000. Sunny get quite close to this at £2500. With Sunny you will however be placed on a 14 month term, but they state that you can then just settle after 3 or 6. Oakam, Square Today and The Money Shop offer £5000, but this is on their extended personal options. Also of note we have Pounds to Pocket that enable £2k over 6 months.

Sums (Largest When Returning): Drafty

Trusted customers see a potential £5000 high.

Email this to someoneShare on FacebookShare on Google+Tweet about this on Twitter