Bright Sky Loans (aka BrightSky Loans) was launched a few months into the 2013 year. This project at www.brightskyloans.co.uk is a single trading brand from David Drysdale. The operation is based in Scotland. The actual Glasgow address (272 Bath Street) is however a virtual address shared by other loan companies, such as Stop Go Networks. Bright Sky’s popularity has picked up considerably over the past year, likely due to their high ad spends in Google. The product available here is an unsecured loan with headed amounts of £500 to £20,000. The repayment terms are set between 12 and 60 months. The representative APR is 21% with an example presented of £1000 over 12 months costing £111.90.

They are primarily targeting those with low credit scores and so the 21% APR figure is a little misleading. There is a small form on the homepage of www.brightskyloans.co.uk where you enter your name, your contact number and email address. When a lead is received they’ll likely send a message informing you to contact them to run through the application. Across the site they expand on this that applications are to be processed by phone. Be aware that this is a premium rate contact line (0903 991 0088). The calls are charged at £3.60 per minute plus your phone provider’s access charge. It is stated that the calls will not exceed 15 minutes or £54.

They aim to complete the process by forwarding your details on to their partners, hopefully with some money landing in your account within 7 working days. To be honest, their business model would likely be based centrally on those calls, especially if it is true that they serve thousands of people every month. We spotted no discussions, reviews etc on the web and so it is difficult to know just how well they measure up as loan finding service. It doesn’t help that they don’t share any info on the lenders used. Having to apply by phone is a further limitation, especially since there is a premium line involved, although they are at least fully transparent about this.