In our running coverage of past lenders we will today be looking at one of the major firms that closed towards the end of the 2013 year. This company was Toothfairy Finance that was the primary release of Web Loans Processing Ltd. When this owner entered administration this took down a whole host of trading brands with some of the more recent additions being Community Payday and Easy Finance Club. The Toothfairy Finance loans launch came in the year 2008 and they operated at www.toothfairyfinance.com. This option was a popular alternative to the many fixed payday products around since you could pick between 4 repayment offerings at 7, 14, 21 or 28 days.
Sometimes you see new lenders pop up and soon disappear overnight without a trace. Whilst there are many fly-by-night operations, it is a shame to see closures of services that have been crafted well, that have likely had a lot of time and investment poured into them. This was certainly the case with the Full Pocket loans brand that was active at www.fullpocket.co.uk. They launched in June 2013 and it is unclear when they bowed out. This was likely around the time that the FCA ruling went ahead. On this page we will just be running through some of the product specs that were in place during their limited time of operation.
Speed e Loans (or SpeedeLoans) closed a good while back now, but they were a popular brand throughout their active years and so we will cover some background information on them here today. This firm that was based in Borehamwood had launched in 2009 and they traded on the web through www.speed-e-loans.com. This company unfortunately fell into administration. The administrators were soon appointed to them in July 2013. There was some earlier signs that a storm was brewing ahead when they had reported that they were in need of funding to continue operating. This BCCA member developed a good reputation and they always notched up favourable reviews online.
MiniCredit closed after they decided to cease trading after making an application to the FCA. As a result, they stopped lending on the 10th December, 2014. The notice for this on www.minicredit.co.uk also mentions that they have transferred their customer accounts on to Kapama Ltd who are a debt purchase company and sister-brand to Opos. The decision to close is not fully addressed, but we’d hazard a guess that they could not meet the new FCA rulings on pricing. As well as this central brand, Microcredit Ltd also operated on the web as MiniCashLoans, although this company was unknown across the market. It did however grant longer repayment choices.
Speedy Dosh was a payday lender based in the capital that had traded from www.speedydosh.com since the year 2010. Over the time that this company was active they had built up a loyal following and had took on lots of position feedback for the quality of the service received. Unfortunately, they would go on to close although we have no idea when this occurred (it was not a recent exit). They did tend to post a lot through their Facebook page and the updates from this suddenly stopped and so perhaps this was a sign that things weren’t going to plan. The product on offer was packaged together well.
Liquid Advance was a payday lending brand created by Yes Solutions Ltd who were based in London. They operated through www.liquidadvance.com that was setup back in the year 2007 and so they had been active for a long time. They never tended to focus much on advertising and so they did tend to fly under the radar in comparison to the top monthly lenders. The point when this company closed down is unknown, but it would have been sometime in the run-up to 2015 when all companies had to adapt their pricing to meet the cap. When active, the available sums of £100 to £750 could be received over a month.