Different Money Review | www.differentmoney.co.uk
Address: Moseley Hall Farm, Chelford Road, Knutsford, Cheshire, WA16 8RB.
Branding: Different Money. Also known as: DifferentMoney.
FCA Licence: 656987.
From: Different Money Ltd.
Launched: 2014 (2013 as MyMate).
Related: No companies.
Available: Monday to Friday (8am/8pm), Saturday (9am/1pm).
Bad credit considered: Yes.
Manage: Different Money login provided via www.differentmoney.co.uk.
Offers: Instalment loans.
Pricing: £156.51/£300 (3 months).
Sums: £150 to £2500 (new) | £2500 max (returning).
Terms: 2 to 12 months.
Notes: Although the term range is stretched out, restrictions are imposed based on the cash sum selected. If you are for instance borrowing £300 then you can only select up to 4 months and at £1000 the limit is 9.
– Amounts: The maximum loan of £2500 here is abnormally high. They have offered this impressive sum even through their previous trading brand.
– Flexibility: There is plenty of repayment choice available for the Different Money loans, although as we noted above there are restrictions based around how much you choose to borrow. You can settle at any earlier point to grant savings, but you can’t do this through the logins and will have to call them up.
– Operations: Long business hours throughout the working week are in place and they also open for some time on a Saturday. Although the hours are impressive, they were much better previously that is covered in further detail below.
– Guarantor backings could potentially be brought into the agreement if the application was declined. From looking at the site now this support has been removed.
– Pricing has been trimmed down. The previous cost of a £300 loan over 3 months was £172.41 (it’s now £156.51). If you went for a larger amount over a full year then the cost would also be improved compared to before. We usually provide examples for £300 over half a year and £1000 over a full year, but these repayments can not be selected for these sample figures due to the noted limits.
– Rebranding took place in 2014. They registered their new domain in August and so would have launched some time after this. It was strange to see this big change take place since MyMate had only arrived in 2013. The branding on the original company was catchy, but the newer identity itself works well. Although there has been a change on the name, some of the product characteristics have remained the same such as the cash sums and the terms.
– Trading times have been shortened. Originally they opened between Monday and Saturday only, but they later upgraded to open on a Sunday. This is however no longer the case. Other than no coverage on Sundays, the Saturday time has changed from 10am/6pm into 9am/1pm.