Fancy a Payday Review | www.fancyapayday.co.uk

Fancy a Payday

Last Update: November 4th, 2016 (REBRANDED)

About…
Address: 8 Trinity, 161 Old Christchurch Road, Bournemouth, BH1 1JU.
Branding: Fancy a Payday. AKA: FancyaPayday.
FCA Licence: 670986.
From: Response Funding Ltd.
Launched: 2009 (became Response Funding in 2016).
Memberships: Non.
Related: THL Direct.
Website: www.fancyapayday.co.uk.

Product Details…
Bad Credit Fancy a Payday Loans Available?: Yes.
Manage: No Fancy a Payday login at www.fancyapayday.co.uk.
Offers: Instalment loans.
Opening Hours: Monday to Friday (9am/6pm).
Secure (SSL): Yes.
Sums: £150 to £200 (new) | £500 max (returning).
Terms: 3 months.

The Pricing…
£48 /£200 (30) (early settlement) <0.800%>
£167.04 /£300 (82) <0.679%>

Notes: The updated amounts and price has been added for their newly named company. £300 would be available on re-loans only. Workplace call checks were required (this may have changed). There was a minimum age requirement of 21 years old although this looks to have also changed.

Additional Info…
Put Bournemouth on the map for short term lending firstly with THL Direct in 2008 and this featured brand then followed in 2009. This firm changed their name to Response Funding in March 2016. Not many other service updates have gone ahead since the change. The main one is in previously offering £100 to £200 to new and returning customers. Whether you apply through the new project or THL you will be provided with the same 3 month loan. There has been a number of high profile lenders shutting down recently. To be honest, this is one of the providers that was expected to close down. This is based on the very high pricing that they charged (detailed below). Through the transition to instalment they have just been able to stay ahead in meeting the cap.

Updates…
– 2016 saw a rebrand. The sums were updated and the required age and workplace calls look to have been relaxed. SSL has been added to the new site.
– Amounts were £100 to £150 with £250 being the possible return sum.
– Pricing was historically abnormally high. The monthly £100 interest was set at £30 and there was a required £25 fast funding fee. This £25 fee also took on 30% interest that added £7.50 on to the balance and so you were looking at £62.50 that was over double what some lenders were charging back then. This has been their cost over the years, but we also believe that a £3.99 admin fee was later imposed on initial loan applicants. As you can see, this service was expensive, but fortunately the FCA cap is now in force and so they have had to stick at 0.8% daily.
– Product was designed as a fixed monthly payday loan. This has become 3 months only.
– Website was updated when they released their new instalment product.

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