Lifeboat Loans Info (Closed)

Lifeboat Loans launched in summer 2013 and they closed in the second half of 2014. This brand was setup by Lifeboat Assistance Ltd who were based in Doncaster. There has been some recent confusion in seeing Fidelity Works Ltd (known for True Blue Loans) having their site (www.lifeboatloans.co.uk) listed on their credit licence although this domain is currently listed for sale. There doesn’t appear to be a direct connection between these companies and so whether they acquired the rights when the closure took place is unclear. Fidelity Works do have quite a few projects and so they may have purchased, but decided not to run forward with the relaunch.

Whilst Lifeboat Loans has now closed, this brand name is still frequently searched through Google and more so than most of the other recently closed lenders. The popularity attained is noteworthy when you consider that they were a fresh creation in 2013. The product itself was flexible, ranging between 5 and 30 days. New users could apply for between £50 and £500 and return users could go much higher to £1000. It was evident that meeting the new regulation cap was not going to be likely here. At £100 they charged £28.28 over 7 days and £55.51 over 30. This was expensive due to an included arrangement fee (transfer).

They valued this transmission at £20 and so once discounted the daily interest was just above 1%. Applicants could apply securely at www.lifeboatloans.co.uk and once funded the loan could be managed through the supplied login. The payouts were cleared between Monday and Friday from 9am to 5pm. During their short time active they became popular, but it is not clear how they grew so quickly. They were reviewed on an extensive number of sites that would have helped to raise brand awareness. Whilst a flexible service was provided here, the pricing was high and so meeting the 0.8% daily cap was going to be a struggle and so followed their closure.

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