List of Brand New Payday Lenders 2015
Update: The info below has become outdated. See the Submission for 2016 Here.
Beginning with a small update, this particular query has become one of the most popular (searched for) site submissions. At the same time many of the companies that are being visited the most are the newest releases. It is important to serve our users as best we can and so more focus will shift to pages like this one as we go along. This question was directed to list any brand new payday lenders 2015 alongside other subprime products. The likelihood of fresh entries springing up in the payday sector is less likely these days due to the FCA Cap that began on January 2nd. Through this ruling the maximum pricing is capped at 0.8% per day.
This means that a £100 loan over 30 days can not exceed £24 and so the ability to profit has been massively cut. As a result, we have seen many shorter term firms Close Down. Others have restructured their products over instalment periods where keeping the user on extended agreements is where they can make more money. Most of the future entries are in this instance likely to cater longer terms where they aren’t affected by capping. Since short term companies won’t be expected, just where are the fresh launches likely to be springing up? The subprime market that has enjoyed the most growth and traction to date has been the guarantor niche.
Any There Any Brand New Payday Lenders 2015? Yes, A Few…
H&T Finance: Had been active online for some time, but they eventually made their product available in-store only. Although not confirmed, it does look like a 2015 relaunch. Terms are offered between 3 and 24 months. You can also access their loan at one of their 190 stores.
MyKredit: Global Kapital Group have launched this brand locally and also overseas in Australia and Spain. The key feature is the ability to access 24/7 funding from your approved limit. They however stick with 20 day repayments.
Pogo Loans: Launched in May and they have been growing quickly ever since. The big USP here is low pricing. There is also a promo code available, although there is no sign of any live coupons just yet.
Quidie: This lender popped up in January 2015. They offer a simple monthly product. They started out with weekend funding, but now stick with Monday to Friday.
The Money Shop: Relaunched with their own web product, instead of forwarding leads on. New users can receive a competitive monthly charge of just £19.20. Did have 550 stores (now 300).
There was hope that Kreditech would be launching Kredito24 locally and Cash on Go (the team behind Peachy) would be launching Uploan (this will have extended repayments). Update: 2015 Launch Unlikely.
There has been some action in other markets. SpringCoin recently became AvantCredit in early 2015. Suco arrived at a similar time in the guarantor space. This brand was created by TFS Loans. There is actually no difference between Suco and TFS and so you aren’t getting anything fresh. Another newly formed company is Masa Loans. They offer both guarantor and personal loan products. This creation comes from George Banco.
We will be referencing below the fresh creations and the rebrands of the 2014 year. After noting the newest release, the firms will be listed alphabetically within each sector.
New Payday Loans 2014:
CashFloat: Started off as monthly, but now offer a wider selection of terms. Can fund up to £1100 to loyal customers.
Laura Lends: This brand is from Tide You Over Ltd who have also released Mr Instant Cash and Tide U Over. Laura Lends is not currently listed as an approved trading name on their credit licence. You have to be wary here as well since they are known to push declined applications on to brokers who send SMS spam. The problem here is that you aren’t opting in to receive correspondence from third parties.
Pixie Loans: Pixie is one of the most popular firms searched for on the site. Their growth has been impressive, their website looks great and users can choose between a range of flexible terms.
New Instalment and 12 Month Lenders 2014:
Credio: The Credio brand was launched in May 2014. They enable instalment terms over 2, 3 or 4 months. As soon as we profiled them, they ranked as one of the cheapest instalment lenders. The value here is much improved than many of the bigger names competing in this niche. Update: They now offer monthly loans and are the cheapest monthly solution.
Different Money: This company previously traded as MyMate who originally arrived in 2013. Highly flexible repayments can be selected between 2 and 12 months and you can access up to £2500.
On Stride Financial: This brand was created by the same team behind Pounds to Pocket and QuickQuid. Unlike these companies that trade 24/7 (now 7/7), On Stride is closed over the weekend and they are much more picky with who they accept (fair credit is required). They however shine on pricing and now rank as the cheapest personal loan lender. You will either pay 29%, 59% or 89% APR and they issue as much as £5000.
Savvy: This is another rebrand with Savvy previously being known under the Lightning and Valour identities. They offer monthly terms between 6 and 24, but the period is determined by how much you select between £200 and £3000. They don’t compare so well for pricing with the charges doubling on the sums borrowed.
New Guarantor Lenders 2014:
Buddy Loans: Offers up to £7500 within speedy payouts within 24 hours. Have been emerging well in the search engines.
CFO Loans: Now Closed. See: CFO Lending.
George Banco: One of the first providers to help out those with no homeowner to back their application. They now deliver as much as £7500 in quick time. They are the same team behind 2015’s Masa.
GLO: This is Provident’s new service that initially started out in 2013 under the Tandem name. They accept tenant guarantors, they offer up to £7000 and they are impressively open on Sundays. Provident is one of the subprime heavyweights and they are expected to pose a major threat to the market leader (Amigo).
JL Money: Not officially a guarantor brand, but you’ll need to use one should you borrow £250+. Although the web launch was 2014, they have operated through a store since 2004.
TrustTwo: Another rebrand previously known as Duo that was originally promoted alongside their main Everyday product on the same website. It now has its own identity and site. They are supported by Secure Trust Bank’s ownership and the valued experience of Everyday. However, what really counts is the product itself. This was the cheapest guarantor loan rate in the UK (at just 39.9% APR), but it has now been raised. Tenant guarantors are accepted.
That covers all of the most recent entries in UK subprime lending. Most of the companies above have been profiled and the others are in the process of being listed. We are always on the look out for newcomers and as soon as we learn of them they will be quickly added to this page. Most of the movement as you can see has taken place in the guarantor space. The instalment loan sector is now also fiercely contested. Whilst there is now less choice with monthly and short term services, just remember that instalment companies usually allow you to settle early and you do also receive improved interest rates with them.