Moneyway Review | www.moneyway.co.uk
Address: One Arleston Way, Shirley, Solihull, B90 4LH.
Branding: Moneyway. AKA: Money Way.
FCA Licence: 000600.
From: Secure Trust Bank Plc (part of Arbuthnot Banking Group Plc).
Launched: 2007 (1954 as Secure Direct).
Related: Everyday Loans, TrustTwo.
Available: Monday to Friday (9am/7pm), Saturday (10am/2pm).
Bad Credit Considered: Fair-to-good score required.
Manage: No Moneyway login at www.moneyway.co.uk.
Offers: Finance (car, retail) and personal loans.
Sums: £3000 to £15,000 (new and returning) | £20,000 max for finance.
Terms: 12 to 60 months.
Notes: No 1 year term is available at £10k. The sampled 2 year loan is priced at 7.5% APR. The contact times displayed cover their personal loan product. Contact for financing differs as 9am to 1pm on Saturdays, although the underwriting team operates up to 5pm. The Moneyway finance comes on a hire purchase agreement up to £20k across 12 to 60 months (no starting sum is disclosed). You can apply through dealerships only and other than cars, there is a focus on retail financing for high street and web retailers. Getting back to the loan, applicants must be aged 25 or above and have a regular income of £30,000 to qualify. Documents are to be completed via post and so expect several days before you get hold of your cash. Prime audiences are targeted at 7.5% APR, with no info surrounding the rates for motor financing.
– Amounts: £15,000 is a chunky unsecured sum. The problem on the other side is that they start very high at £3000.
– Experience: Rebranded in the year 2007. Had previously operated as Secure Direct who offered general insurance through retail outlets that were passed on to Swinton. This brand in focus today exists as a trading name of Secure Trust Bank who were formed in 1954. Since 1985 they have been a subsidiary of the Arbuthnot Banking Group who are rooted to 1833.
– Operations: Customer support is available for a few hours on Saturdays. In the motoring division there is extra time dedicated to underwriting.
– Ownership: The Arbuthnot Banking Group reported pre-tax profits of £22.5 million in 2014 that was a big improvement on 2013’s £15.7 million. This shows that business is on the rise for the larger owner. The arm that we are mostly familiar with is Secure Trust Bank. Their most well known subprime lending brand is Everyday Loans and in the guarantor space they have TrustTwo.