Payday First Loans Info (Closed)

In the previous submission we discussed the closure of CFO Lending and will today move on to their sister-brand that is known as Payday First. The owner of both companies is CFO Lending Ltd. There is some confusion surrounding how long they have been trading through their ownership name due to unknown past sites used, but we do know that the Payday First loans launched in 2008 at www.paydayfirst.co.uk. When visiting this site now you will be redirected over to www.cfolending.com that informs visitors of the closure. There was a more recent company called CFO Loans that competed in the guarantor sector, but this property has now been removed.

This firm had been active since 2008 and so they had notched up plenty of industry experience and they had run TV ads. Continuing to live on in 2015 was not possible based on pricing. We did think that they may close through the cap, but when we checked them out in early January they hadn’t got around to updating their site with the past product details being attached. This included the interest charge on each £100 at £36 per month. You could pick between £75 and £600 over this fixed period. Waiting for your payment to arrive in several days cost you nothing extra, but quick transfers took on a £15 charge.

CCTA membership was held by this lender. They operated through www.paydayfirst.co.uk that was encrypted and they also used the dot com version that used no SSL. No account servicing was in place and so loan changes had to be arranged by phone. The noted times of operation included Monday to Friday between 8am and 6pm and on Saturday from 9am to 1pm. Variation in time was the only difference since through the other property they noted staying open until 8pm (Mon/Fri). Through capping, this company was unable to continue trading. Living on may well have been possible, if it wasn’t for the fierce level of competition faced these days.

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