Pounds Till Payday and Swift Sterling Not Issuing Loans. Payday Mate Also Closed. Is This the End for Northway?
Update: MMP Financial Ltd Are New Owners.
It looks like another big payday lender is closing down. For some time now “Swift Sterling Not Issuing Loans” has been the firm’s top autocomplete query in Google search. This query was also seen with Pounds Till Payday although they aren’t particularly well known in comparison to their fellow brand. We’d have to assume that existing customers were unable to apply for more funding when they were logged in since the application form itself hadn’t been taken down. On checking now, this has been removed from www.swiftsterling.co.uk, but it hasn’t from www.poundstillpayday.co.uk. Meanwhile in Australia, the notice for PaydayMate.com.au reads that they are no longer loaning.
There has also been closures in the USA with Pixy Cash and Zip 19. These had become tribal lenders (hence illegal in the states they originally served). The likelihood is that Northway Financial are closing up across all of their active locations. If Swift Sterling closed earlier in the year, it wouldn’t have come as a surprise. There has been an ongoing issue for some time now with their credit licence expiring. It was assumed that this would be extended, but obviously not. Due to price capping in early 2015 they had also had to reinvent their monthly loans that they did over instalments. Capping had wiped out such big players as Cash Genie, MiniCredit and Vivus.
Profits would have been squeezed, but it is worth reminding that this was one of the UK’s top 10 lenders. Their popularity has never been in doubt with their Facebook page attracting over 12,400 fans. On this page the last post was made in August 2014 that itself isn’t a good sign. Now matter how big they are, it is clear that no one is safe these days. Even the market leader (Wonga) has had a Disastrous Year. “Swift Sterling Not Issuing Loans” was a clue that things weren’t quite right with Northway. Whether this larger group has completely folded remains to be seen, but updates will follow when we learn more.