Pounds Till Payday Review | www.poundstillpayday.co.uk
Address: Forward Building, 46 Windsor Road, Slough, SL1 2EJ.
Branding: Pounds Till Payday. AKA: P2P, PoundsTillPayday.
FCA Licence: 718863.
From: MMP Financial Ltd.
Related: Swift Sterling.
Bad Credit Pounds Till Payday Loans Available?: Yes.
Manage: Pounds Till Payday login provided via www.poundstillpayday.co.uk.
Offers: Instalment loans.
Opening Hours: Monday to Friday (5am/8pm).
Sums: £100 to £500 (new) | £1500 max (returning).
Terms: 1 to 5 months.
£24 /£100 (1) <0.800%>
£155 /£300 (3) <0.574%>
Notes: Has new owners. More info below.
Pounds Till Payday has been under new control from MMP Financial Ltd since late 2015. MMP also have the rights for the Swift Sterling brand that is much more popular despite launching more recently in 2010. PTP’s launch came in 2006 as soon as Northway ventured into the UK. As it stands, both of these lending brands are matched in most areas. When scanning through the 2 sites we did notice one slight difference. This was that on the loan calculator here when you select £100 or £150 you can only choose 1 or 2 months. When you then reach £200 you have the freedom to pick between 1 and 5 months.
In comparison, at Swift Sterling any term can be selected from the starting £100 sum. The core brand also benefits from an active social media presence and so it should be easier to reach them on that side, but with the exception of this and the calculator choices, there would be no difference whether you applied through one site or the other. Both use encryption on applications and logins are provided once signed up. The same costs are also charged. For a single month they meet the payday cap at £24 per £100. For £300 over 3 months the cost comes in at £155 that is in the same ballpark as what most instalment firms charge.
– 2016 updates have seen new owners who operate locally (rather than from Malta). The licence has been updated, plus new amounts and terms. The opening hours have also been extended.
– CCTA member notice has been taken down.
– Pounds Till Payday loan sums were set at £100 to £200 (new user) or £1000 (return user). The difference now is the larger returning £1500.
– Product was fixed over the month. The new product term was not mentioned, but a cost example was shown at 50 days with 2 repayments being taken from this. More recently, they have changed to show a 4 month example.
– Opening times have changed. During the working week they closed at 7pm. Saturday funding (8am to 5pm) is now a thing of the past.
– Pricing over the month on £100 was £29.98 that was a total charge covering interest and funding. Whilst the cap of 0.8% daily is now referenced by them, the calculation for their example works out lower. This would be due to the interest cutting against a reducing balance.
– Verification previously included calling up their support staff before the payout could be arranged. They now simply state that documents may be requested depending on the results of the credit check undertaken.
– Website has seen a vast improvement. There was a time when they took applications on this main site, but they took account logins on another. As well as this, no SSL was used on the application. However, a major overhaul has taken place and all of the previous issues have been fixed.