SafeLoans Review |


Final Update: September 3rd, 2016 (CLOSED)

Address: Unit 6B ZK Park, 23 Commerce Way, Croydon, CR0 4ZS.
Branding: SafeLoans. AKA: Safe Loans.
FCA Licence: 271778.
From: SLL Capital Ltd.
Launched: 1989 (2003 online).
Memberships: BCCA, CCA.
Related: No companies.

Product Details…
Bad Credit Safe Loans Available?: Yes.
Manage: SafeLoans login provided via
Offers: Short term, payday and instalment loans.
Opening Hours: Monday to Friday (9am/5pm).
Secure (SSL): Yes.
Sums: £100 to £300 (new) | £1000 max (returning).
Terms: 5 to 35 days (1 to 6 months when returning).

The Pricing…
£5.28 /£100 (7) <0.754%>
£22.61 /£100 (30) <0.754%>
£143.79 /£300 (3) (Classic) <0.533%>
£109.17 /£300 (3) (Premier) <0.404%>

Notes: If you an existing customer you are directed to their Classic and Premier Products. Classic grants up to £500 over a 1, 2 or 3 month period. For those that have continually used them they will advance to Premier that includes a 3 or 6 month period this time up to £1000. They also receive their lowest interest rate. Return users appear to be pushed over to these instalment options. It is not clear if they can also choose the shorter terms, but we would expect that they can. We originally forgot to get an example for their 6 month period, but we are unable to do this now anyway since this lender has closed.

– Experience: This company has been trading since 1989 that qualifies them as the most experienced loan provider featured here. It is likely that they traded back then through a high street store. Their website itself has been live since 2003 and so they were also one of the founding online lenders. They also operated back then as PaydayOK. There are only a few firms still active from 2003 with PaydayUK being the most well known.
– Multi-memberships: Double trade association memberships are held. Interestingly, the owner is in fact the Vice Chairman of the BCCA and the Company Secretary of the CCA. Whilst you may prefer to see independence here, you would expect that this particular lending operation is more intent on setting an example. In comparison, some members acquire a place primarily to aid conversions through the marking of trust.
– Pricing: It has been refreshing to see a lender provide short term rates below the cap limit. Only a few providers do this within the month. The instalment costs are also competitively priced, especially once the best interest tier level has been reached.

– Closed. Company now dissolved.
– Interest was fixed at 1% daily across all accessible repayment periods. A range of payment options were available. Other than free (slow) there was a £10 same day choice or £15 for clearance within the hour. These fees increased the service value, but you don’t have to worry about these costs since the cap came in and they now in fact charge less than what is legally required.
– Sums ranged between £50 and £400. Return users could access £750 that was later increased to £800. The newer selections have changed considerably.
– This service has been restructured on multiple occasions. They initially provided short terms, but later adapted to offer monthly repayments of 1, 2, 3 or 4 months. The range is now more extensive and they have brought back the shorter repayments.
– Website look has been improved further. Even before this change, they had always developed their site to a high standard.