Speed e Loans Info (Closed)

Speed e Loans (or SpeedeLoans) closed a good while back now, but they were a popular brand throughout their active years and so we will cover some background information on them here today. This firm that was based in Borehamwood had launched in 2009 and they traded on the web through www.speed-e-loans.com. This company unfortunately fell into administration. The administrators were soon appointed to them in July 2013. There was some earlier signs that a storm was brewing ahead when they had reported that they were in need of funding to continue operating. This BCCA member developed a good reputation and they always notched up favourable reviews online.

They often attracted attention through the media. There was for instance an article published in The Guardian that looked at the day-to-day workings of an office worker at the firm. They were also previously the sponsors of the snooker players Ali Carter and Joe Perry. They did certainly appear to be making all the right moves. The Speed e Loans product itself carried a monthly term, but you could choose a second one if you wished to spread the payment out a little. Between £150 and £500 could be received by everyone. The service cost included interest at £30.70 per £100 and the forced transmission fee was an extra £4.95.

Once approved, customers could fully manage their loan throughout its duration via www.speed-e-loans.com. This company was always highly selective when it came to acceptance and so they really had to try much harder than their rivals to secure long term users. This was never easy in this increasingly competitive sector. This was especially the case considering that a number of lenders around that time charged below 30% monthly (including fast funding). Even if they would have managed to secure funding, you do wonder if they would have been able to make it through the new industry capping that has forced out so many companies since it was initiated.