Swift Sterling Review | www.swiftsterling.co.uk
Address: Forward Building, 46 Windsor Road, Slough, SL1 2EJ.
Branding: Swift Sterling. AKA: SwiftSterling.
FCA Licence: 718863.
From: MMP Financial Ltd.
Related: Pounds Till Payday.
Bad Credit Swift Sterling Loans Available?: Yes.
Manage: Swift Sterling login provided via www.swiftsterling.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: Under new ownership. More info below.
MMP Financial Ltd was formed in 2015 and towards the end of the year they took control of this brand plus Pounds Till Payday. What has exactly happened behind closed doors is unclear, but it would so appear that Northway Financial weren’t licensed in the UK and they missed the FCA’s cut-off point that resulted in the sale. Swift’s future did look uncertain when they stopped taking applications, but they are again live with some service changes in place. A closure would have been a shame to see, with this being one of the most popular subprime brands outside of the majors with the ongoing support of their large social media following (12,200+ FB fans).
Starting with repayments, they previously promoted offering instalment loans, yet only provided a single 4 month term example. The new headed span is 1 to 5 months. First time customers were restricted to £200 that could later rise to £1500. New users can now access £500 and then the same return sum. The pricing hasn’t been lowered that has remained similar to what most instalment firms charge over 3 months (£150 to £160 per £300). Their opening hours are now extended until 8pm, but there is still no lending at weekends. With the new owners in charge this also means that this business is no longer controlled from Malta with a new local base headed in Slough.
– 2016 updates saw new ownership and local HQ, licence was updated, new amounts, terms and contact times.
– CCTA membership listing has been removed.
– Funds have traditionally been set at £100 to £200 for new users and £1000 for past users. On the site they now just head that £1500 is possible that would be assumed for return clients. It is difficult to pinpoint exact amounts since you can only type in your desired loan sum on the application form, instead of pre-selecting.
– Opening times have been cut back. Between Monday and Friday they closed at 7pm. They did also operate on Saturdays (8am to 5pm).
– Product has been revamped. An instalment option has replaced the monthly term. A 50 day repayment was showcased, but they now show an example at 4 months that we’d guess is the set term now in place.
– Pricing was charged at £29.98/£100 borrowed over a month. They note a new 0.8% daily rate in their pricing section. Their total instalment charges work out cheaper though since they are cutting the interest against the balance as it reduces.
– Verification calls previously had to be made, but this has now been relaxed. There is now just a notice that faxing or uploaded documents may be asked for in select circumstances.