In our running coverage of past lenders we will today be looking at one of the major firms that closed towards the end of the 2013 year. This company was Toothfairy Finance that was the primary release of Web Loans Processing Ltd. When this owner entered administration this took down a whole host of trading brands with some of the more recent additions being Community Payday and Easy Finance Club. The Toothfairy Finance loans launch came in the year 2008 and they operated at www.toothfairyfinance.com. This option was a popular alternative to the many fixed payday products around since you could pick between 4 repayment offerings at 7, 14, 21 or 28 days.

Between £100 and £400 could be applied for by all users. If you chose their smallest weekly term then for a £100 you would pay £9 and there was no same day funding fee. The value worked well over this shortest term since there was fee to add on, but if you went with 28 days then the mounted £36 charge didn’t compare so well. They were open 7 days a week and users could fully service their loan received though www.toothfairyfinance.com. They also offered SMS capability and so their service was overall crafted to a notable standard. Web Loans Processing had previously operated under the name of CIM Technologies Ltd.

They had been ticked off by the OFT for using unapproved trading names and they were also penalised for their approach to debt collection. Their in-house firms included Marshall Hoares Bailiffs and Northern Debt Recoveries. This company appeared to be doing well, but the cracks did show from September 2013 onwards with money being owed out to investors. They would later receive an Administration Order in early December and they announced that DHR Capital Ltd had taken over their assets. On the High Court note there were 16 brands listed that perished. NextCredit did however survive and another company (Credit on Demand) is affiliated. Each of these now sit on their own approved licence.