UK Credit Review | www.ukcredit.co.uk

UK Credit

About…
Address: St Crispin’s House, Duke Street, Norwich, NR3 1PD.
Branding: UK Credit. AKA: UKCredit.
FCA Licence: 631483.
From: UK Credit Ltd.
Launched: 2013 (2010 as Guarantor Loans Online).
Memberships: FLA.
Related: No companies.
Website: www.ukcredit.co.uk.

Loan Details…
Available: Monday to Thursday (8am/8pm), Friday (8am/6pm), Saturday (10am/1pm).
Bad Credit Considered: Yes.
Manage: UK Credit login provided via www.ukcredit.co.uk.
Offers: Guarantor loans.
Sums: £1000 to £3000/£7500 (new) | £7500 max (returning).
Terms: 12 to 60 months.

The Pricing…
£193.88 /£1000 (12) £392.48 (24)
£257.60 /£1000 (12) £528.56 (24)

Notes: Applicants with tenant backings are restricted to £4000 and they pay 54.9% APR. Those who use homeowners can access the impressive rate of 39.9%. There are selection limits imposed such as the minimum term for £4000 being 24 months. Backers (whether homeowners or tenants) must be aged between 25 and 65 and have a fair rating. They do accept any backers that are financially linked such as a partner. This company hasn’t always traded through this primary brand. The 2013 year was when a previous domain update took place on their website that itself was registered in 2004. They reference 2010 that was when they traded as Guarantor Loans Online. They closed this brand and also Loans4Tenants (launched in 2013) and decided to move forward with this central company in focus today.

Noteworthy…
– Amounts: The £7500 top sum is higher than the norm, but tenant guarantors see a £3000 limit.
– Efficiency: You can impressively received same day guarantor loans here. Once the application has been received they will aim to finalise within just a few hours and a quick payment will then be issued by the Faster Payments Service. The addition of account servicing has created a more efficient service.
– Eligibility: Most financial circumstances are considered, although they don’t dig into the specifics. The age for guarantors starts high, but they are more relaxed with their required profile scores (just needs to be fair) plus partners are accepted. They have been accepting tenant backings for some time (they originally did this with Loans4Tenants).
– Operations: Saturday funding is available even though they trade for just a few hours. Their extended 12 hour shifts between Monday and Thursday are notable.
– Pricing: There has been a recent update for the better here. The homeowner price (£193.88) is now the cheapest in this niche. The price does hike up for tenants though and so it will be important to seek a backer with their own home.
– Profile: This Norwich-based lender only arrived in 2010 and yet they adapted well to soon become the main challenger to Amigo Loans. You can get a cheaper deal here with a homeowner backing and they offer larger sums that shows that they are competing well. The big challenge for each of these companies will stem from Everyday’s TrustTwo and Provident’s GLO brands due to their major financial backings.
– Reviews: This company has been ranking favourably at Trustpilot for some time. They currently take the #2 position just behind their main rival.

Updates…
– Account servicing has been integrated. For some time their “Existing Customers” area was developed for unfinished applications only. This has now been upgraded so that you can make payments, get statements, request changes etc.
– Pricing has been updated a few times. If we refer back to the most recent change, they charged £206.96 or £257.60 at 1k. The new cost is £193.88, whilst £257.60 has remained.
– Saturday time now (10am/1pm) rather than (9am/12pm).

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