2014 Lender Lists:
Best Payday Loans: Direct Lenders You Should Use
So how do we differentiate between a good and an exceptional service? We pay close attention to overall pricing, product features and general user feedback. Those that perform well in every area tend to be those that stand out and go on to challenge for market share. Over the past several months we have analysed features and pricing in detail. When it comes to user feedback, we study sites like Trustpilot and we look for an active social media presence. Although subprime lending has its critics, increased government pressure and a greater push on responsible lending practices from trade associations is helping the industry as a whole to continually improve.
For the best payday loans direct lender insights here we will start out with the top names that cater fixed monthly terms. For anyone to receive a mention here, we are looking for a charge of 1% daily or less (£30/£100). This should be a complete cost that covers interest and a fast transfer. As seen within our comparison section, there are several lenders that come in at £25/£100 (or better). This is a competitive rate to pay, but there are other qualities of significant importance. One such example would be weekend funding that is important to see in a service, although not many firms extend over the weekend.
Secure account servicing should be expected to be in place. You don’t want to have to be putting expensive calls through should you wish to request an extension or to perhaps settle early. On the trust side, you also expect to see a trade association membership with either the BCCA, CCTA, CFA or the FLA. These collectively represent around 90% of the total market. It is also important to see a company that carries plenty of experience. Whilst many firms have closed down over the years, those that have stood the test of time are usually the best to use. It also helps to see a loyal Facebook following.
Factoring the above mentioned specs, the initial name that springs to mind is QuickQuid. Their standard monthly charge is £20, £25 or £29.50 based on how well you score on their credit check. If you haven’t used them before then the QuickQuid Promo Code is available that creates new charges of £14, £17.50 or £20.65. As a new customer, the maximum price of £20.65 is great value. If you are a return user then the maximum interest of £29.50/£100 isn’t particularly notable. Unless you have not experienced past debt problems then you should expect to be lumped into their most expensive interest tier.
So overall, QQ scores well on pricing for new applicants and for those with good score scores. Asides from pricing, they do perform at a high level for service features. As the name suggests, they are focussed on speed and this is aided by the fact that they do trade 24/7. Their website has always been crafted well with equipped secure logins and they are CFA members. They do also have a good following on Facebook with over 25,000 fans. You are always looking for unique features and they offer this through FlexCredit. You can no longer initially choose between 1 and 10 months, but you can just settle early.
The only firm that ranked above QQ in the monthly comparison section was Vivus UK. They are on top since they provide applicants with their first loan up to £300 for free. You can’t beat their 0% deal and when returning the subsequent 30 day cost of £25/£100 is decent. You can choose flexible repayments within the month, although their service works out much more expensive over such shorter terms. For instance, you would pay £15.90/£100 over a week that is excessive. Vivus are mostly known through their Polish Division. That has attained market leader status and so this is where most of their focus is directed.
Their local Facebook page hasn’t attained many fans and it hasn’t been updated for some time. In comparison, their Polish page has over 90,000 fans and it is consistently updated that highlights their dedication to Poland. Although they did trade 7/7 when they locally launched, they now close over the weekend. You must be aged at 20 or above to qualify and they will usually contact your employer for verification and so they are relatively strict. Regardless of this, you can’t ignore that incredible 0% deal, full account servicing is provided and the larger group is tried and tested having issued more than 3.5 million loans worldwide.
Another notable company that perform well over the month is Kabayan Finance. They are very much active on FB and they have built up a large community there. Although their product started out over a single month (where they charge £25/£100), they have adapted to become much more flexible. As you can see from the comparison chart below this page, they have attained top 5 rankings in every catered sector that shows their pricing credentials. They do close on a Sunday, applicants must be at least 21 years old and their account servicing has been broken for some time now. Otherwise, they are currently one of the top emerging firms.
To be up there with the best payday loan direct lenders online, you do have to move with the times and innovate. No one has done this better over the years than the current market leader (Wonga.com). Flexibility has been a key ingredient to their success and this has naturally been applied by several other emerging forces in the world of subprime lending. The incentive that comes from using flexible services like this is that you pay for the total number of days borrowed for only (rather than footing a full monthly charge). Just how did Wonga go on to lead the way and how can they be challenged?
What they have going for them really lies in the efficiency and speed of their service. They are open 24/7 and their technology has been developed in such a way that they can fully automate the apply-to-payout process. As a returning customer you could for instance request cash on a Sunday and if the decision is successful, then the funds will be quickly released that should reach your bank account within an hour or so. If there are any issues, then due to their 24/7 operations some one can always be reached. Their service flexibility still has not quite been matched by their rivals over the years.
You can pick any single amount from £1 onwards with them and the repayment starts from just 1 day as well. Most of their competitors would have starting sums of for instance £50 or £100 onwards and there is usually a minimum repayment selection of 5 or 7 days. And so, they are mostly notable through their flexibility, speed and technology. They are also the most liked lender on Facebook (376,000+ fans) and they are the dominant force in Google search. They reportedly issue 10,400 loans each day. Sounds great so far, but it is pricing where they now lose their competitive edge against their rivals.
The Wonga Promo Code is again available to new customers. It was removed for several months, but they have fitted it to the site again. This takes the overall charge down to exactly 1% per day and so for £100 over 7 days you pay just £7. If you are a return customer though you would have to pay them per £100 at £12.89 over 7 days or £37.15 over 30 that isn’t cheap. There has naturally been a range of newer companies springing up that have been looking to compete and take on their market share. The most impressive major challenge to them in recent years has been Peachy Loans.
We have covered the Peachy Promo Code that gets the overall cost down to 1% daily. This works for both new and existing customers. Although they aren’t open 24/7, they are open every day. It has been interesting to follow their rapid sector growth and they are now one of the top liked lenders on Facebook with over 27,000 users and they have also become a star performer in Google search for major terms. This progress has been notable since they only started trading in 2011. Another quality where they get one up on the market leader is through their terms that stretch to 5 months.
Sunny.co.uk shares similar product traits to them and they are even priced just below 1% daily. However, past testing has shown that their approval rates are low despite them not asking for much in the manner of eligibility. In the longer extended sectors, notable brands include MyMate, Oakam, Satsuma Loans and Wizz Cash. As noted, we have focussed today on more shorter term products. And so, for the best payday loans direct lenders in the UK, our choices would include Peachy, QuickQuid, Vivus and Wonga. This is of course just a single viewpoint and there are certainly many other great companies out there that offer an A1 service. As an update, the 2013 Ancora brands look to be great shouts at the moment. Their updated prices were discussed in this Post Here.