2014 Lender Lists:
Cheapest 6 Month Loans UK | Scored Over 180 Days
We recently picked out the Cheapest 90 Day Loans where the lowest priced company offered a daily rate at just above 0.3% and the following competitive firms sat between 0.4% and 0.5%. When it comes to the cheapest 6 months loans UK, the value is improved. When rankings are composed here we reference the rate to 3DP and the top figure within this sector is 0.260%. The prices between positions 2 and 4 followed as 0.278%, 0.287% and 0.289%. This shows that you are getting an improved deal (compared to 3) and that there isn’t much to split between the top performers.
However, you also have to factor in that you are paying for a much longer duration and the company target is naturally to get you on a contract for as long as possible. We picked out prices for every such company on a £300 loan example. The numbers were worked out based on a complete 180 day period (30×6). If you were to take out a monthly payday loan and you paid £30/£100 then you would pay £180 if you chose to continually extend (assuming that no further charges were imposed). This works out at £540 per £300. You will pay considerably less with the top instalment specialists.
Cheapest 6 Month Loans UK (/£300):
A) Ladder Loans has emerged as the current frontrunner. Their minimum selectable sum is in fact £500 and so we had to calculate them based on £600. They would charge £281.10 for this and so this would split as £140.55 that creates the rate of 0.260%. This brand arises from Inventive Finance Ltd that is part of DFC Global Corp who are known for PaydayUK, The Money Shop etc. It is perhaps no surprise to see a major finance group sitting at the top of the tree. With Ladder, the flexibility is vast with customers being able to receive cash for up to 18 months. A limitation though is that they do close over the weekend.
B) Within the rankings, next came Oakam at £150 (0.278%), then Kabayan Finance at £154.94 (0.287%) and The Quick Cash Club followed at £155.82 (0.289%). These prices sit closely together. Oakam of course ranked 1st in the 3 month sector and Kabayan is very much one of the rising stars. The Quick Cash Club loses out a little here since they require a guarantor to back the application that won’t suit everyone. Paying between £140 and £156 through all companies above is worth doing. As noted above, an extended payday loan would cost £540 that shows a massive variation.
C) MyMate was in the #5 spot, but their prices have gone up that gives the next spot to Pounds to Pocket. They have recently lowered their costs and now charge £208.08, but you can get this down to £191.14 with their Promo Code. Other than this, I don’t believe that anyone else charges less than £200. Satsuma Loans is quite close at £203.88, but other than this the prices start to pick up at a premium. There is a pool of 6 month loan companies where you must pay between £300 and £400. This is a country mile higher than the top sector value, but they interestingly still manage to pip the most well known lender in this sector.
This is of course Lending Stream where you would be asked to pay £272/£200 that would translate to £408/£300. This calculates as 0.756% daily that shows how expensive their service is. There is no doubt that the range of companies that have entered this niche have managed to outshine them for pricing and in some cases the flexibility is much more improved. It is always worth mentioning though that other than the Cash America brands, Lending Stream is the only other instalment loan provider that trades 24/7 and so they are always there to fund you. This can make a big difference since so many firms have restricted times, as well as closing over the weekend.