2014 Lender Lists:
Micro Lend UK @ www.microlend.co.uk
The payday lender Micro Lend UK launched back in 2008 at the address of www.microlend.co.uk. The monthly loans available here span from £100 to £1000 with first time customers only being eligible for the maximum sum of £500. Between 1 and 35 days can be selected on their calculator, but this covers when your next payday occurs only. You must always pay the full monthly interest charge even if you are paying them back in just a few days time. When it comes to pricing, there are a few individual charges in place. There is firstly a £30 per £100 interest charge (1% daily).
Further to this interest cost, there is a small card validation fee that comes at the price of £0.51 and so this creates a £30.51 monthly cost. Finally, there is an optional same day funding charge of £15 and if selected they take this away from the funds delivered to your bank account. At one time there was a £3.50 admin fee charged by them, but this was fortunately scrapped by them several months into the 2013 year. The Micro Lend UK loans can’t be managed online at www.microlend.co.uk. They do at least use encryption on all applications taken on this site.
They reference holding CCTA membership and it appears that they have applied various further steps to improve their image through responsible lending procedures taken. Their rep perhaps took a bit of a bashing when they were charging that past application fee. This lender has been around for a good while now, but has tended to let word of mouth do the talking. Account servicing would ideally be added to their website and perhaps a reduction on the same day fee would help their cause. Overall, this is a good service offered and the £30.51 charge over the month on their slower option stands close to the market average.