2014 Lender Lists:
Mutual @ www.mutual.uk.com
Pricing is an area where the Mutual loans shine with APR for the minimum term standing at just 188% and this reduces further as you increase the repayment periods. To cover a few examples per £300 taken out, over 26 weeks the cost would be £90 whilst over 51 weekly terms you would be looking at £120. That 26 week rate works out at around 5% each month. In comparison, a competitive monthly payday loan rate is considered as being 25%. Applications are taken at www.mutual.uk.com that has took on a recent revamp. This includes account logins and SSL being added. No other lender in this niche provides such a facility.
There is unfortunately no nationwide coverage with funds being accessible to those located across East Anglia, East Midlands and South Yorkshire only. Applicants even with a troubled credit history may still qualify. They operate throughout Monday to Friday with the main office appearing to be live from 8.30am until 5pm. Once approved, a similar collection procedure would work as it does with their rival doorstep lenders. It is commendable to see such competitive market rates, but this is negated by their coverage span. It is unknown whether they are planning to expand in the near future. The market leaders on the hand cover the entire UK.