New Payday Lenders 2014 (2013+ Launch)
*** Just to update that Cash Float, Laura Lends and Pixie Loans have now been introduced that launched in 2014! Outside of the payday sector, CFO Loans (Guarantor), George Banco and On Stride Financial are further brand new companies. This post will receive a detailed update soon. ***
The Big Rebrands:
Cash Window: This company previously went under the guise of EPDL (Early Pay Day Loan Ltd) and they were formed in late 2003. It was the acquisition by Albemarle & Bond Holdings Plc that caused this big change. Unfortunately, Cash Window are currently not accepting new applications (they state that they are revamping their range). When they do come back they are certainly a good option to go with. They have a competitive monthly charge of just £25 per £100 that includes speedy funding.
MyJar: A fresh start was handed here to TxtLoan who had originally launched back in 2008. Not much has changed through this revamp. The service does still lack flexibility, but they didn’t become the #1 text loan lender for any old reason. They are open every day and once any future loan has been repaid, you receive instant auto-approval for more funds. This cash can be received within just a few hours of the request no matter what time or day it is.
Sunny: This brand originally traded as 1 Month Loan that had been operating since 2004. To be honest, their old service wasn’t that competitive and they never really managed to take off. The complete opposite has happened now with this being one of the best products available today that has been exploding through extensive TV ad campaigning. Rather than just being able to pick various short terms, you can select between 3 days and 5 months. They are open every day and provide same day loans that cost less than 1% daily that is very rare to see over such shorter term periods. They even provide further savings to loyal customers and never charge late fees.
The Big Service Upgrades:
QuickQuid FlexCredit: QQ launched in 2007, but this new upgraded service is new for 2013. It can be applied for on the main site and they have also setup a brand new website for this specific product. As one of the major UK lenders, this is a company that has been discussed in detail across the site. QuickQuid FlexCredit has the same excellent features as the standard product with one of the key features I feel being that they are open 24/7 and their costs (with Promos) are very competitive (and they throw in fast funding for free). The difference with FlexCredit is that the term range is spread between 1 and 10 months that hands the customer with much more manageable repayment schedule opportunities.
Satsuma Loans: This is Provident’s new online alternative to their market leading doorstep loan product. It started out earlier in the year as being called “Provident Online”, but they decided to hand it with a fresh identity soon after. This newly formed brand has received widespread media attention and they have now started advertising on the TV. This service lacks flexibility and no account logins are provided, but elsewhere they perform well in every area. The costs are impressive and they have ranked very well within our best rate charts over 3 and 6 month terms.
Best New Payday Lenders 2013 (That Started from Scratch):
MyMate: There is no doubt that MyMate has a bright future ahead of them. The flexibility available here has been taken to the extreme. Other than being able to access cash sums between 7 and 31 days, you can quickly scroll on their calculator to pick out from 1 to 12 months. It is great to see such extensive coverage and another notable feature is that they reach to sums as high as £2500. Also of note would be that they have a backup guarantor option in place for applicants that would typically have been declined.
VarioLoans and WagedayXpress: These two lending brands are the creation of Ancora Capital Ltd who had made their initial sector entrance via RedWallet back in 2012. VarioLoans provides a very competitive 1% daily rate over short term periods that includes free FPS funding. Their flexibility also caters instalment terms that is another neat touch. WagedayXpress offers 1 to 12 week instalment loans. Over a month you’d pay just £25 per £100 with a free FPS that is another great deal. Ancora Capital is certainly a name to watch out for this year.
Instacredit, Lifeboat Loans, Mr Instant Cash, Mums Payday Loans and True Blue Loans: These new companies also launched. However these brands aren’t quite as competitive in the features and pricing departments as those covered above. You can learn more about each of them in their introduction posts. Just to update: Full Pocket was another new starter.
This page will receive frequent updates. The first brand new payday lenders 2014 are now listed at the top of this page that includes Cash Float, Laura Lends and Pixie Loans.