NextCredit @ www.nextcredit.co.uk

NextCredit

NextCredit entered the market in 2011 through www.nextcredit.co.uk. There was some initial confusion when heading on to this website, as it looked very familiar for some reason. Several design aspects here reminded me of Web Loans Processing Ltd (Known for Toothfairy Finance). The £100 to £400 cash range always used by the owner was the same and the 7, 14, 21 or 28 repayment range was another clear match. The Consumer Credit Licence number (Interim Permission) was only shared by another lending brand though (Credit on Demand) and the address was different than usual. Either way, Web Loans Processing recently entered into administration that took place in December 2013.

I did read through the High Court notice and the brand in question was indeed confirmed as being part of the Toothfairy empire. On the website in discussion they are still taking applications, but it is on another CCL number that may explain this. The weekly charge on this product was fixed at £9 per £100 (£36 over the maximum 28 days). It does say that there are no catches or extra costs to worry about and the FPS transfer may have been free (or it may have been £5). There was a NextCredit login at www.nextcredit.co.uk that was found in the “Pay Now” section.

SMS apply return client options were also available. The customer service opening hours ran from Monday to Friday between 9am and 5pm. They strangely closed on a Saturday, but then opened again on a Sunday between 9am and 5pm again. Over at Credit on Demand they just have 14 or 28 days available to select with the 14 day charge being £22 per £100 and so at £11 per week that is a more expensive service. Due to the administration of the main owner, this service would likely soon cease with collections being made by DHR Capital Ltd. We will keep an eye on any developments.