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Speed e Loans was a payday lender that had originally entered the market back in 2009 through the address of www.speed-e-loans.com. This company that was based in Borehamwood ran into financial problems and entered into administration. The administrators were appointed in July 2013. A few months before this took place they had published results revealing that they required more funding to continue trading and so the closure was no major surprise. When they were active they were well known and they had even received press in the media. This included an article in The Guardian that discussed the typical working day of one of their employees.

They were even at one time the sponsors of the World Championship snooker players Ali Carter and Joe Perry. Speed e Loans were available over the month and you could also take a second monthly term is you wished. Over these periods, you could receive cash amounts between £150 and £500. The charge imposed was set at £30.70 per £100 and there was also a same day transfer fee to pay that was priced at £4.95. On a previously owned payday loan comparison website I had promoted this company and it was always clear that they were very strict with who they chose to accept.

If you were issued a loan from them then this could be managed online at www.speed-e-loans.com. If you visit this site now you will quickly see their under maintenance notice. They did take on BCCA membership and they had received favourable reviews across the market, but they were as noted very picky. This was a sole trading brand that the owner was operating through. Due to the administration, it doesn’t appear that they will be returning. It was a shame to see this popular lender close down, but there have of course been many other companies that have faced similar closures due to the fierce competition.