VarioLoans @


VarioLoans made its grand entrance on the scene back in November 2013. The owner is Ancora Capital Ltd who also created WagedayXpress (the day before) and they had already released RedWallet. When entering the website for the first time you will be provided with the choice of selecting between short and instalment term products. The initial offering has a term range spanning 7 to 35 days for amounts of £100 to £250. The larger instalment choice caters £200 to £500 over the extended terms of 2, 3 or 4 months. The pricing was previously set over the short terms at 1% daily as a total cost including a fast transfer.

They have recently lowered the pricing at a notable level. If you were to borrow £100 over 7 days they now ask for just £4.55 and at 30 they ask for £19.48. For a £300 3 month loan the new charge is packaged at £118.64. The reason for the big changes here looks to be an early update to meet the compliance for the upcoming FCA Cap in 2015. Once funded, VarioLoans can be securely managed online through It was interesting to spot within their FAQ that they offer this service between Monday and Saturday. At their RedWallet brand only working days are listed.

This CCTA member has crafted an impressive service with a wide selection of terms and the new prices really helps them to stand out in this competitive space. There has also been a price drop at Wageday whilst RedWallet is still the same at this time. It is clear that Ancora is more focussed on these newer more flexible brands. Both are not widely promoted online, but once people become aware of them I’m sure that they will have the potential to reach the very top. There is a current lack of customer reviews and so it will of course take time to see how well their service truly measures up.