2014 Lender Lists:
Cheapest 3 Month Loans UK | Scored Over 90 Days
This 90 day period is a good replacement for payday loans taken over 30. The charges would work out much cheaper than in alternatively rolling over a payday loan. This is in light of the most competitive providers in this niche either taking interest away from a reducing balance or they may just provide a lower rate as standard. Rollovers on the other hand tend to attract full monthly charges and there may even be further fees involved when doing this. When it comes to the cheapest 3 month loans UK, the daily rate from the top performer sits above 0.3%, whilst the others float between 0.4/0.5%.
When we calculate instalment product charges (for 3/6), we pick out £300 loan amounts. Some instalment companies tend to take away the fast transfer fees from your funds (rather than adding them on). Either way, our calculations are always made as total costs added together. Our daily rate is made through each lender being scored over a 90 day period. Just to compare, with monthly firms a good overall daily figure is seen as 1% and so this would translate as a £270 per £300 cost over 90 days. It is worth keeping this in mind when you study the discussed prices from the following top sector names.
Cheapest 3 Month Loans UK (/£300):
A) Oakam takes the #1 spot with ease in this sector. Their charge of £85 (0.315% daily) is some way ahead of the pack with no other lender charging less than £100. This headlined price assumes that the “Bonus” has been applied that is only made should the repayments be paid on time. This is the only provider within this list that has a high street presence, although these stores are spread across London. Oakam is dominant in this smaller section, but in the extended 6 month term rankings they are beaten to the top spot and the companies below them sit quite closely to them for pricing as well. The main lacking product feature here is that no account servicing is provided.
B) WagedayXpress now offers £102.38 on an 84 day term (0.406%). You may also wish to consider using this lender over the shorter terms that they provide where they score well. Following very closely to them is Kabayan Finance. For some time they had a monthly product, with instalment selections being available, although they never displayed any prices. They have recently upgraded their website though and now showcase breakdown costs for 3, 6 and 12 term examples. The Kabayan pricing is set at £109.94 per £300 (0.407%). This shows that they are a little ahead of the next few companies where there isn’t much to split between the pack.
C) Another fresh entry to this list is VarioLoans at £118.64 (0.439%) that is from the same owner as WagedayXpress (both of these offer account servicing). Satsuma Loans takes the final place at £120.03 (0.445%). Provident’s Satsuma brand has great potential. Due to their massive success in the subprime credit card and doorstep sectors, they are expected to become a major player.
Wizz Cash at £136.74 (0.506%) have now been pushed out of the top 5 and Sunny followed them. Wizz Cash started out providing cheap 3 month loans only, but they have recently now added the full year as well. Most other firms that ranked below charged much higher costs and so there is no one else worth mentioning. We have covered some lenders here that ask for around £280/£300 and so the top names featured above that quoted between £85 and £120.03 really provide great value.