MyMate @


Update: Lender Rebranded as Different Money.

MyMate was launched in 2013 at the vibrantly styled website. This brand is the creation of Matthew Sanders who has been very successful through the recruitment business (called de Poel). Soon after launch, additional short terms were available (7 to 31 days), but you can now only select between 2 and 12 months. The impressive sum range from £150 up to £2500 has remained in place. There are various term restrictions. For instance, the £1000 amount stops at the 6 month point (£1010 allows you to select 12 months). Cash limits could be imposed based on personal circumstances and there is a “Plan B” option in place.

In this scenario, if they can’t say yes then they may still offer funding if you can find the backing of a guarantor. The design is catchy and this site does house secure logins. You can always repay early and pay interest up to that point only if you wish. With pricing for instalment periods, £300 over 3 months would set you back £172.41 whilst 6 would be £285. These costs all factor a fast funding fee of £5.50. The amount of £1000 is as noted not available over the full year, but for display purposes this would be priced at £1012.81.

If you do require the support of a backing then you wouldn’t receive a discount from this. If you can find a guarantor then it would make more sense to head directly to a specialised lender where you would typically pay £230 per £1000 borrowed. The MyMate loans are processed between Monday and Friday (8am/8pm) and on both Saturday and Sunday (10am/6pm). They have only recently started operating on a Sunday. This is a welcome change, although their prices have been hiked up since we last checked them out. This has actually dropped them out of the top 5 rankings in each sector that they were attached to.