Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
| Name | Established | Loan types | ||
|---|---|---|---|---|
 |
Mr Lender Short Term Loan | 2009 | Instalment loans | More info |
 |
Lending Stream Instalment Loan | 2008 | Instalment loans | Go to site |
 |
Moneyboat Short Term Loan | 2011 | Instalment loans | Go to site |
 |
QuidMarket Short Term Loan | 2011 | Instalment Loans | Go to site |
 |
Conduit Short Term Loan | 2012 | Instalment loans | Check eligibility |
While Wonga was probably the most well-known payday lender, a decent number of other companies are still around to offer a similar service – typically with bizarre brand names, behind which are more traditional companies like “PDL Finance Limited”.
Mr Lender’s short term loans come with no fees attached but a high interest rate. Borrowers can apply for up to £1,000 over terms ranging from three to six months. Unlike the loans from almost all other lenders in this space, with a Mr Lender loan, the size of your monthly repayment will decrease as you progress through the term of the loan.
Lending Stream (visit site) is a direct lender (not a broker), which, like Mr Lender, offers instalment loans – but of up to £1,500 over terms of up to 6 months. That's £500 more than Mr Lender (although for new customers the maximum is £800) but with a higher representative APR of 1,333%. While Mr Lender loans come with decreasing monthly repayments, Lending Stream loans come with level monthly repayments. As with Mr Lender, you can repay early at any point.
Lending Stream representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
Next up, Moneyboat (visit site) is also a direct lender, which, like Mr Lender, offers instalment loans – but of up to £1,500 over terms of up to 6 months. That's £500 more than Mr Lender (although for first-time users the maximum is £800) but with a higher representative APR of 939.5%. Moneyboat loans come with level monthly repayments. You can repay early at any point.
Moneyboat representative example: Borrow £400 for 4 months at a rate of 255.5% p.a. (fixed). Representative APR 939.5% and total payable: £597.48 in 4 payments of £149.37.
QuidMarket (visit site) is another direct lender, which, like Mr Lender, offers instalment loans – but of up to £1,500 over terms of up to 6 months. That's £500 more than Mr Lender but with a higher representative APR of 1,297.6%. QuidMarket loans come with level monthly repayments. You can repay early at any point.
QuidMarket representative example: Borrow £300 for 3 months at a rate of 292% p.a. (fixed). Representative APR 1297.6% and total payable: £454.37 in 3 instalments of £151.46.
Finally, Conduit (check eligibility) is our last direct lender, which, like Mr Lender, offers instalment loans – but of up to £1,500 over longer terms of up to 18 months. That's £500 more than Mr Lender but with a higher representative APR of 217.5%. Conduit loans come with level monthly repayments.
Conduit representative example: Borrow £500 for 39 weeks at a rate of 111.03% p.a. (variable) with a 3% variable admin fee of £15. Representative APR 217.5% and total payable: £756.78 in 39 weekly payments of £19.02.
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