Important: Nextcredit is no longer accepting any new applications. This page has been preserved for historical purposes, and you can compare a range of payday and short-term loans here.
Based in Gloucestershire, Nextcredit is an online lender providing short-term instalment loans. As well as the more traditional “payday” loan service (where a small sum is borrowed and then paid back in one lump sum on the borrower’s next payday) it also gives borrowers the opportunity to spread the cost of borrowing over a number of months. Spreading the cost can be useful, as it generally means smaller monthly repayments, but as you might imagine, it makes for a more expensive loan overall.
Although it is primarily a direct lender, Nextcredit states it may sometimes offer credit broking services, for example, when it is unable to fulfil a customer’s lending requirements.
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.
If you’ve used the Nextcredit site to get a quote and want to see if you’re getting a good deal, find out how much a comparable loan is likely to cost you from some popular short-term lenders:
Like most short-term loan providers, Nextcredit uses a Continuous Payment Authority to collect your repayments.
CPA’s differ from a direct debit because they give the company being paid the ability to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you. Most payday loan companies will use a CPA to collect your repayments, however you can cancel this at any point by either consulting with the lender or your bank.
You should only apply for a Nextcredit loan if you are certain you can meet the repayment terms. You must also:
They additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.
Short-term loans are a quick solution to an immediate expense, but realistically, however, they are a very expensive method of borrowing. Therefore, you should only consider this type of loan as a last resort. Short-term loans are unlikely to solve your money problems in the long term, and are not suitable for borrowing over longer periods, or for people experiencing serious debt problems.
Before you apply for a short-term or “payday” loan, make sure you have considered all other options carefully. Is the expenditure that you’re planning absolutely essential? If you can defer a purchase then you could save yourself money in the long run. If you are struggling to pay a bill, then try talking to your electricity, gas, phone or water provider to see if you can work out a payment plan. Read more about alternatives to payday loans at moneyadviceservice.org.uk.
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