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.
Peachy loans are different to traditional “payday” lending, where you would borrow over a very short period of time and make a single repayment on your payday. With a Peachy loan, borrowers make a repayment each month, which pays off part of the capital (the original amount borrowed) as well as the interest accrued so far.
Peachy loan calculator
How do Peachy personal loans compare against the competition?
Before you take out a short term loan, it’s smart to read up and shop around. You can use the table below to see how much you’d be likely to pay for the loan you have in mind at a range of popular lenders.
We compare payday/short-term loans from
Key features of a Peachy loan:
Manchester-based Peachy.co.uk is a direct lender, authorised and regulated by the Financial Conduct Authority.
|Product Name||Peachy Loan|
|Available Amounts||£100 to £1,000|
|New customer maximum||£1,000|
|Loan terms||1 month to 12 months|
|Soft search eligibility check|
|Instant decision in most cases|
|Funding speed||Peachy says it will process your online application within couple of seconds of receipt, and that once approved, receiving funds usually takes about 15 minutes, but depending on your bank could take up to 1 hour.|
|Repayment period options||Monthly|
|Default repayment method||Continuous payment authority|
|Additional repayment methods||Online payment|
|Repay early at any point|
|Parent company||Cash On Go Limited|
|FCA registration number||67433|
How does a short term loan from Peachy work?
The first phase of your application is to decided on the size of your loan and the number of instalments you wish to pay your loan back in. Following this you’ll be redirected to a sign-up form. Here you’ll have to complete 4 simple steps providing personal, contact, employment and financial details.
Peachy will then calculate your credit score and within seconds should be able to determine if you’re eligible for a loan and the size of that loan. You may be called at this point to double check some data. Once approved your loan should be credited within 15 minutes, but this can take up to an hour.
Your loan can be repaid in two ways:
If Peachy is unable to collect your repayment on your chosen date, they’ll contact you. If you fail to make the payment on this date you’ll be charged a fee of £15.
What is a Continuous Payment Authority (CPA)?
A CPA is a recurring payment in which you give a company permission 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 CPA’s to collect your repayments.
You can cancel a CPA at any point by either consulting with your provider or your bank, but remember that you’ll need to make alternative arrangements to meet your repayments (otherwise you’ll risk a fine, extra interest and damage to your credit score).
What are the eligibility requirements?
You should only apply for a Peachy loan if you’re certain you will be able to make the repayments, and you meet the following criteria:
|Min. income||£600 a month (some benefits may be included)|
|Applicant with CCJs||You must not have had a CCJ in the last 6 years.|
|Additional eligibility notes||You must hold a UK bank or building society account with a valid debit card.|
You must have a working mobile phone & email address.
How do I apply for a loan from Peachy?
- Use the calculator on Peachy’s home page to decide on the size of your loan and the amount you wish to borrow.
- Fill out your personal, contact, employment and financial details.
- Once approved, choose from the loan options provided.
- Receive your loan in as little as 15 minutes.
Changing you loan: Additional borrowing options and early repayment
|Option to change repayment date|
|Repay early at any point|
|Repaying early can reduce overall interest|
|Interest is only applied to days where funds are outstanding|
|Multiple loans allowed at the same time|
|Option to extend loan term|
|Phone number||0800 0124 743|
You can repay your loan early at any point. There’s no penalty for doing this, and it could save you interest… but maybe not as much as you’d expect. You may have to pay interest up to the date that you next instalment would have been due.
Should I apply for a Peachy loan?
A Peachy loan shouldn’t be treated as anything more than a “patch”. It’s very unlikely to solve any ongoing money problems.
Did you know?
In 2015 the Financial Conduct authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.
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.
Frequently asked questions