Peachy loans calculator and 2020 review

In March 2020 Peachy announced it was entering administration. Before its demise, Peachy provided quick and versatile loans of up to £1,000 over terms from 1 month to 12 months.

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Peachy

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.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.

Peachy collapsed into administration in March 2020. If you have a Peachy loan and are wondering what to do next, unfortunately you will still be required to pay off your loan. Loan payments will be collected as usual. Peachy isn’t offering new loans.

The once-popular lender has become one of a long line of payday lenders that have buckled under the volume of complaints and compensation claims from former customers.

Peachy loan calculator

Our calculator is based on the loans Peachy was offering just before it entered administration.

How much do you need to borrow?


How long do you need to borrow for?


Name Product Available amounts Monthly repayment Total payable
Peachy Loan
£100 to £1,000
Representative example: Borrow £400 for 6 months at a rate of 229.95% p.a. (fixed). Representative APR 720% and total payable: £707.01 in 6 monthly payments of £117.83.

Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

How did Peachy personal loans compare against the competition?

Table: promoted deals, sorted by total payable
How much do you need to borrow?


How long do you need to borrow for?


Name Product Available amounts Monthly repayment Total payable
Lending Stream Instalment Loan
£50 to £1,500
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.
Satsuma Short Term Loan
£100 to £1,000
Representative example: Borrow £480 for 9 months at a rate of 133.1% p.a. (fixed). Representative 535% APR and total payable £959.04 in 9 monthly payments of £106.56.
Savvy.co.uk Personal Loan
£300 to £3,000
Representative example: Borrow £1,000 for 12 months at a rate of 152.33% p.a. (fixed). Representative 352.7% APR and total payable £1,999.92 in 12 monthly payments of £166.66.
Sunny Loan
£100 to £2,500
Representative example: Borrow £100 for 8 months at a rate of 204% p.a. (fixed). Representative APR 568% and total payable £199.33 in 8 monthly payments of £19.93. You can repay this loan early.

Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

We compare payday/short-term loans from

Lending Stream Instalment Loan
Satsuma Short Term Loan
Savvy.co.uk Personal Loan
Sunny Loan

What were Peachy loans?

Manchester-based Peachy.co.uk was a direct lender, authorised and regulated by the Financial Conduct Authority.

Peachy loans were quick, short-term loans designed for covering unexpected costs. They weren’t quite the same as traditional “payday” lending, where you borrow over a very short period of time and make a single repayment on your payday. With a Peachy loan, borrowers made a repayment each month, which pays off part of the capital (the original amount borrowed) as well as the interest accrued so far.

Key features of a Peachy loan

Product NamePeachy Loan
Available amounts£100 to £1,000
New customer maximum£1,000
Loan terms1 month to 12 months
Soft search eligibility check
Instant decision in most cases
Funding speedPeachy 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 optionsMonthly
Default repayment methodContinuous payment authority
Additional repayment methodsOnline payment
Phone payment
Repay early at any point
Parent companyCash On Go Limited
FCA registration number67433
More Info

How did a short term loan from Peachy work?

The first phase of your application was to decided on the size of your loan and the number of instalments you wish to pay your loan back in. Following this you’d be redirected to a sign-up form. Here you’d have to complete 4 simple steps providing personal, contact, employment and financial details.

Peachy would then calculate your credit score and within seconds be able to determine if you were eligible for a loan and the size of that loan. You could be called at this point to double check some data. Once approved your loan would often be credited within 15 minutes, but this could take up to an hour.

Your loan could be repaid in two ways:

  • Peachy used a Continuous Payment Authority (CPA) to collect your repayments on the due date you chose to repay your loan.
  • You made a bank transfer to Peachy

If Peachy was 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:

ResidencyUK resident
Minimum age18
Min. income£600 a month (some benefits may be included)
Applicant with CCJsYou must not have had a CCJ in the last 6 years.
Additional eligibility notesYou must hold a UK bank or building society account with a valid debit card.
You must have a working mobile phone & email address.

The application process

These were the steps borrowers could follow to get a loan from Peachy:

  1. Use the calculator on Peachy’s home page to decide on the size of your loan and the amount you wish to borrow.
  2. Fill out your personal, contact, employment and financial details.
  3. Once approved, choose from the loan options provided.
  4. Receive your loan in as little as 15 minutes.
Peachy was a direct lender and allowed customers to apply online with a quick and easy application process. It even went as far as offering promo codes to get a reduction in interest.

After selecting your loan amount and term, you would be prompted to enter a coupon code can enter a promo code during the online application process. Once you’d entered the code, the total repayable would be recalculated taking into account your discount.

Screenshot from Peachy loans website showing promo code field

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 number0800 0124 743
More Info

You could repay your loan early at any point. There was 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.

Was a Peachy loan a good idea?

“High-cost, short term credit” from companies like Peachy is quick and easy, but very, very expensive. So before you apply, consider your alternative options – you may have more than you thought.

These loans shouldn’t be treated as anything more than a “patch”. They’re 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

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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