Peachy loans review

Peachy provides quick and versatile loans of up to £1000 over terms from 1-12 months.

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Peachy

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.

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 Peachy

£5 off the interest of an approved loan

Representative example: Borrow £400 for 6 months at a rate of 259.33% p.a. (fixed). Representative APR 947% and total payable: £750.78 in 6 monthly payments of £125.13.

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Estimate and compare the cost of your Peachy loan

Table: promoted deals, sorted by total payable

As well as comparing short-term loans with other types of credit, before you apply for a loan, it’s a good idea to shop around and compare a range of lenders. You can use the table below to get an idea of how much the loan that you have in mind might cost, both with Peachy and a selection of other popular payday/short-term lenders.

How much do you need to borrow?


How long do you need to borrow for?


Name Product Available Amounts Monthly repayment Total payable
£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.
£200 to £1,500
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.
£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.
£100 to £1,000
Representative example: Borrow £500 for 5 months at a rate of 292% p.a. (fixed). Representative APR 1,297% and total payable: £867.05 in 5 instalments of £173.41.
£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.
£100 to £2,500
Borrow £100 for 8 months at a rate of 204% p.a. (fixed). Representative APR 567% and total payable £199.33 in 8 monthly payments of £19.93. You can repay this loan early.

Compare up to 4 providers

Important information:
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
Moneyboat Short Term Loan
Peachy Loan
QuidMarket Short Term Loan
Satsuma Short Term Loan
Sunny Loan

Key features of a Peachy loan:

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

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
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
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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:

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

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 on a regular basis.

CPA’s differ from direct debits 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 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.

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.
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How do I apply for 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.

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
Phone number0800 0124 743
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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.

Is high-cost, short-term borrowing a good idea?

High-cost, short-term loans from companies such as Peachy are a very expensive method of borrowing and should only be considered as a last resort. They may not solve your money problems, and are not a good idea for borrowing over longer periods, or for sustained borrowing.

Before you apply, make sure you’ve considered other options. Is the expenditure that you’re planning truly essential? If you’re struggling to pay a bill, then why not talk 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.

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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