Many UK borrowers will have first heard of On Stride when the better-known lender Pounds to Pocket was absorbed into it in early 2019.
On stride is a direct lender (not a broker) that’s part of the Enova International. Enova is one of the original payday loan “Big Three” (alongside The Money Shop and the now-collapsed Wonga). In line with much of the UK market, Enova has started to move away from traditional “payday” lending, and more towards instalment loans with longer terms. It launched On Stride in 2014 with the stated intention of serving cash-strapped customers who want a little extra money but don’t want to pay the huge interest on payday loans.
On Stride says it prides itself on its standards of customer service and no-nonsense approach. Although it offers only relatively small loans for periods of up to two years, these are some of the most customisable small loans around.
Whether you’re strapped for cash and need a little boost, or are looking to make an exciting purchase, a personal loan can help you get there, and On Stride lends to a wider range of customers than the high-street banks, considering applications on more than just credit scores.
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.
Key features of On Stride personal loans
On Stride loans are unsecured, meaning you don’t have to put up collateral in order to apply. Here are some of the key features:
£150–£5,000. You can tailor the amount to suit your needs, as long as it’s between these amounts.
Borrow over terms from six months to three years.
Fixed repayments. Your contract will include the details of your monthly repayments, and these won’t change.
Repay on your payday. On stride will match repayment due dates to your paydays – so if you get paid fortnightly, your repayments will be due fortnightly.
Quick access to funds. You should get your money the same day if your On Stride personal loan is approved during business hours.
No set-up fees. On Stride doesn’t charge any set-up fees on its personal loans.
Late fee of £15. If you miss a repayment you’ll incur a fee, damage your credit score and pay additional interest.
Repay your loan early at any time. There are no fees for early payment, although you still might be charged the same amount of interest.
Customisable loans. When you enter your details and get quotes, On Stride will provide you with a number of customisable loans to choose from.
Interest rates are fixed for the duration of your repayment period. The rate you’re offered, however, will depend on factors like the amount you apply for, the term of the loan, your credit rating and your income. It may differ from the advertised “Representative APR”.
What is APR?
If you’re comparing any credit-based products, it won’t be long before you’ll come across the Annual Percentage Rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.
All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.
Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.
Am I eligible for an On Stride personal loan?
You should only apply for an On Stride personal loan if you’re certain you can meet the repayment terms, and you meet the following criteria:
You’re at least 18 years old
You’re a resident of the UK
You’re employed and receive a regular paycheck
You have a UK bank account with a valid debit card
How can I apply?
Firstly, you’ll need to have these ready:
Address information for the last three years
A payslip showing how often you’re paid
Employment and financial information
Debit card details
Bank account number and sort code
A bank statement from the last 30 days
Then, follow these steps:
Go to the On Stride website and fill out the information on the “Apply” page.
You’ll get a number of offers and information about what you’re eligible for and whether you qualify.
Now you can customise the loan you want, trying out the different options available and deciding what’s best for you.
Select your terms and amounts and press apply. Doing this will be put on your credit history.
Your identification will be verified and your loan finalised over the next couple of days and the final contract will be sent to you to sign.
Once your loan is approved you should get your funds the very same day.
How is the loan repaid?
If you decide to take out an On Stride loan, you’ll need to provide a Continuous Payment Authority (CPA) or Direct Debit Instruction (DDI), letting On Stride collect the required amount on each due date from your bank account or debit card.
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 differs from 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/short-term lenders will use a CPA to collect your repayments. You can cancel this at any point by either consulting with your loan provider or your bank.
What is a Direct Debit Instruction (DDI)?
With a Direct Debit Instruction, you instruct your bank to authorise a third party to request and receive payments from your bank account.
The third party will send a payment notice directly to your bank, and the bank then sends the payment amount back.
Frequently asked questions
You can use an On Stride personal loan for a number of things, including car repair, home improvements, debt consolidation and wedding costs.
If you’re having trouble call On Stride as soon as possible. Its customer service team will try to sort out an alternative plan, but if you fall too far behind they will commence legal proceedings as a last resort.
From the time you sign the loan agreement, there’s a 14-day “cooling off” period in which you can return the money and cancel the loan.
It’s a trading name of CashEuroNet UK, LLC, and part of Enova International, Inc., which also owns the brands QuickQuid and, across the pond, CashNetUSA, amongst others. The now-defunct lender Pounds to Pocket was part of the same group. It is authorised and regulated by the Financial Conduct Authority – you can check it out here, in the Financial Services Register.
Yes, it says it will consider top-ups (in other words, you can borrow more, before you’ve finished paying off your loan). In most cases, topping-up will extend the duration of your loan. These loans aren’t cheap, however, so consider your options carefully before entering into a longer, larger loan.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.