Miyagi Loans

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Site Update 2015

Miyagi Loans has finally took on some fresh updates. We have firstly provided some information surrounding the reasoning behind the lack of new posts that is primarily due to a Google update. We have also followed up by investigating some of the major lender closures as a result of the FCA cap. This regulation has been applied to the UK industry since January 2nd whereby lenders must obey a 0.8% total daily rate on charges. Some notable closed services that we have picked up on includes the likes of Cash Genie, MiniCredit and Vivus. Speedy Cash no longer provide their service online, as is also the case with the Cheque Centre (this wasn't as recent though).

There has been many other firms ceasing trading, but these are some of the more notable closures. It will take time to get a clear picture of the total number of exits and so we will keep an eye on new developments. The Miyagi site will receive fresh content and we will hope to get around to updating much of the postings that have become outdated as a result of the capping. Other than closing down, some companies have updated their loan terms and so there are many required changes. As well as rebuilding this site, we will also be working on Lenders4U that is a new side project in the same niche.

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Miyagi Loans: Guides Update

There was previously one single Guides page on www.miyagiloans.co.uk that was located within the top menu bar. Many of the original posts were simple lender introductions that provided information on the available product, the terms, the pricing and some background info on the company itself. As time went on more specific posts were created surrounding subprime lending and these were added to the Guides page. This served like a contents list, but it did not include any of the lender introduction submissions. These are found through the comparison sections or through the user making an internal search.

Anyway, this section became overcrowded and so we have now setup two of these. First we have Guides1 that covers topics relating to loans and now there is also Guides2. This covers a wide range of financial topics. A few examples would include banking overdrafts and debt collection agencies. Now that this spread has been made, it is more easy to find submissions, but at the same time we can now focus more on other financial areas that will allow the site to grow. Miyagi Loans is currently around 9 months old and will complete its first year at around Christmas time.

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Mr Miyagi (3)

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Mr Miyagi (2)

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Mr Miyagi (1)

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Lenders Faced with Cost Caps in 2015

The Financial Conduct Authority (FCA) is the new regulator for UK financial markets that has taken over the role previously held by the Office of Fair Trading. George Osborne (the Chancellor of the Exchequer) announced in late 2013 that a new cap would be imposed to target payday/short term loan products. This duty was put in the hands of the FCA who released a press release in July 2014 that confirmed what caps would be enforced that is to be put in motion in January 2015. This story was covered in detail at www.miyagiloans.co.uk. We will cover the ins and out of this ruling below.

There is to be maximum daily charge that will stand at 0.8%. This is a total cost and so it covers all such fees that includes interest and the cost of a transfer. These transfers through the Faster Payments Service usually cost £5, but some companies ask for much more than this. This cap means that for a £100 loan taken over the period of 30 days, no more than £24 can be charged by the lender. At the same time, default fees can be set at no more than £15 with the 0.8% daily rule following for the time that the funds remain unpaid.

Finally, there is to be a 100% limit on the amount of charges that can be imposed. If you were to for instance borrow £50 then no more than £50 can be paid in charges in the scenario that a contract ends through default. It is well known that defaulting is very high in this sector that is why interest tends to come at a premium that will make it difficult for some businesses to turn a profit and continue trading. No action has been taken in other subprime markets and this extends to the banks who are still able to charge harsh fees for unauthorised borrowing on overdrafts.

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Can Peachy and Sunny Catch Wonga?

Since launching in the year 2007, Wonga has become one of the premier names in online lending. They sponsor three football clubs, run regular TV ad spots and never escape the media, but at the heart of it they do have an excellent product. They offered the first truly flexible short term loan that allowed applicants to choose the specific loan sum to the £1 and the repayment to the exact day. They also automate decisions and are open 24/7 that has made it difficult for emerging competitors to get a look in. This Peachy and Sunny Post highlighted two such lenders that may be have a chance to bite into Wonga's market share.

Each carries a range of useful features, but the main standout one lies in their term flexibility. As well as for instance being able to choose any repayment day within the month, they each go as far as 5 months. They are each open 7/7 days and offer competitive pricing levels. Peachy and Wonga each have transfer fee promo codes that brings their rates down to exactly 1% daily. Sunny charges a little less than 1% without the need of any such code. The referenced link provides further information on the prominence of these emerging brands, highlighting their likelihood of taking on the big market player.

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Payday First Loans @ www.paydayfirst.co.uk

Payday First Loans were first introduced to the market in 2008. This lending brand located at paydayfirst.co.uk is owned by CFO Lending Ltd. They also operate through the CFO Lending name that itself is very popular. This particular brand is well known, but not quite as much as the other that is surprising since Payday First has ran a TV ad campaign some time back. The loan specifics across each brand are matched in every way and so it is not an issue which one of them that you select. This product has a full monthly term and the granted sums range from £75 to £600 for new and existing customers.

The pricing is set quite high here. The interest charge comes in at £36 per £100 borrowed. You can have delayed funding for free or instead pay £15 for their same day option. The paydayfirst.co.uk website uses encryption, but no customer logins are built in and so you would have to phone them up if you for instance required an extension. Payday First loans are processed between Monday and Saturday. It would be ideal to see a promo code released to discount that fast funding fee, but they haven't released one thus far. This makes them an expensive choice for anyone looking for a same day loan.

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V5 Solutions Loans @ www.v5solutions.co.uk

The V5 Solutions Loans have been available since 2012 through v5solutions.co.uk. Although this is a fresh brand, the team behind them (Betterpace Ltd) was incorporated back in 1996 and so they do have lots of industry experience. Other than the lending arm in discussion, they do also operate as Log Book Loans Norwich and TopUpToday that are each relatively unknown. When applying at V5 Solutions you can receive between £200 and £5000. It is stated in the FAQ that £50,000 is possible though. When it comes to repayments you can select 18, 24, 30 or 36 months. These terms as you can see do start high, but early settlements can be made.

The APR displayed on v5solutions.co.uk is 497.9%. For a £1000 sum over a 78 week term the charge would be £1922.66. There is also a fee of £10 if same day cash is required or otherwise you can pick up a cheque for free. No credit checks are taken and those who have CCJs can still be accepted for a loan. When you do apply the application is encrypted that is good to see since not many logbook lenders have SSL in place. If you are happy to proceed then once the application is processed an agent will come to meet you at a desired location. This can be done between Monday and Saturday. The studied customer reviews for this lender have been very positive to date.

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Loans 2 Go Loans @ www.loans2go.co.uk

The Loans 2 Go Loans have been quickly rising to prominence through recent TV ad campaigning. They operate through loans2go.co.uk and also through logbookloans2go.co.uk. It does appear that Hermes Property Services Ltd may be the owner of the company from scanning through some articles in the media. Hermes Property Services are of course a big name in the logbook loan sector. Loans 2 Go has a range of branches found on many high streets with the current estimation sitting at around 60. You must visit on of these to complete the process alongside taking various documents with you.

The sums accessible are £250 to £5000 by cash and £25,000 by bank transfer. Repayments can be 12, 24, 36, 48 or 60 months and you can clear early. The quoted APR comes in at 356.3% and £1000 over the year would create a charge of £1200. No encryption is used at loans2go.co.uk and the product info provided is rather limited. Their primary aim is to get the potential customer to a local branch that would be open between Monday and Saturday. It is not made clear just what their eligibility requirements are. Their notable high street presence and TV adverts shows that they are certainly a big name to watch out for.

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AutoMoney Loans @ www.auto-money.co.uk

AutoMoney Loans are available online and on the high street through 30 stores. This company has been stepping up their promotions recently through TV advertising. They are certainly growing quickly across the logbook loan sector. The brand owner is Quick Click Loans Ltd who setup this project in the year 2009 at auto-money.co.uk. This services carries some impressive features, but it should be noted that their loans are expensive when you compare their rates against other logbook lenders. Between £100 and £5000 can be received and a set term stands at 18 months, but you can settle at any time if you wish to do so.

You pay 20% per month for interest (£20/£100) and there is an added fee to pay. For a large sum of £1000 over 12 months the cost would £2400 for interest and the £25 document fee takes the total to £2425. This is very expensive when you consider that Varooma could get you the same funds for £668. One impressive feature headed at auto-money.co.uk is that you don't have to pay anything for 60 days that would likely require the full term of 18 months to be completed. Other than the 30 stores, they do also offer "Meeting Points" that may suit the applicant. It is stated that poor credit is accepted although they don't dig into any specifics.

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The Quick Cash Club Loans @ www.thequickcashclub.com

The Quick Cash Club Loans are the workings of Chandler Hart Ltd that hit the market back in the year 2012 through the web address of thequickcashclub.com. This product is a guarantor loan, but it carries sums much more similar to payday loans and so the eligibility is more relaxed to larger guarantor lenders such as Amigo Loans. The team behind this company in fact was a previous employee at The Richmond Group when Amigo went under the name of FLM Loans. A past product from them that they also worked on was FLM Quick that was built similar to The Quick Cash Club, but it was eventually closed down.

You can pay of any loan here after the month, but there is actually no fixed term in place. They just need the interest plus 1% of the balance to be cleared each month. Full secure account servicing is provided through thequickcashclub.com. You can apply for between £50 and £500. The monthly cost is just £17.73 per £100, but a guarantor backing must of course be involved in the agreement. This person must have a good credit score and be aged 21 or above, but they don't have to be a homeowner. Assuming that you have found someone then it is possible to receive same day cash, although just be aware that they do close over the weekend.

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Shopacheck Loans @ www.shopacheck.co.uk

Shopacheck is a doorstep loan provider that is part of Welcome Financial Services Ltd who themselves have been owned over the years by Cattles Plc who have roots of 1927. Cattles have recently faced difficulties and their shares have now been sold on to Bovess Ltd. The Shopacheck Loans have always been popular, although Provident Personal Credit is the market leader within this sector. The shopacheck.co.uk website was setup in 1997 although it does appear that the company goes back to the 1980s. SFS Loans is another trading brand from this company. The amounts of £200 to £1000 can be received and 32 or 50 weeks appears to be new customer terms, whilst existing customers can stretch to 78 weeks.

A £300 loan over 32 weeks would cost £180 that is what you would pay at their major rival Provident. They do use SSL at shopacheck.co.uk, but all management of the loans must be controlled through the designated agent. They have 1800 of these, whilst Provident has 11,000 that shows how big the market leader is today. The Shopacheck loans are available to applicants over the age of 21 and poor credit is accepted. If you wish to make an application then this will be processed between Monday and Friday from 9am to 5pm. The overall reviews for this service have been positive over the years, despite the troubled history of Welcome Financial Services.

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Provident Personal Credit Loans @ www.providentpersonalcredit.com

Provident Personal Credit Loans are served through providentpersonalcredit.com. This is the market leading doorstep loan lender and this is clearly highlighted by them having 11,000 agents that dwarfs all of their sector rivals. This company is part of Provident Financial Plc who have a rich history dating back to 1880. They are well known for credit cards through Vanquis and they have recently launched Satsuma Loans as an online payday loan alternative. Greenwood Personal Credit was a company that they acquired and this was later setup to carry the same features as found at Provident, but it appears that Greenwood is being closed down.

New customers can access £100 to £500 through repayments of 14, 23, 32 or 52 weeks. If you are a trusted return customer then you can receive as much as £2500 over a maximum term of 110 weeks. The product cost is the same as their rival Shopacheck that means that per £300 over 32 weeks you would need to pay them £180. Encryption is used over at providentpersonalcredit.com, but no login feature is in place with all control being managed through the agent. The processing of the Provident Personal Credit loans is done between Monday and Saturday. It is possible to receive funding here even if you don't have a bank account and poor credit is not a problem.

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Logbook Loans @ www.logbookloans.co.uk

Logbook Loans at logbookloans.co.uk was for many years the market leading logbook lender. The original owner ran into problems and fell into administration. Hermes Property Services Ltd went on acquire the brand and they are still the owner today. This website goes back to 1999 and so it was certainly one of the first to pop up in the sector. The Logbook Loans can be applied for from £400 to £5000 with £50,000 being available if you phone this through to them. You can choose a repayment between 12 and 48 months. Using the example of a £1000 amount over the year the charge would be £1271.88 that is good although there are cheaper solutions around such as Varooma Loans.

Other than the logbookloans.co.uk website, this company does have 100s of stores across the UK and they even offer to meet you at your home to complete the process if that option is preferable. Should any loan be arranged then payment is made by cheque and so it can take some time to get the cash in your bank account. The new owner has done a good job with maintaining this brand's prominence and they do tend to advertise on the TV frequently. It is clear that they are still performing well, although they are no longer the dominant force with the logbook market share today tending to be much more balanced between several companies.

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WageMe Loans @ www.wageme.com

WageMe Loans were launched in 2012 through wageme.com. Although this brand hasn't been around for much time, they have been growing quickly and they have received plenty of positive feedback on Trustpilot. They offer monthly payday loans that covers £50 to £400 for new customers and £750 for anyone returning to use them. The interest comes in at £39 per £100 borrowed. If you are in a rush and don't want slow funding then you can choose their fast funding options that is priced at £15. There is a promo code section on the site, but there is no sign of any live code on the web.

It is assumed that this would be in place too get rid of that transfer fee. The wageme.com site is designed well and logins and SSL are integrated here. It does appear that this lender is open between Monday and Friday only. Although the initial customer feedback has been positive here, the cost does come high particularly if you are looking to receive a same day WageMe loan. Pricing is naturally one of the first things that potential customers comparing loans are concerned with. Even if you did take out that transfer fee with a promo, the £39 per £100 charge here is very high with several lenders charging £25 or less per month.

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Tracking Down New Payday Lenders

Many searches on Google are seeking New Payday Lenders simply due the fact that they have tried the big names (QuickQuid, Wonga etc) and are looking to try someone new. The appeal in finding new companies is that when such providers launch they often tend to provide a new angle that differentiates them from the crowd. This could be a much more flexible service, or it could be one that is cheaper. Finding brand new lenders is never easy since many of them don't have the big budgets to advertise on the TV or online. This is why it is always important to scan around for those that have launched in the past few years.

This information tends to be found on comparison and review websites. Within the attached link, you will find all of the lenders that launched in 2013. There doesn't appear to be anyone that has setup a service this year in 2014. Even if "New" isn't essential, you could look out for a provider that you may not have heard about yet. On the Miyagi Loans comparison site there are over 120 online lenders that indicates just how much choice is out there. Various subprime services are also listed that includes doorstep, guarantor and logbook lenders. The logbook sector in particular is interesting since many of those lenders run no credit checks that are in high demand from those with poor credit scores.