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Debt Recovery Online | Debt Recovery Agencies

Debt Recovery Online
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According to the TUC, unsecured debt has recently hit a peak of £15,400 per UK household. This is an alarming statistic when you consider that back in the early 90s this figure floated around £4000. It doesn’t matter how responsible you may have been with your finances in the past. A sudden loss of income, a messy divorce or a health problem could put even the most responsible past borrowers into dangerous waters. The most common problematic form of debts are compared here on the site such as credit cards and loans. It is when there is a default on any given agreement that the debtor will hear from a third party debt collection agency (DCA).

DCAs either act on behalf of the lender or they may have purchased the defaulted account at a fraction of its value. We felt that this was an important industry to compare in order to analyse market share and to identify which collectors are overall better to deal with. There is no doubt that the busier firms are chasing up considerable amounts of money. Collectively, more than £60 billion has been passed on to collectors who are members of the CSA (the Credit Services Association represents around 300 members). It’s always advised to deal with debts head on and not bury your head in the sand. We’ll link below to resources where guidance and support can be found.

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Bad Credit Cards Online | Direct Lenders & Affinity Partners

Bad Credit Cards Online
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Credit cards for bad credit are great options for people new to borrowing and to those looking to rebuild a damaged score through past debts. Making regular monthly repayments on time shows on your record that you can be trusted and unlike loans you aren’t forced into making lump repayments that can be problematic when money is tight. If you can however afford to clear your balance before the due date then you won’t have to pay any interest (when making purchases only). It is the case that starting limits are often small, but these are usually reviewed every 4 to 6 months with select providers and can soon grow into the thousands (especially with NewDay).

For many years, Capital One and Vanquis Bank were the major subprime players in town. However, Vanquis has recently lost ground and been replaced by NewDay who are mostly known for their Aqua range. Poor credit card rates are often packaged at around 35% APR (often variable to 60/70%). When you see rates closer to 28%, you’ll need to have a fairer score. It is uncommon to find 0% balance transfer and purchase deals. You have to bite the bullet and rebuild slowly to one day lead you to those tempting prime offers. Whatever you do, make sure that a direct debit clears your minimum payment and make extra payments to avoid the card debt trap.

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Logbook Loans Online | Logbook Loan Lenders (Bad Credit)

Logbook Loans Online
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Logbook loans are secured contracts on cars, although depending on the provider you may be able to secure against a caravan, motorbike, van etc. This subprime sector is very expensive and you should be cautious that repayment debts will lead to repossession. This is based on a Bill of Sale that transfers ownership during the time that the loan agreement runs. The V5C registration document (the logbook) is handed over during the contract that explains the sector name (V5C used to be V5). 2014 was a key year for sector lending when the FCA valued the industry up to £76 million. In this year, 52,580 Bill of Sales were recorded, but this tally has drastically dropped over the years.

Loans2Go.co.uk is currently the only popular visited site (based on Alexa stats) that highlights the overall drop in consumer demand. L2Go cemented their dominance when they joined Hermes Property Services in January 2015. Hermes had taken over the historically successful Logbook Loans brand. What attracts people to this sector is the high acceptance rates regardless of poor credit. Self-employed workers who struggle to source money elsewhere are regular customers. Loan sums like £50,000 are often pitched, but only between 50% & 70% of the trade value is passed on. Some firms have no vehicle age limits, whilst others ask for under 10 years. Cars must be free or nearly clear of finance, as well as being insured, MOT’d & taxed.

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Guarantor Loans Online | Guarantor Loan Lenders (Bad Credit)

Guarantor Loans Online
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A guarantor provides a guarantee on a debt owed by a third party. This type of contract (surety) has evolved in subprime lending to enable people with poor credit to obtain a loan via the backing of a family member or friend. The person supporting the application will need to have a solid borrowing history themselves. They become fully responsible to the debt should any repayment issues arise. There is a sizeable demand for this type of product, but supply does fall short with there being just over a dozen competing brands. This is unsurprising, with this not particularly being the most attractive niche to enter due to the market leader’s high level of dominance.

This dominant force is Amigo Loans who have operated since 2005, originally under the FLM identity (Amigo was introduced in 2012). Over time they have crafted a near-perfect sector product that has benefited greatly from mainstream TV advertising. One of the only areas where rivals have edged them out is on the pricing side. The general APRs across the wider sector tend to float between 40% and 50% that highlights good value, especially since CCJs and defaults aren’t problematic to the borrower. Sizeable sums of £10,000 are commonly pitched and it does help that the contracts can be spread across 5 years. Same day turnarounds are possible and guarantors can be tenants (only GuarantorMyLoan & TFS always require homeowners).

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Instalment Loans Online | Instalment Loan Lenders (Bad Credit)

Instalment Loans Online
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The instalment loans sector (installment in U.S) has emerged as the most fiercely contested in recent years, with 50+ local brands currently challenging for market share. Payday lending had previously been dominant. This came to an end after the FCA’s 2015 interest cap went through. This pushed many payday firms across to instalments where they could attain increased profits on longer contracts (usually lasting up to a year). There was however many casualties both online and on the high street. Retail estates like Cheque Centre & Speedy Cash are today a thing of the past whilst the historic market leader (The Money Shop) lost most of their stores and no longer offer loans.

Lending Stream was the first major player to focus on longer terms at a time when payday was all the rage. They launched in 2008 and later switched to instalments in 2011. As it stands today they are now the top visited lender (in light of Wonga’s recent closure). They’ll now see Satsuma and Sunny as their key rivals. Moving along to today’s comparison, we have analysed 3 and 6 month loans online. Given the choice, it does make greater sense to opt for 6 months to benefit from more manageable bitesize repayments and lower daily calculated rates. Similar to monthly lending, bad credit is considered the same way, assuming that you aren’t requesting sizeable sums like £1000+.

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Payday Loans Online | Payday Loan Lenders (Bad Credit)

Payday Loans Online
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Payday firms started to pop up online in the year 2003. The early market leader was PaydayUK who have now ceased trading. They, and many big hitters like Wonga, felt the heat of tightened regulations by the industry regulator (the Financial Conduct Authority). The FCA’s key change saw the roll out of an industry wide price cap. This capping at 0.8% daily was introduced in January 2015. From here on lenders could charge no more than £24 per £100 over 30 days. With lender profits tightly squeezed and incoming high profile fines, this is when many firms started to collapse. Those that did survive typically adapted to longer terms where they could chase greater profits.

Payday lenders help to bridge the gap until that next pay date, more so to those with lower scores who are unable to qualify with mainstream providers. A small handful of brands listed today offer greater flexibility. The now defunct Wonga was the innovator in this regard, enabling the borrower to pick any specific repayment day. New applicants seeking cash are typically capped at £300 with larger amounts of £1000 usually following once trust has been established. The development of the Faster Payments scheme has helped to speed up transfers to just minutes and some providers are open across weekends. Qualification with bad credit is likely, but checks are common such as document uploads, workplace verification calls etc.

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