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Peachy.co.uk

Peachy Loans Review: Peachy.co.uk

Peachy Loans is a trading name of Cash On Go Ltd, a London-based company. They first opened their doors in 2011, and claim to have issued over 125,000 loans to date.

Peachy Loans provides short-term loans – available from £50 to £700 and with flexible repayments ranging from 15 days and 12 months, in monthly instalments.

Like most short-term loans today, there’s no longer any fees to pay, as they’re rolled into the daily interest rate – 0.8% per day, which has become the norm since the figure was introduced as a price cap by the FCA in 2014. A ‘benefit’ of borrowing over longer periods is that you profit from the capping regulations – which state you will never have to pay back more than double the amount borrowed. Ramp the slider up past 6 months and you’ll notice that interest stops accruing. Bonus!

They state on their website that only about 7% of loan applications result in credit being actually issued – so, if you’ve not got the credit rating of Roman Abramovich, you might find it difficult to get the cash you need with Peachy Loans.

Visit Peachy Loans.

Peachy Loans is a trading name of Cash On Go Ltd, a London-based company. They first opened their doors in 2011, and claim to have issued over 125,000 loans to date. Peachy Loans provides short-term loans – available from £50 to £700 and with flexible repayments ranging from 15 days and 12 months, in monthly instalments. …

Review score

Cost comparison
Product features
Speed & availability

Great

Summary : We think it's a better product since being revamped due to the FCA price caps. Just work on the 7% Peachy!

80

Key facts

  • How much? £1 to £700
  • How long? 15 days – 12 months
  • How fast? Cash transferred within 1 hour of approval
  • Availability? 24×7

Pros & cons

  • Spread repayments over 12 months
  • Take advantage of capped interest over longer periods
  • Borrow from just £50 for 15 days
  • Bad credit OK – no CCJ’s though
  • We like responsible lending – but 7% acceptance rates? Really?

Costs

Repayment example – £250 over 3 months

  • Interest & fees = £129.44.
  • Total to repay = £379.41.
  • Repay 3 monthly instalments of £126.48.

Credit comparison

  • £100 for 1 month cost £24 in interest and fees

Application criteria

In order to apply with Peachy Loans, you must:

  • Be at least 18 years old
  • Be a permanent UK resident
  • Earn at least £600 after tax
  • Hold a valid UK bank account that accepts direct debit
  • Have a mobile phone and email address
Loans are not available if you:
  • Have had a CCJ within the last 6 years

More about Peachy Loans

Peachy.co.uk Lending Stats