Glomaker Money Talks
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.
Review Overview
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!
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
- Have had a CCJ within the last 6 years
More about Peachy Loans
