The high-cost credit market helps people with low credit scores when they need the capital, allowing them to obtain the services or goods they need even if they don’t have the funds to hand themselves. For many, seeking a loan and completing a credit agreement can even help them avoid more financial difficulties, such as keeping on top of bills. However, what lenders are still in this market, who remains active, and who should you turn to?
In this review, we will determine all of this.
Have any lenders left the market?
In industries all over, it is common to discover that companies have left the market. The high-cost credit industry for the UK market has been no different. In the past year, we have said goodbye to multiple big names in the business that have exited the UK market, including:
- Enova
The US company Enova decided to leave the UK market due to “regulatory uncertainty” almost a year ago, taking with it what was considered to be one of the UK’s biggest payday loan providers, QuickQuid. This lender was even bigger than Wonga (that had fallen the previous year) but faced many complaints during its time. The company is confident that its decision to leave the UK market is the right one.
- Curo
In February 2019, Curo Transatlantic Limited entered administration. They operated Wage Day Advance in the UK but were bought out by Morses Club. The reason for leaving the UK market could be down to this entering administration and the new company pulling out.
- Elevate Credit
Elevate Credit left the UK market in June 2020, after it stopped operating its UK owned unit, Elevate Credit International Limited (ECIL), and was placed into administration. Leaving the market was down to the lack of regulatory clarity in the UK.
Who remains active?
Despite many lenders leaving, the high-cost credit market has plenty of trusting, big names in the business that are still available to turn to in times of need.
- Cash Lady
Often needing capital can be a timely matter, but lenders out there can help with this matter. Cash Lady is a leading short term loan website that can help you secure short term and payday loans in just a few minutes. The company first started in 2008 (Cash Lady is the oldest online credit broker) and is located in the UK, unlike many of the lenders who have left the market. In 2016, they were awarded the Credit Broker of the Year award and came runner up in the two subsequent years, and have so far had over 3 million payday loan applications approved, even those with bad credit.
- Cashfloat
For credit seekers in the UK, another company that allows quick ways to finance your emergency is Cashfloat. The company was formed in 2014 and still holds a commitment to help people in their time of need to ensure they can get back on track financially. You can access payday loans, short term loans, or bad credit loans.
- Little loans
Little loans is a fully regulated and authorized credit broker that allows you to be introduced to lenders who can allow you to borrow up to £10,000. They are a registered company in England and Wales.
Choosing a lender
These are just some of the biggest names in the high-cost credit market that you could turn to. Choosing often comes down to personal preference, so spend plenty of time looking into your options in more detail.
Disclaimer: This article contains sponsored marketing content. It is intended for promotional purposes and should not be considered as an endorsement or recommendation by our website. Readers are encouraged to conduct their own research and exercise their own judgment before making any decisions based on the information provided in this article.
