Representative Example: Amount of credit: £500 for 12 months at £79.09 per month. Total amount repayable of £949.08. Interest: £449.08. Interest rate: 140% p.a. fixed*. 278% APR Representative. Rates between 9.9% APR and 1295% APR.
Personal Loans
✔︎ Personal Loans / Instalment Loans
✔︎ Good or bad credit
✔︎ With or without guarantor
✔︎ Amount between £1000-£25,000
✔︎ Term over 1-7 year
Legal Information – Representative Example: Amount of credit: £500 for 12 months at £79.09 per month. Total amount repayable of £949.08. Interest: £449.08. Interest rate: 140% p.a. fixed*. 278% APR Representative. Rates between 9.9% APR and 1295% APR.
Payday Loans
✔︎ Payday Loans / Short Term Loans
✔︎ Good or Bad Credit
✔︎ With or without guarantor
✔︎ Amount £100-£1,000
✔︎ Term from 2 months to 1 year
Legal Information – Representative Example: Amount of credit: £500 for 12 months at £79.09 per month. Total amount repayable of £949.08. Interest: £449.08. Interest rate: 140% p.a. fixed*. 278% APR Representative. Rates between 9.9% APR and 1295% APR.
New Payday Loan Lenders in 2021
You’ve just typed ‘New Payday Lenders’ or ‘New Payday Loan Lenders 2021’ into your search engine of choice and it’s brought you here. Great and thanks for being here!
We would suggest the reason for your choice of search term is the desire to find something new and interesting and not be confronted by the same range of choices from a similar sounding loan company to all the rest.
In order to find a genuinely new payday lender or broker you need to be looking a bit further down the rankings because they won’t be showing up here for another year or two.
Badger Loans is a new payday lender that recently launched in 2020
We appreciate that finding the right payday lender can be difficult, with several companies available, each with different rates and terms and lots of different brokers – it can be hard to find the right one.
Badger Loans was created to offer simple loans in black and white. When you apply online, your details will be matched with 40 trusted and responsible UK lenders and you will be paired with the lender most likely to accept your application and offer the best terms.
Why Choose Badger Loans?
Badger Loans offers a range of flexible products, giving you the choice for how long you would like to borrow for (3 to 84 months) and how much money you would like to borrow (£100 to £25,000).
We offer unsecured loans so there is no collateral required and your loan is subject to status, or if you prefer, you can use a guarantor loan which can offer more security for those with bad credit histories.
We offer customers a quick decision when they apply and they can usually receive funds on the same day they apply. You can repay early at any point and will often save money for doing so. Applying is completely free and will not affect your credit rating.
Key Features
- Borrow £100 to £25,000
- Repay over 3 months to 84 months
- Working with direct lenders
- No upfront fees
- No damage to your credit score
- No guarantor required
- Same day funding
What Are The Rules For New Payday Lenders in the UK?
Since the introduction of FCA regulation in January 2015, the payday loans industry follows a strict price cap that lenders cannot charge more than 0.8% per day. This equals to £24 per £100 borrowed and ensures that customers will never repay double what they have initially borrowed. There is also a cap on default charges so customers cannot be charged higher than £15 for any missed repayments.
From a lender’s perspective, payday lenders have strict requirements with the FCA to prove that they are fit and proper to offer loans and this means undergoing FCA authorisation and maintaining high standards and commitments to responsible lending. We can assure you that at Badger Loans, any partners we work with are fully vetted and authorised to offer loans responsibly in the UK.
What is the Eligibility Criteria?
- Over 18 years of age
- Full-time UK resident
- Employed (full-time or part-time)
- Can afford monthly repayments
- Valid UK bank account
- Valid email address and mobile phone number
How to Apply with a New Payday Lender in 2021
The application is completed online via desktop, mobile or tablet and all you need to do is click on ‘apply now’ to get started. We require a few basic details about you, your income, employment and bank details so we know where to send funds.
You will be able to choose how much you would like to borrow and how long for and if you have passed the relevant checks, you can receive funds within a couple of hours if all criteria are met and your bank accepts Faster Payments.
What’s New in 2021?
There are one or two new additions to the lending arsenal for our new year. One of those has been around for a year or two and you may have heard of it and that’s Open Banking. Open banking aims to give the lender access to your bank account for a limited time and is controlled by you.
The idea is partly to do away with sending in bank statements but more so to give a lender a bird’s eye view of what’s really going on in your bank account and it can be very revealing.
For instance, if you like a flutter it may be prudent to shift your online gambling accounts to either another bank account or find another way of funding it because lenders don’t like to see their monthly repayments going on number 4 at Folkestone in the 3.00pm race.
Another nearly new development for 2021 is Salary Finance. Also newish a year or so ago this aims to cut mainly office workers out of the payday and personal loan market by giving them access to their salary at a given point in the month. Much like taking a sub from work, an employee can draw up to half their salary during the month and repay it on payday from their wages. There is no interest to pay which is great but as ever there is no free lunch because no interest equals a drawdown fee charged each time you want to sub a little bit more of your wages.
This can add up to an equivalent hit from an interest rate if used too often. And as ever there’s the danger, ‘used too often’. There is a tendency with these schemes for dependency to arise from the ease of withdrawal to getting into the same debt cycle as a payday loan.
Bosses need to keep a close eye on who’s using the service and make sure no one is using too often and losing half their wages every month to the scheme. As there is no interest it means there is no regulation or oversight from the industry regulator the Financial Conduct Authority (FCA).
That could pose problems for the consumer if they want to complain or feel they’ve been taken advantage of in some way.
No New Payday Loan Lenders for 2021?
When an industry has a hands-on regulator like the FCA it can leave little scope to be original. Our shopfront is our Homepage of our website and one of the reasons they look so similar is that we are somewhat restricted in what we can say to you the consumer. So there are plenty of new payday lenders out there as well as new brokers coming online all the time trying to get a slice of the market.
You may not notice them because of the similarities in what we can all write on our Homepages and inside. Or it may be you just have to look a little further down the rankings to page 6 and beyond if you want a genuinely new lender or broker.
But always check their FCA number to make sure they’re genuine and maybe even take a look at who’s running the company and some of their other trading names because that’s when you discover the ‘new payday loan lenders 2021’ are the same as the new payday loan lenders of 2019 and 2018 – they just like being on page 1 for some reason…………….
We hope this helps and you find your way to a genuinely new loan lender for our new year.
