New Payday Lenders and New Payday Loans at CashLady
At CashLady, we aim to bring you the best selection of short term loans online both new and old. To do this, we work with a leading panel of lenders that’s made up of some of the biggest names in the industry. This includes established lenders like QuickQuid, PayDayUK, Sunny, Satsuma and Wonga. Also we include some lesser known, more specialist lenders. On top of that we are adding new payday lenders to provide the best solution to our customers.
From our experience, new payday loan lenders take time to learn and develop their product. Building a proper lending model takes time. Getting the right funding in place is time consuming as well. It could sometimes take a year or two before a new payday lender is able to accept many customers. Until that time they usually lend to a specific and narrow range of customers.
Working with a diverse panel of lenders makes it easier for you to access a range of different products. You can do so without having to hop from lender to lender.
When you apply with CashLady you get the best of both worlds. We feature three kinds of new and old lenders in our panel:
- Traditional payday lenders (short term loans repaid in one instalment)
- Flexible Payday Lenders who offer loans up to 6 months.
- Line of credit/revolving credit (pay per day method of borrowing money).
To provide the best service we can, we also regularly welcome new payday lenders to our panel. This ensures that whatever’s going on in the market, we’ve got it covered.
Welcoming new payday lenders to our panel
In the last couple of years, new regulations imposed by the Financial Conduct Authority (FCA) have shaken up the short term loan sector. New rules cap the cost of loans and limit the number of times a loan could be ‘rolled over’. As a result, a lot of the less scrupulous lenders had left the industry. The resulting mass exodus reduced the sector from 400+ lenders to closer to 150.
In the fallout of the regulations, a few new payday lenders have also chosen to enter the sector. Any new entrants must follow the FCA’s strict regime and show their commitment to responsible lending. As new payday lenders join the industry, we cherry pick what we think are the best and add them to our panel. The result is a service that keeps evolving and provides borrowers with the greatest flexibility and choice.
What can new payday loans bring to the market?
The payday loan price cap introduced by the FCA means that no lender can charge more than 0.8 percent interest a day. At this rate, a loan of £100 over a period of 30 days would cost £124. As most lenders are now charging similar amounts, new entrants are trying to win over their customers in other ways.
Many of the new lenders that enter the market are attempting to win over customers by offering better service than the competition. Some new lenders do this by charging lower rates. For this reason, we are committed to making sure these lenders appear on our panel.
New lenders, like our existing lenders, are required to assess affordability. Affordability checks include assessing your current level of income and expenditure. They also include confirming your salary and employment. Credit checks help asses any current debts you might have. Also they look at how well you have managed pervious loans, credit cards and other payments in the past.
Compare our lenders
Compare loans offered by our established and growing number of new payday loans & lenders. Complete your loan application and it will be seen by our leading panel of lenders. You can then compare the lenders that will consider offering you a loan on a like-for-like basis. Most importantly, our service is completely free. We will not charge you at any point. Instead, we receive a fee from the lenders for any customers we send them.
Learn more about how CashLady loans work and apply online.