Peachy Loans is a UK-based credit provider that offers affordable and easily accessible short-term loans. It was launched in 2010 with the goal of venturing into the short-term loan segment to provide a reliable and transparent service.
Peachy Loans is one of the numerous internet-based services that are disrupting the credit market by allowing people to access credit services beyond banks. They add to the unbanking trend that has mainly been taking advantage of the wave of disruption which is powered by the internet. The service offers borrowers the flexibility of tailoring their loan to their preference.
The lending platform claims in its website that it rapidly transfers the funds to the borrower’s account in less than two minutes once the application is processed approved. It also claims that over 3 million loan applications have been made on its platform but it has served 2 million of them. This means that roughly 1 million applications have been turned down probably because they did not fit the loan application requirements. It also claims that it has no hidden fees.
The minimum loan amount that one can secure from Peachy loans is £100 while the maximum loan amount is capped at £1,000. The maximum amount is available even to new customers. The maximum loan repayment duration is 12 months. Customers can make their loan repayments on a monthly basis.
Regulation and location
Peachy Loans only has its operations in the UK which means that those who live outside the UK cannot use this service. It is regulated by the Financial Conduct Authority.
Loan application criteria
Loan applicants have to be subjected to a criteria through which the lending service determines their loan eligibility. Below are some of the requirements.
- Loan applicants have to be above 18 years old and they must be UK residents.
- Applicants who have had a County Court Judgment (CCJ) are required to wait until six years after their CCJ so that they can be eligible.
- The minimum monthly salary requirement for qualification is £600.
- Applicants must have a building society account or a UK bank account with an active debit card.
- Applicants should have an email address and an active mobile phone.
Peachy loans allows repayments in multiple ways but its default method is a Continuous Payment Authority (CPA). Payments can also be made online and also through bank transfers. As far as interest rates are concerned, it offers competitive rates and it recently slashed its rates by 21 percent. Users can use the interest budget calculator on the platform to determine the monthly amounts and interest that they will pay based on the loan amount that they want.
Peachy Loans alternatives
There are quite a number of Peachy Loans alternatives that exist in the market. They include Lending Stream, Satsuma, Quid Market, Money Boat, and Sunny Loan. They may differ in terms of the interest rate from one lender to another. There may also be differences in the minimum and maximum loan amounts available. For example, one may have a £1,000 maximum while the other may offer as much as £2,500.