Speed-e-Loans launched in 2009 and so is still a relatively new lender in the payday loan space. This payday lender has built their brand around the premise of providing speedy loans that is provided by the means of the Faster Payments Service that comes at a £4.95 charge and is the only payment option. A faxless same day payday loan will be provided between the range of £150 and £500 with a credit check carried out; these amounts were recently changed to this and I am surprised that £150 is put forward as the minimum since that is on the high side. It states that the interest is charged at 1% per day, but when you enter your pay dates it does seem to add some pence here and there and throw up different amounts at times. There is no payday calculator and no details of the loan term other than the dates and amounts and so it is difficult to gather any detailed information.

Anyway, for 30 days a £100 loan came out at roughly £30.70 and we then of course have to add on the £4.95 payment charge that stacks up the overall charges. This payday brand focuses on speed and will certainly deliver the loan in a quick time, but you will tend to find that many other payday lenders have adapted to the Faster Payments Service these days. Speed-e-Loans has quite a good site design and there is online account management as well. One issue would be that this lender does seem to be very strict with who they lend out to, although they state that bad credit is usually welcomed. From studying Speed-e-Loans reviews across the web, their customers seem to be generally positive. This lender does seem to be on the strict side though with who they choose to accept.

Charges for a £100 Loan:
Charges: £30.70/£100 interest + £4.95 transfer fee = £35.65/£100

(tags: cash lenders, speed loans, speed-e-loans review, speedeloans, quick cash loans uk)