When searching around the web for new payday loan lenders in 2011 that haven’t yet been featured on the site, there are always one or two new companies that tend to spring up. We will of course soon be entering 2012 and the objective leading to that time and beyond will be to cover every such direct payday lender operating here in the UK. A recent addition here is “Umbrella Loans” that I couldn’t see reviewed elsewhere. This lender has been operating since 2010 and was devised by Charlotte White. Umbrella Loans is a brand name and should not be confused with the “umbrella loan” term itself that refers to a debt consolidation loan. When taking a glance at their application form, there was no SSL security although there was a GoDaddy security badge. They also state that they adhere to the BCCA payday loan trade association, but they don’t appear to be members.

The SSL and trade assocation listing is a little confusing, but I have been aware that many new developments have been taking place at Umbrella Loans over the past few months. Considering that this is a new lender on the scene, I have been very impressed with their search engine presence for some major payday loan terms. Umbrella Loans lend between £100 and £500. There is a set 25% interest charge and so with a £100 loan you would be paying back £25. Although payment specifics aren’t provided, it does state that the cash can be transferred within 15 minutes and so this would suggest that they are using the Faster Payments system. The lack of reviews and customer feedback for Umbrella Loans at this time makes it difficult to advise on the efficiency of this new payday loan lender, but I will be keeping track of their progress over the coming months.

Charges for a £100 Loan:
Charges: £25/£100 + £0 transfer fee

(tags: brand new payday loan lenders 2011, payday lenders 2012, umbrella loans limited, umbrella loans reviews, umbrellaloans)