I am not aware of when Speedy Dosh was founded, but it was only recently that I became aware of them. Despite not being particularly well known, I am pleased that I did manage to track them down as the service that they provide looks very impressive. Speedy Dosh (Speedy Dosh Ltd) score well in pretty much every area. Each customer must pay a £30 charge on every £100 borrowed and this includes a same day payment. The actual interest charge would be £25 (25%) and then the £5 caters the Faster Payments Service fee that provides us with that £30 charge on a £100 loan (30%). Speedy Dosh payday loans are available between the amounts of £100 and £450. Account management is provided and the site is fully SSL secure. These are faxless payday loans so long as a credit check is passed (if it fails a latest bank statement would be requested).

TxtLoan (TxtLoan Ltd) was founded in 2008 by the foreign entreprenuer Gert Koppel. TxtLoan has took the UK by storm and has today inspired countless other text loan companies such as BongaLoans, MobileQuid and Quid24. Since TxtLoan only arrived as recently as 2008, this still makes text loans a relatively new concept here in the UK. Text loans are actually headlined as instant short term loans that are seen as a payday loan alternative. I don’t personally see the need in differentiating text loans and payday loans. The only notable differences really would be that text loans tend to have a set loan amount (usually £100) and they will have a shorter repayment period that with TxtLoan is 15 days, but with other text loan lenders is pretty much always 7 days that suits workers across the UK who are paid weekly.

Wonga.com has quickly emerged as the most popular payday lender in the UK. They of course prefer the title of providing short term loans rather than payday loans due to the flexibility of their loan service. This flexibility relates to borrowers being able to choose the particular day that the loan will be repaid between 1 and 30 days and this also covers the cash loan that can be any such amount to the exact £1. Such flexible loans allows borrowers to receive whatever cash they like, ideally covering a shorter period where charges will only be made for the time that the loan is taken. Lenders like Wonga have emerged in recent years, but it is Wonga that got their first and it is amazing to think that this was as recent as October 2007. Of course the high quality of the Wonga.com loan service has helped their brand to develop, but savvy offline marketing has made the difference.

Cash Access is a London-based payday lender from Risk Inc Limited. Cash Access lend cash amounts between the range of £75 and £400 that move up in increments of £5; it states that a maximum initial loan of £500 is available, although the calculator only goes up to £400. There is great flexibility in these loans with the borrower being able to choose the specific repayment date that can range between 10 days and 32 days. Cash Access interestingly offer a promo code that is displayed on their home page that takes off 10% off the loan rate, but when I entered this promo it didn't work (the lender needs to update this). This lender looks like an impressive payday loan company to use. Each customer has account management, SSL encryption is applied to each application that will require no documentation to be faxed across.

MiniCredit (Mini Credit) from Microcredit Ltd was an interesting lender to cover here. MiniCredit has actually been operating for a good while now (since 2008) and like many lenders are based in London. From studying their site for the first time I was very impressed with the appearance of their loan service. It is always good to see lenders like Wonga and MiniCredit do allow customers to choose the exact term between the period of 1 and 30 days. The loan amounts range between £100 and £400 that move up in increments of £10 and returning customers have access to £1500. On a £100 loan the interest would cost £1 for each day that the loan is taken. The site design looks great, account management is provided, no faxing is required, they operate every day and applications are fully SSL secure. I also noticed the MiniCredit promo code box.

MobileQuid (Mobile Quid) is a text loan lender based in London from MQ123 Ltd. MobileQuid provide straight forward text loans at this time of £100 only that are covered over the period of 7 days time and are accessible from your computer or from your mobile phone. £112.00 will be repayable on this £100 loan that is made up of £6.50 in interest and we also have the £5.50 speedy transfer. The issue with using MobileQuid from your mobile phone is that the text messages will cost at least £1 each. As I am aware, they are only open between Monday and Friday and so I assume that weekend loans may need to wait for authorisation with new customers. MobileQuid provide account management and all applications are fully SSL secure. There is a note that bank statements from the previous 3 months may sometimes be required.

QuickQuid (a trading name of CashEuroNetUK, LLC) is of course one of the most popular payday lenders in the UK today. QuickQuid is a service from Enova Financial that has other payday brands across the globe with CashNetUSA being their home lender in the United States. The UK is very much Enova Financial's hunting ground with QuickQuid, but they also released an interesting brand here in the UK in 2010 by the name of Pounds to Pocket. American financial giants love the UK due to the laws being extremely relaxed at this time. In comparison, payday loans are banned in various states and there are heavy regulations such as interest caps in place that has made these companies jump ship to the UK. A prime example of this is the Dollar Financial Group from America who own the biggest payday loan high street chain in the UK (The Money Shop).

Quid24 (Quid 24) is another £100 only loan provider covering 7 days. It is interesting that I just introduced BongaLoans in the previous posting and these two lenders are exactly the same in every regard (even very similar structured text on each page). I was curious if this is in fact the same company behind each lender, but they do appear to be separate companies and have unique addresses in London. As with BongaLoans, a £100 loan is available for 7 days that will cost £110 overall (£4.50 interest and £5.50 transfer fee). As I covered in the previous posting, this would work out at being around a 25% overall charge if this was taken out over a full monthly payday loan period. This is good value, but I do wonder why these new payday loan companies are strictly covering set amounts with set payment periods. It would be nice to see more flexible short term lenders alike Wonga.

BongaLoans (Bonga Loans) is a brand from BB Marketing Ltd that offers £100 loans only for the set period of 7 days. These short term loans can be applied for either on your computer or from your mobile phone (I wouldn't recommended using the phone since you will be charged £1 for each text made). There seems to be a whole host of new lenders entering this market that have been inspired by TxtLoan's loan product. The £100 only loan amount is fine, but the restriction of 7 day only term is a little short for my liking. A £100 loan from BongaLoans will require a repayment of £110 in 7 days time and this £10 charge is made up of £4.50 interest and a £5.50 Faster Payments Service transfer fee. This 10% charge looks good on such a small term and if this was a monthly loan the overall charge would be around the 25% mark.

Payday loans are designed to cover one month, with some innovative lenders such as Wonga being designed to cover much shorter periods where you can choose the specific loan date. There is a need for many though for much longer periods, possibly covering over a few months. 3 month payday loans are the topic of today with there in fact being a vast interest in this payment period online. No lenders specifically cover payday loans over 3 months, but there are solutions to work around this. The most common approach for 3 month payday loans is to use a lender that allows rollovers, whereby you pay the interest charge each month and pass on the balance forward. This can work out expensive though and so ideally we will be looking for a cheaper alternative. The FLM Quick lender is certainly an interesting contender.