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Thinking about a Peachy loan? Try Moneypod instead

Peachy loans are a popular short term loan provider in the UK but when it comes to finding the right lender to suit your needs, you should always keep your options open.

Loan terms, interest rates and repayment terms can differ greatly from lender to lender so the only way you can really know you’ve got the best deal possible is by comparing them first.

At Moneypod, we’re a specialist short term loan broker. That means we’re in the perfect position to help you find a Peachy alternative that works for you.

In this article, we’ll have a look at the differences between a Peachy loan and one arranged for you by Moneypod.


Who are Peachy?

Issuing their first ever loan way back in 2011, Peachy are a top short-term lender based in Manchester.

Named as the ‘Top Rated Short Term Credit Provider’ in the 2016 Consumer Credit Awards, Peachy Loans have also made the finals of the Credit Today Awards three years in a row, and boast 4.4 out of five stars on choosewisely.co.uk.

They are renowned in the short-term lending market for their focus on responsible lending. They have particularly strict criteria to ensure all of their customers can comfortably afford to repay their loan without causing themselves any financial hardship.

In fact, that’s why only around 2% to 5% of the loan applications they receive actually end up resulting in credit being issued.


What is a Peachy loan?

Peachy provide tailor-made loans depending on how much money you need and how long you want to pay it back for. They offer loans from £100 up to £1000 for first-time borrowers, for anywhere between just one month to a year.

You can also choose to make more frequent payments if you wish by simply requesting via text, making Peachy loans more customisable to fit around your life.

The company send out email reminders the day before your payment is due, meaning you’re less likely to miss a payment and accrue fees.


What are the requirements of a Peachy loan?

As mentioned, Peachy are extremely vigilant when it comes to lending responsibly, which is why they take a borrower’s creditworthiness very seriously.

You may be considered for a Peachy loan if you:

  • Are aged 18 or older
  • Are a UK resident
  • Hold a UK bank account with a valid debit card
  • Do not have any country court judgements, or have not had one in the past 6 years
  • Have a regular monthly income of at least £600 (some benefits may also apply)

Peachy is not the easiest loan to be accepted for with less than one in twenty loan applicants being approved for credit.


What’s the difference between Peachy and Moneypod?

Peachy are themselves a direct short-term lender. That means you can make an application directly on their website, which will then be reviewed by Peachy alone.

They will carry out a thorough credit search against your name before you can be accepted for the loan. Even if you are not approved, the credit check will still show up on your credit file which can reflect really badly on future application for loans or mortgages if too many searches have taken place.

Moneypod is not a lender, but a credit broker. Instead of lending you money, we compare different loan providers on your behalf to match you with those able to offer what you’re looking for.


What are Peachy’s FCA registration details?

Peachy is a secure lender certified by the Financial Conduct Authority under the registration number 674331. This is the regulatory body that controls and monitors all things consumer credit, ensuring lenders do everything they can to protect customers.

FCA approval means a lender follows the rules and regulations set by the Financial Conduct Authority, including the most recent caps placed on short term lending, which are:

  • Borrowers cannot be charged more than 0.8% per day for their loan (equal to £24 per month for every £100 you borrow)
  • If you fall into arrears, your penalty fees cannot exceed £15
  • Over the course of your loan, you will never be made to pay more in interest and charges than the amount of your original loan. So, if you borrow £250, you will never pay back more than £500 in total.

Although we’re not lenders, Moneypod also have full FCA approval under reference number 727348 to provide your with our credit broker services. We can also ensure that all lenders we work with are FCA approved before they can lend to our customers.


How do I apply for a Peachy alternative?

Applying for a loan through Moneypod couldn’t be easier thanks to our simple online process.

Just tell us how much you want to borrow and how long for, then fill in our easy digital form. We’ll need to know your contact information as well as details regarding your employment, income and some regular monthly outgoings.

Then our team will sift through the Moneypod database of over 200 FCA approved UK lenders to find the best possible loan to suit your needs.

We can show you what your monthly repayment plan will be, as well as the total you’ll need to repay with interest. Moneypod will match you up with the most suitable lender based on the information you’ve given us, so you can then make your loan application.

If successful, you could get your money from your lender the same day.


What are the advantages of a credit broker rather than a direct lender?

Working with a credit broker can save you a great deal of time and effort than if you were to search for deals yourself. Why waste time searching through website after website to find the best loan plan for you?

Our system holds more than 200 lenders from across the UK, as well as the specific criteria each loan provider will be looking for in an application. That means we can pair you up with the lenders most likely to accept you for credit.

We’ll also perform our own soft credit checks (these don’t stay on your credit file) before sending out your application to suitable lenders. This means that only one full credit check (performed by your actual lender) will show up on your file so your credit file will not be significantly affected.

Moneypod also receive commission from our loan providers for each application we send to them – whether you end up lending from them or not – allowing us to provide our service to you for free.


Am I eligible for a Moneypod loan?

In order to find the best short term loans for you, we’ll first need to make sure that you are eligible for one. Whilst lenders like Peachy will have their own criteria to accept you for a loan, we use the most basic requirements asked for by all loan providers, which are:

  • Aged 18 or over
  • UK resident
  • In reliable employment
  • Earning £500 a month or more
  • Have a UK bank account which wages are paid into
  • An email address

Moneypod will then work to match you with a suitable lender whose other criteria you meet to give you the best chance of being accepted for a loan.


Why choose a loan from Moneypod?

With Moneypod, we’ll hunt through more than 200 reputable online lenders to find the very best deal for you. We can save you the time and hassle of scouring through individual sites, providing you with the most suitable loans to meet your needs.

We also do this completely free of charge, so to find the short term loan solution for you, apply with Moneypod today.