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Compare New Payday Lenders for 2021

How much do you need to borrow?

£100
£1500

New UK Lenders | FCA Authorised | Instant Decision | Over 20 Lenders

Representative Example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).

^Making an application on allthelenders will not affect your credit score. If a lender accepts your application you will be redirected to their website to finalise your loan and the lender may perform a full credit check. We are a credit broker and not a lender. High cost short term credit is unsuitable to support sustained borrowing over long periods and would be expensive as a means of longer term borrowing

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Comparison results are displayed below. We are independant and impartial. Results are listed in order of the total amount payable from the lowest to the highest.

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New Payday Lenders on allthelenders

Compare New Payday Loan Lenders in 2021 with allthelenders

allthelenders is one of the UK’s largest short term and payday loan price comparison websites. Our comparisons are free to use and could help you secure the best deal on your next loan.

If you are looking for new payday loan lenders then allthelenders works with both new and old lenders in the UK. Using allthelenders allows you to apply for a loan from your preferred lender and we can check if you’re eligible without it affecting your credit score.

allthelenders was the UK’s first fully independent price comparison website for payday and short-term loans and we have worked with, and shown the products of, hundreds of payday loan companies over the years.

When a new payday lender enters the market, we inevitably end up working with them and showing their loans off to our audience. We are proud to support both new and established lenders in this ever-challenging market and encouraging competition to benefit the consumer.

What are New Payday Lenders?

The world of high cost short term credit, or better know as Payday Loans, is a fast changing one and this is especially true over the last 12 months. This last year has seen the fall of so many household names such as Wonga, MYJAR and QuickQuid but in the wake of the fallen, new lenders do appear.

New payday lenders are increasingly harder to come by as the payday loan market can be extremely volatile – it is also one of the most regulated financial markets in the United Kingdom. Pair this with the stigma payday lenders carry with them we are seeing fewer and fewer new lenders come forward.

We would class a new payday lender as a company that has been in the market for less than 12 months, we are proud to be working with a large number of new lenders alongside some of the better-known brands you may already know.

New payday lenders are extremely important in this market and they keep the industry not only going but stimulated – competition is only ever going to be a good thing for the borrower as well as new lenders bringing fresh ideas and technology into our lives.

Compare Live Rates For Bad Credit Loans Now

(Loans for longer than 12 months). Representative 49.7% APR.

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New Payday Lenders, New Loan Products

Why apply with a New Payday Lender?

New companies that come in to the market usually do so rather tentatively – they do not come in and lend to absolutely anybody, there has to be a measured and sensible approach to building a short term loan business. The market is high risk so usually new lenders pick their customers carefully. We talk a bit more about this later on.

New lenders will always want to make a good impression and this may come in the form of highly competitive rates or an excellent customer experience. New lenders may offer services that other established lenders do not, this could come in the form of an app or a seamless experience from application to loan payout.

Do new payday lenders offer anything different?

They certainly can but it all depends on the lenders and the investment and people behind the company. We have seen many new lenders appear that offer nothing out of the ordinary in terms of pricing or technology, however, we have also seen many that do look to offer that something extra and we fully support this where we can.

There isn’t much scope to be completely different in this market, the loan application to pay out process will be much the same across lenders but what can be different is the type of loan you offer and the way that you ask the customer to apply for it -the whole experience can be very different from lender to lender.

Making the customer experience the number one priority is very important to new payday lenders because they will want you to return to them if you were to ever need a short term loan again in the future. Having functionality like a customer login area where you can see all of the details of your loans and you can fully manage the loan from within this is a great benefit to the customer – anything that reduces the customers need to actually interact with the business is good for the customer and the business.

Am I more likely to get accepted by a New Payday Lender?

The honest answer to this question is probably no. New lenders tend to enter the market by ‘dipping their toes into water’ whereby they are very choosy over who they lend to at first. The reason for this is because they need to test their internal systems, they need to ensure their scorecard is working properly and that they are lending to their target audience.

New lenders will always stay on the safe side to protect the business. It would make little sense to come out of the blocks all guns blazing and lend to everyone that applied – the default rates in this market can often exceed 40% at times so you would probably make a fairly swift exit from the market if you start too aggressively.

Despite popular opinion, lenders do not want to lend to people that cannot pay them back – there is simply no logic in this.

Compare Live Rates For Short Term Loans Now

(Loans from 2 – 12 months). Representative 49.7% APR.

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New UK Payday Lenders Compared

What’s the criteria they ask for when you apply?

Whilst the actual application process with new lenders is the same as with any other lender, you will usually find that new lenders will have slightly harsher criteria for loan applicants. This could be:

  • Not lending to those who are unemployed or on benefits
  • Having a maximum age that they ask for (e.g 65 years)
  • Not lending to self-employed workers
  • Having a minimum monthly wage requirement that may exclude some people

Of course, not all lenders would have these kinds of restrictions but we would always encourage you to check the lenders minimum criteria for applicants before applying. You can find the minimum requirement for all of the lenders we work with right here on allthelenders.

Can you trust New Payday Lenders?

Arguably, they are more trustworthy than any others, this is because they would have just gone through an extremely strict FCA authorisation process in order to get the license to be able to lend.

Lenders will, of course, be keen to be seen in a good light so there would be no reason not to trust new lenders but there is some due diligence that you can do just for reassurance if you wish, this includes:

  • Check the lender is authorised – you can search the FCA register online here – you should find the lenders FCA licence number in the footer of the website.
  • Check the lender has a Data Protection Licence.
  • Ensure there is a full UK address and phone number on the website.
  • Make sure they are a lender and not a broker – brokers must display this on their website.

If you are looking for new payday lenders then allthelenders can help, we compare more short-term lenders than any other price comparison website. Our comparisons are honest, fair and independent.

Warwick Financial Services Limited is an authorised credit broker and not a lender. We may receive a commission from a lender that accepts your loan application, this commission does not affect your chances of acceptance nor the cost of your loan.  Find out more about how our comparisons work here.