Speed-e-loans is a new payday loan lender in the UK, and has been providing loans online since 2009. They specialise in short-term loans and lend up to £1000. For new customers they only provide £250 but this can be increased to £1000 after successfully paying off the first loan. Their fees are £30 for every £100 you borrow, which puts them in the middle of the market in terms of charges.
The Speed-e-loans application process is fast and simple and you complete it all online. It will only take a couple of minutes to complete the form and they will then text you a PIN number to enter and sign your electronic loan agreement.
They have minimum requirements and you have to meet them to be approved for a payday loan:
- Be employed with a regular income
- You must be 18 years old or older
- Must have a valid bank account that your salary is paid into
- Must have a valid debit card linked to your bank account
- You don’t need to have a good credit record.
Speed-e-loans is a good and responsible lender. And they continue to develop their service to meet their customers’ needs. But Speed-e-loans lags behind other leading UK lenders like Quick Quid, Payday Express, Payday UK and Wonga. And we’ve rated it 3 out of 5 stars and many online reviews attest to this rating.
There are pros and cons associated with Speed-e-loans and we’ve included them here to help you make an informed decision.
Pros
1. You won’t have to fax any documents to them when you apply
2. They deposit funds in your bank account within two hours
3. They provide loans of up to £1000, and that’s more than what other leading UK payday loan lenders provide.
4. Speed-e-loans provide other services like prepaid cards that also appeal to their payday loan customers.
Cons
1. They carry out credit checks on all applicants and use it as part of the decision-making process
2. They charge £30 for every £100 you borrow, and this is higher than the £25 that leading lenders like Payday UK charge.
3. As a new customer you are unlikely to get anything near their £1000 maximum loan amount. You are more likely to be approved for no more than £250.
Summary
Overall, Speed-e-loans is one of the top payday loan lenders in the UK and we are sure you won’t be disappointed with their service. They have a very helpful customer team and you can contact them by e-mail or free phone. Their website is also helpful and is packed with information in the FAQ section.