A Peachy Loan Alternative: QuickQuid, Wonga or Sunny?
If you’re searching for a Peachy loan alternative, you’ll find no shortage of options.
Various lenders all claim to offer better deals, promising to save you hundreds of pounds in both interest and fees.
However, there are several reasons why Peachy is one of the most trusted, direct lenders in the UK – our flexibility, ease to do business with, responsible lending and the Peachy blog, a free resource to help you better educate yourself on how to manage your personal finances.
To help convince you that we’re the right lender for you, we’ve compared the top 3 lenders in the UK – QuickQuid, Sunny and Wonga.
Why choose Peachy Loans?
Established in 2010, Peachy’s mission was to avoid the cynical and unscrupulous tactics used by existing short-term loan lenders; providing responsible financial support for life’s unforeseen circumstances.
With lenders including Wonga, QuickQuid and OnStride Financial all entering administration because they had to repay thousands of pounds of interest fees after offering unaffordable loans – Peachy stands above the rest when adhering to FCA guidelines on credit borrowing.
Peachy pride itself on flexibility for our customers. We know today’s customer needs access to fast cash for life’s little emergencies.
With Peachy, there are no hidden fees. By using our budget calculator to determine how much you wish to borrow, you will see how much you will need to repay – including interest rates and APR.
- Fast: Cash paid in a few hours
- Transparent: No hidden fees
- Flexible: Payback in instalments
- Responsible: Affordability checks carried out
- Support: Contactable 7 days a week (90 minute response times)
Another reason to choose Peachy is our low-interest rates compared to lenders like QuickQuid, Wonga and Sunny loans.
This table and calculated fees is for inspirational purposes only
Let’s take a closer look at each lender and how Peachy compares.
The biggest differences between Peachy and QuickQuid is that QuickQuid had fewer repayment options and were much more expensive.
- QuickQuid loan’s typical APR is 1,300.5% whilst Peachy’s APR is as low as 855.85%
- Quick Quid had 3 repayment options. Their customers must fit into one of their 3 repayment schemes, which made paying back the loan very tough for their customers who needed greater flexibility. Peachy has 12 repayment options.
- QuickQuid entered into administration on 25th October 2019 so no longer is able to offer new loans. Peachy, established in 2010, continues to offer loans up to £1,000 ONLY if customers can afford it.
- QuickQuid had to repay thousands of pounds of interest fees because they offered unaffordable loans. Peachy has a 4.4 out of 5 score on TrustPilot for offering loans.
The biggest differences between Peachy and Wonga is how Wonga collected your payments and the cost of their loans.
- Wonga loan’s typical APR is 1,286% whilst Peachy’s APR is as low as 855.85%
- Wonga used a Continuous Payment Authority (CPA) to collect payments from their customers. Meaning that even if you don’t have enough funds in your bank account to make your monthly repayments, Wonga will attempt to debit from your bank debit card to check if you have any funds the account. This often drew customer balances down to zero, or worse, go overdrawn, causing further bank fees and charges.
- Wonga entered into administration on 31st August 2018 so no longer is able to offer new loans. Peachy, established in 2010, continues to offer loans up to £1,000.
The biggest differences between Peachy and Sunny are cost, flexible repayment options and how much you can borrow.
- Sunny loan’s typical APR is 1,266% whilst Peachy’s APR is as low as 855.85%.
- Sunny has 6 repayment options. Sunny customers must repay their loans within 1 to 6 months, which may make repayment difficult as each customer has differing salary pay dates. Peachy has 12 repayment options.
- Sunny loans can offer customers as much as £2,500 for a loan. Peachy believes in responsible lending and does not provide loans over £1,000.
Finding the right payday loan lender for you
Finding an alternative to a Peachy loan that suits your needs is no easy task.
However, getting the right loan for you will unquestionably be worth it in the end.
At Peachy, we believe strongly in educating our customers to be more aware of the options available to them. That’s why we strongly suggest that anyone searching for a payday loan do their research regarding APR, repayment structures, loan length and loan details as compared above.
Contact us today to learn more about Peachy loans.
Responsible borrowing is essential. You must be able to repay your loan in full and on time. Not doing so could lead to severe financial difficulty.