Peachy Loans Review 2020 – Read This Before Applying

A short term loan like one from Peachy can help you out of a sticky financial situation. But you already know this, right? You are here because in your search for a short term loan facility you’ve come across a wealth of options including Peachy Loans and you are unsure of its safety, and security. Heck, with all you’ve heard about short term loans you are don’t know if it’s an option you are willing to explore at the moment. Will a loan from Peachy loans save you or cripple your finances?

Well, we might not be qualified to make that determination. However, we can give you all the facts and let you make the decision.  In this short guide, we’ll review Peachy Loans, from its history, its offerings, security and customer support.

Without wasting time, let’s dive into the review.

What is Peachy?

Peachy is a UK financial service company that specialises in providing UK residents with short-term loans when they find themselves in sticky financial situations. The company started in 2010 with a clear mission – to avoid the unscrupulous and cynical tactics that most short-term loan companies employ to benefit from the hardship of others. The company seeks to offer responsible financial support to individuals in emergencies.

It’s also important to note that Peachy is a subsidiary company under Cash On The Go Ltd and that it offers a maximum loan of £1000 to borrowers.

More to this, Peachy has done well for itself for the past decade it as served UK borrowers. During this period, it has serviced more than 3 million loan applications and has helped over 2 million customers. And unlike most payday loans, the company has an average rating of 8.3 on TrustPilot one of the leading review websites in the world.

Now, you are probably curious how Peachy affords such a great review in an uncertain world. Though several factors contribute to this, we found that most people appreciate its stand on responsible lending. As a responsible lender, Peachy doesn’t extend loans to borrowers who cannot afford it (more on how they determine affordability later).

To avoid finding themselves in tricky situations, they only re-lend customers who successfully pay back previous loans or have requested extensions to repay fees or the interest. They are interested in building a lasting relationship more than turning a profit in the short-term and ruining lives.

Pros and Cons of Peachy Loans

Even for a company that has an 8.3 rating on TrustPilot, it still has its fair share of cons.

How does Peachy work?

The process is simple. The first phase of the application is to decide the size of the loan you want. You also need to stipulate the number of instalments you prefer to pay back the loan in. The application process is all online through a sign-up form with four steps.

Once the application is submitted, Peachy does its due diligence and calculates your credit score within minutes. It also checks your credit history to determine affordability and eligibility for the loan size requested. At this point, they may require you to double-check some data entered and resubmit the form. But once the initial process is done, you will have your loan amount in your account in less than 15 minutes. However, it can take up to 60 minutes to reflect in your account.

Repayment

Once you take the loan and use it on your emergency, it’s time to repay. How do you do this? Well, Peachy provides two methods of doing this. You can opt for the Continuous Payment Authority method or make a bank transfer before the due date.

If for whatever reason Peachy cannot collect the prepayment on the specified date, they will get in touch with you. But if you do not make the payment on the agreed repayment date, you will incur a £15 penalty.

So how does the Continuous Payment Authority method work? It’s simple – you provide Peachy with authority to withdraw money from your account when they wish (usually on the agreed repayment date) to pay off your loan without consulting you. Many payday loans prefer using this method for convenience.

And no, the method doesn’t put you at the risk of being robbed. You can cancel the CPA at any time by consulting your bank or Peachy. However, if you still have outstanding loan debt, you’ll need to make other arrangements for repayment lest you risk incurring the cost of a late repayment fine, additional interest and damaging your credit score.

Other Peachy loan repayment facts

What loan products does Peachy Loans offer?

Personal Loan

Peachy offers personal loans for use any way you please. You can opt to use the loan to pay utility bills, hospital bills or for enjoyment. As a personal loan, you don’t need to provide security. However, the success of your application depends on your credit score.

Top-Up Loan

If you need another loan before completing repaying the current loan, you can apply for a Top-Up loan. But you have to meet the rules governing a Top-Up loan. First, you should be up to date with your repayments and second, your credit score should be high enough.

What other store services does Peachy Loans offer?

Aside from offering loans, Peachy Loans doesn’t offer other products. However, in line with its mission of standing out as a responsible short-term lender, the company runs a financial resource centre (a blog). In this section of the website, Peachy Loans offers its borrowers and reads personal finance advice. The advice ranges from hacks to savings and updates in the financial industry.

In addition to this, Peachy Loans tries to keep its dealings simple and straightforward. However, if after the loan, you still encounter financial problems, the company recommends you call their customer support for a helping hand on how to handle loan repayment. And if the situation is too big for customer support to handle, they recommend going to different government organisations for help.

Peachy Loans account creation and borrowing process

The process of applying for a loan is straightforward.

Step 1: First, choose the amount of loan you want between £100 and £1000. You will also pick a repayment period and give you an option to enter a promo code if you have one. There is also a breakdown of your loan in case of approval. The breakdown includes the loan amount, number of repayments, first repayment date, each repayment, and total amount to repay.

Step 2: Fill in your details. These include your name (as it appears on your ID), mobile number, email address, date of birth marital status, number of dependants and purpose of the loan.

Step 3: In this stage, you’ll enter your address details. You also need to define your home status (whether you are a landlord, tenant or living with your parents).

Step 4: Enter employment details. The details you enter will be used to validate your affordability of the loan. Ensure the details are correct since Peachy will cross-reference these against other data sources.

Step 5: Enter your bank details. These include the account number, the ban sort code, debit card number and billing address.

Eligibility criteria for Peachy Loans

Though Peachy is in the business of offering emergency loans, it adheres to clear standards. Below is how Peachy determines eligibility before checking your credit score and affordability of the loan amount.

Information borrowers need to provide to get Peachy Loans loan

During the application process, you’ll need to provide the following information:

What countries does Peachy Loans accept?

Peachy only serves the UK as a whole. However, the top cities include Glasgow, Liverpool, Manchester, Birmingham, and London.

What are Peachy borrowing costs?

Since peachy adheres to the FCA regulations, it doesn’t exceed the 0.8% daily loan interest. Here’s an example to give you an idea of what you should expect. If you borrow £400 and intend to repay it in six months, you will make repayments of £125.13 every month, which amounts to £750.75. The interest rate is 259.33% and the representative is 947% APR.

There are no hidden charges. However, if you miss the repayment dates, you’ll pay a £15 penalty fee.

Peachy customer support

Peachy is concerned by the overall experience you have with them since they are concerned with having a long term relationship with you. To build trust, they have open communication channels. You can get in touch with customer support through:

The customer support team works all week long on the weekdays, the team is available from 8 am to 8 pm, and on the weekends it’s available from 10 am to 6 pm.

Is it safe to borrow from Peachy Loans?

This is the number one concern for most borrowers. You see, the internet came with lots of positives. But it is unwise to assume it doesn’t have cons. Most online companies disguise as legitimate businesses only to rob you blind. To help earn your trust, Peachy Loans has acquired relevant certifications in the industry and employ standard security measures to keep your financial and private information safe from hackers.

Peachy Loans is registered with the ICO (Information Commissioner’s Office. The registration number is Z2642498. Moreover, the company complies with the Data Protection Act of 1998 as well as the Electronic Communications Regulations of 2003.

To keep your data safe on the website, Peachy uses SSL encryption. The company also has a detailed privacy policy page on its website.

The company also uses solicitors to ensure every process during application and every bit of their website complies with the updated recommendations and regulations of the FCA (registration number: 637962). And for transparency, Peachy Loans writes unbiased blog posts on updates in the payday loan industry. Its transparency contributes to low numbers of complaints and chargebacks to the company unlike with other Personal Loan Providers.

Peachy review verdict

Peachy same day loan is a ‘patch’ and not a long term solution to your financial problem. But even then, in comparison to other payday loan lenders, t has a higher rating and receives positive reviews. This is because the company has a responsible lending policy. Though fewer loans are approved, more loans are repaid and lasting relationships are built.

Aside from this, the interest rate and repayment options are nothing out of the ordinary.

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