Home Peachy Loans Review 2021
Kane Pepi

If you’re in the hunt for short-term financing in a speedy manner, the internet is packed with online loan providers. This includes the likes of Peachy Loans. The online lender allows you to borrow up to £1,000, with repayment terms of between 1 month and 12 months.

Not only can you complete the entire application online, but Peachy claims that most applications are funded within 15 minutes of approval. With that being said, you should expect to pay a very high rate of interest with the lender, which is often the case with platforms that consider loans from bad credit profiles.

As such, we would suggest reading our in-depth Peachy Loans Review before proceeding. We’ll cover the ins and outs of how Peachy Loans works, how much interest you’ll likely pay, who is eligible, and more.

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As is the case with most short-term lenders, you’ll only get to view your personal APR rates once you submit an application with Peachy Loans.

What is Peachy Loans?

Peachy Loans is an online financing platform that offers both short-term loans and some of the best payday loans. The lender is an online-only provider, meaning that it does not have any physical branches. Instead, the entire end-to-end application and funding process is completed online. This can be done via your desktop or mobile device, and most applications take just 5 minutes to complete.

The lender is able to facilitate loans from £100, up to a maximum of £1,000. If you’re looking for a payday loan, you’ll be required to repay the funds when you next get paid. Alternatively, if you’re looking to repay the loan over a longer period of time, Peachy Loans offers a maximum term of 12 months. This allows you to make monthly repayments.

screengrab of Peachy loans comany homepage

One of the stand out selling points to using a platform like Peachy Loans is that the lender can execute super-fast funding. If your application is approved automatically, the lender can transfer the funds into your bank account in just 15 minutes. This is ideal if you have an urgent need for financing, and don’t have the required time to use a traditional high street bank.

However, a seamless application and fast funding process will come at a cost. Crucially, Peachy Loans advertises a representative rate of 855.85%. This is extremely expensive, especially if opting to repay the loan over a number of months. On the flip side, the lender does not charge any hidden fees, and you can repay the loan early at no extra cost.

What are the Pros and Cons of Peachy Loans?

Peachy Loans Pros:

✅Offers payday loans and short-term loans

✅Borrow between £100 and £1,000

✅Funding in as quickly as 15 minutes

✅Complete the entire application online

✅No hidden fees or penalization for early repayment

Peachy Loans Cons:

❌ A Representative rate of 855.85%  is super-high

❌ Does not offer a soft credit check application

How Does Peachy Loans Work? 

Similar to other payday loan providers like LoanPig and 24/7 MoneyBox, the entire Peachy Loans application process can be completed online. To initiate the process, you’ll need to head over to the Peachy Loans homepage and choose how much you wish to borrow. You also need to stipulate how many months you want to borrow the cash for, before clicking on the ‘APPLY NOW’ button.

You will then need to complete the application form. This requires some personal information, such as your first and last name, mobile number, home address, date of birth, and marital status. You’ll also need to provide some information about your income. This should include your employment status (full-time, self-employed, etc.), your salary after tax, and the frequency that you get paid.

Screngrab of peachy loans application page

Once you submit the application, the Peachy Loans system will seek to validate the information with third-party sources. This rarely takes more than 30 seconds, so you should receive a decision on-screen fairly quickly. If you are approved, Peachy Loans will then display your loan terms. This centres on the amount of interest that you will need to pay on the borrowed funds, and what your monthly repayments will amount to.

Unlike other lenders active in the payday and short-term loan space, Peachy Loans does not allow you to apply on a soft credit check basis. As such – and irrespective of whether or not you are approved, the application will appear on your credit report.

If you’re happy to proceed you will need to enter your UK bank account details. This is the account that Peachy will transfer the loan funds to. You’ll also need to enter your debit card details so that Peachy can take your monthly repayments automatically. Finally, you will need to sign a digital loan agreement. If everything is approved automatically without the need for further verification, you should receive the loan funds in between 15-60 minutes.

How do I Repay my Peachy Loan?

By default, Peachy Loans will take your monthly repayments directly from your debit card. The reason for this is that the lender will take your repayment on the date in which you get paid. For example, if you receive your salary on the 25th of each month, Peachy Loans will take the payment in the early hours of the 25th. While at first glance this might sound intrusive, this will ensure that you never miss a payment.

Explanation of peach y loan repayment

If you want to repay the loan off early, or you want to increase the size of your repayment, you have two options. If you’re happy for the additional funds to be charged to your debit card, you can text the word ‘REPAY’ to 68899. You’ll then be asked to reply to the text that Peachy sends you with the repayment amount. Alternatively, you can transfer the repayment to Peachy Loans’ UK bank account.

What Types of Loans Does Peachy Loans Offer?

Although Peachy Loans offers a simple loan structure of between £100 and £1,000, it actually markets two loan types – payday loans and short-term loans.

✔️ Payday Loans

As the name suggests, payday loans are simply loans that require you to make your repayment in full when you next receive your salary. For example, if you borrowed £200 on the 17th of February, and you next get paid on the 28th February, you’d need to repay the full amount (plus interest) on the 28th. Payday loans come with super-high APR rates, so tread with caution.

✔️ Short-Term Loans

Short-Term loans at Peachy allow you to repay the money over a longer period of time. On the one hand, this is beneficial for those of you that wish to spread the payments out, subsequently leaving you with more money at the end of each month. However, paying a high rate of interest over a number of months can be financially crippling.

How Much Does Peachy Loans Cost?

You won’t know how much your Peachy Loans agreement is going to cost you until you actually apply. As is the case with most lenders operating in the short-term financing space, the specific rate will be assessed when during the application process.

Peachy Loans is likely to base your interest rate on the following variables.

❓The amount you need to borrow

❓How long you need to borrow the funds for

❓Your current credit score

❓How much you earn

❓Your debt-to-income ratio

❓Your regular outgoings

As we briefly noted earlier, your Peachy Loans application will always be reported to the main three credit agencies. This is because the lender needs to obtain your credit score, which it can only do by contacting the main three credit bureaus.

With that being said, Peachy Loans does market a representative rate of 855.85%. As such, this allows us to assess the types of interest that you will end up paying on your loan.

💸 Let’s say that you borrowed £400 over the course of 6 months. At a representative rate of 855.85%, this would require 6 equal payments of £112.37. As a result, you would end up paying £734.23 on a loan of just £400, which is almost double the amount borrowed.

💸 By paying £334.23 in interest over 6 months, this equates to an APR of 248.37%, which is huge. If you were to borrow the same amount, but over the course of 12 months, then you would be paying even more.

💸 On the flip-side, Peachy Loans does not charge any origination fees, nor are there any hidden fees to consider. Furthermore, you will also have the option of paying the loan off early at no extra cost.

💸 You do need to make some considerations about late payment fees. Although the amount isn’t stated, Peachy Loans must comply with the limits imposed by the Financial Conduct Authority (FCA). This means that the lender cannot charge more than twice the amount borrowed.

Am I Eligible for Financing With Peachy Loans?

Although Peachy Loans is active in the short-term and payday loan space, its minimum requirements are actually much higher than other lenders. This is evident in the fact that the lender performs a hard credit enquiry when you first apply, as it needs to check your overall credit report.

If Peachy Loans is unable to verify your information automatically, it might aks you to upload supporting documentation. This could be to verify your identity, or prove your stated income via recent payslips.

Below we have listed the minimum requirements to be eligible with Peachy Loans.

✔️ Credit Score

The first metric that Peachy Loans will look at is your credit score. Although the lender does not state what your minimum score has to be, it’s likely that an overly damaged credit score will not be considered. Moreover, if you have no credit history at all, your application is likely to be declined.

✔️ Regular Monthly Income

Peachy Loans requires you to have a monthly income of at least £1,000. This is much higher than other payday loan lenders active in the online space, which typically ask for just £400. However, Peachy Loans will allow you to include certain benefit payments within your stated monthly income amount.

✔️ Age and Residency

You need to be aged at least 18 years old and be a UK resident.

✔️ CCJs

Peachy Loans will assess whether or not you have previously held any County Court Judgements (CCJs). If you do, and the CCJ was dated within the previous 6 years, you won’t be eligible.

✔️ Valid UK Bank Account and Debit Card

You will also be required to have a UK bank or building society account that comes with a debit card. Regarding the former, this is so Peachy can transfer your loan funds. And the latter, this is the payment card that Peachy will take your monthly repayments. The debit card must be linked to the bank account that the funds are paid in to.

Customer Service at Everyday Loans

If you need to speak with a member of the Everyday Loans customer service team, you can either call your local branch or send an email. You’ll find the respective telephone number via the lender’s website upon entering your postcode. Emails need to be sent via the online contact form.

📱Phone: Toll-Free number at 0800 0124 743

📧 Email: [email protected] or via the online contact form

✉️ In Writing:199 Bishopsgate, London, EC2M 3TY

Customer support is available between the hours of 8 am and 8 pm, Monday to Friday. If you require assistance over the weekend, customer support works between 10 am and 6 pm.

Peachy Loans Review: The Verdict?

In summary, Peachy Loans comes with both its good and bad points. Regarding the former, the lender allows you to borrow between £100 and £1,000, which illustrates a commitment to sensible lending. Moreover, you have the choice to spread your repayments from just 1 month, up to a full year. We also like how quickly the application process takes, and the fact that funding times can be as fast as 15 minutes.

However, Peachy Loans does come with a major flaw – extremely high interest rates. In fact, with an advertised representative rate of 855.85%, this is at the very upper-end of FCA limits. As per the example we explored in our review, a £400 loan over 6 months would end up costing you £334.23 in interest, which is close to the amount being borrowed. As such, we would suggest using Peachy Loans only if you have no other options at your disposal.

Try Our Recommended UK Payday Loan Provider 2020:

  • Get an Instant Quote
  • Apply within 2 Minutes
  • Friendly Support Service
  • FCA Regulated
*Subject to lender requirements and approval.


What is the representative rate at Peachy Loans?

How much can I borrow from Peachy Loans?

How do I repay my loan with Peachy Loans?

How quickly are Peachy Loans funded?

UK Payday Loan Reviews- A-Z Directory

Kane Pepi

Kane Pepi

Kane holds academic qualifications in the finance and financial investigation fields. With a passion for all-things finance, he currently writes for a number of online publications.

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