New Payday Loan Lenders 2024
Welcome to another Badger Loans blog post. Now is a good time to start looking for new payday loan lenders 2024. Badger Loans is a ‘new payday lender’ depending on the criteria being used to define ‘new’ of course. We’ve been around trying to rise through the organic Google rankings for a little over 2 years. In our view this still classifies us as being ‘relatively’ new. You may disagree.
Typically any new companies won’t be found at the top of the search engine rankings on page 1. It takes around 1-2 years for a small company either doing their own SEO or employing someone from the lower end of the pay scale to reach page 1 for almost any interesting keyword. You’re far more likely to find any actual new companies way back down the list somewhere between pages 6 and 10. That depends on how long the company in question has been around since formation. Plus how much SEO work they’ve done to increase their ranking.
The View From Near The Top
As we look down from our lofty position somewhere near the middle of page 1 for the search term ‘new payday lenders’, we notice a veritable miasma of direct lenders. We see credit brokers like us and newspaper articles from just about everywhere.
However, a look at the FCA register for the other lenders and brokers on page 1 reveals an interesting picture – not a new payday lender among them. Nor a new broker either. The newest we could find was registered with the FCA back in 2018 while the average would appear to be around 2016 for their date of inception. Hardly surprising when one considers our previous section’s comment that it takes between 1 and 2 years to get to page 1 of Google for a fair to middling keyword.
With this in mind we kept on clicking all the way down to page 8 in order to see if we could find any genuinely new companies setting out on the road to page 1. In the next section we reveal what we found.
And Closer To The Bottom
By the time we got to page 8 we were getting a tad bored of clicking and searching the FCA register. We hadn’t come across anyone of interest or more importantly, anyone of sufficient newness to get us excited and put in this blog. Then we found a couple of companies we hadn’t heard of and who looked like they fitted the bill. First up was the nicely named Creation Finance. We hadn’t come across them before and we spend a lot of time looking at the search engine rankings.
We put their details into the FCA register and lo and behold they are a trading name of BNP Paribas. They are one of the biggest lenders in the world and yet another multinational company looking to relieve you of your pounds and pence. The site looks good and it says all the right things. However, as a ‘new payday lender’ for that is the nature of the search? Not a chance – they were first registered with the FCA back in 2006.
Then we came across Creditspring. Another name we like and it does sound quite bouncy and seasonal and we guess that was the idea. We’ve linked to them, unlike Creation as they are genuine competitors. Creditspring, it transpires, is the trading name of Inclusive Finance. At first glance we thought that might just be an attempt to cash in on the current vogue for all things inclusive and diverse. Closer inspection revealed not a ‘new payday lender’ at all but a credit union.
Credit Unions
We like credit unions. We’ve done a vlog on them as an explainer for newcomers to finance. We’ve linked to them because they’re not the competition. If only credit unions had slightly laxer intro criteria. Then they would become a genuine alternative to the direct payday and short term lenders.
Their main problem as we see it at present is if you were looking for a quick loan. Let’s for say a broken boiler, would you want to have to wait 2 weeks before you can open an account? Or to go and see someone about the loan because you’ve just entered the world of credit unions? Probably not and there are one or two other oddities which keep people from using them as often as they could.
They generally only do small loans up to £500 (not all credit unions are alike) and you can only have 2 in a year. The great thing about them is they don’t charge you interest but a flat monthly fee instead (again, not all credit unions are the same). They are a good way to build up your credit score by saving with them. You may need to have a savings account for a period of time before getting a loan.
The True New Payday Lenders of 2024
Having said all the above we still believe credit unions are a good way to borrow. We wish them every success for the future. Back to our topic which was to help you find the newest payday lenders for 2024. It looks like you might just be stuck with us because we can’t find any. We’re sure they’re there somewhere, you just have to keep on looking. In the meantime there’s always Badger loans.
We hope this helps.
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