Need a loan? CashLady could help you search for an alternative to Peachy loans
- The lenders on the CashLady panel offer short-term, personal loans from £100 to £10,000.
- Repay your loan across a term between 3 and 60 months. The repayment terms available to you will depend on the amount of money you apply to borrow.
- We only work with lenders who are authorised and regulated by the Financial Conduct Authority (FCA).
- Get your free, personalised, no-obligation loan quote today with no impact to your credit score.*
CashLady eligibility criteria
You can search for a loan with CashLady if you:
- Are over the age of 18;
- Are a UK resident;
- Have a UK bank account and a valid debit card; and
- Have a regular source of income paid into your bank account.
Who was Peachy?
Peachy was a direct lender of payday loans. Established in 2010, Peachy was considered to be one of the payday loan industry’s leading lenders.
What happened to Peachy?
On March 5, 2020, Cash on Go, trading as Peachy and Uploan, was placed into administration. Gilbert Lemon, Adam Stephens, and Henry Shinners of Smith & Williamson LLP were appointed as Joint Administrators.
Is Peachy loans legit?
As discussed, Peachy, the direct lender, is no longer trading. Before entering into administration, Peachy was a trading name of Cash on Go, which was authorised and regulated by the FCA.
Which payday loan companies went bust?
In 2015, the FCA introduced new rules for lenders, which aimed to help create fairer and more affordable borrowing.
Following the introduction of these rules, it came to light that over the years, a large number of customers had been approved for loans that were unaffordable for them.
Due to an influx of affordability complaints from customers who had been mis-sold loans, a number of payday loan companies went into administration. This included some big-name payday loan companies, such as Wonga, Amigo, and Peachy.
Peachy loans complaints
It’s no longer possible to file a complaint against Peachy; the deadline was July 21, 2021.
I need a loan; is it better to go through a credit broker or apply directly with a lender?
Using a credit broker, like CashLady, could help you save time. We present your application to multiple lenders at once to search for a suitable match for you. This could prevent you from potentially having to make several applications with different lenders, which could harm your credit score.
Whether you use a credit broker or a lender, the most important thing is to make sure the company you choose is authorised and regulated by the FCA. You can search for a company using the FCA Firm Checker tool.
CashLady as a Peachy Loans alternative: how does it work?
- Fill out our five-minute online form. Let us know how much money you need to borrow and select a repayment term to suit you.
- We’ll complete a soft search with no impact to your credit score and scan our panel of lenders for a suitable loan.*
- If you’re matched with a loan, you’ll be redirected to the lender’s website. If you’re happy with the loan offer, you might consider making a full application.
- The lender will carry out a creditworthiness assessment, which will include a hard search or Open Banking. Please note that a hard search will be visible on your credit file for up to 12 months, and multiple hard searches in a short period of time will cause your credit score to decline.
- If you pass the creditworthiness assessment, the lender will let you know when your funds will be sent. Some of the lenders we work with could send your money on the same day your application is approved.**
Peachy loans alternative: could I search for a payday loan with CashLady?
CashLady does not work with any lenders of payday loans. Instead, you can use our credit broking service to search for a short-term loan with a repayment term between 3 and 60 months.
Loans like Peachy: Bad credit loans
You can search for a bad credit loan with CashLady; however, please be aware that while some lenders on our panel specialise in loans for people with bad credit, this type of borrowing could come with a higher rate of interest. It’s important to understand how this will affect the cost of your monthly repayments.
Struggling to repay your loan?
If your monthly repayments are becoming difficult to manage, you should contact your lender as soon as possible.
They’ll be able to talk to you about any solutions they could offer to help you get back on track.
Worried about money or debt? You can get free support through MoneyHelper, Citizens Advice, and National Debtline.
CashLady has teamed up with debt charity StepChange to create this handy Money Health Check quiz, which you might find useful. The quiz is free to take, and the answers you give will generate advice on what to do next, based on your personal financial situation.
*If you’re matched with a loan and choose to make a full application with the lender, a creditworthiness assessment will be carried out. This will include a hard search or Open Banking. Please be aware that a hard search will remain on your credit file for up to 12 months, and multiple hard searches in a short period of time will affect your credit score.
**The time it takes for the money to show in your account will depend on your bank’s policies and procedures.