06 Dec New payday lenders 2022
New payday lenders 2022
Welcome to a new Badger Loans blog post. Now is a good time to start looking for new lenders for payday loans 2022. Badger loans is of course a ‘new payday borrower’, depending on the criteria used to define ‘new’. We’ve been trying to climb through Google’s organic rankings for a little over 2 years now. This still classifies us as ‘relatively’ new in our view. You cannot agree.
Typically, new businesses are not found at the top of search engine rankings on page 1. It takes about 1-2 years for a small business to do its own SEO or hire someone at the lower end of the pay scale to reach page 1 for almost any keyword of interest. You’re much more likely to find genuine new businesses somewhere between pages 6 and 10. That depends on how long the company in question has been around since it was founded. Plus how much SEO work they’ve done to increase their rank.
The view from the top
If we look down from our lofty position somewhere in the middle of page 1 for the search term “new payday lenders,” we see a veritable miasma of direct lenders. We see credit brokers like us and newspaper articles from just about everywhere.
But 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. Not even a new broker. The latest we could find was registered with the FCA in 2018, while the average seems to be around 2016 for their start date. Not surprising when you consider our previous section’s comment that it takes between 1 and 2 years to get to page 1 of Google for a fair to mediocre keyword.
With this in mind, we kept clicking through to page 8 to see if we could actually find any new companies that made their way to page 1. In the next section, we’ll reveal what we found.
And closer to the bottom
By the time we got to page 8, we were getting a little bored of clicking and searching the FCA registry. We hadn’t come across anyone that was interesting or, more importantly, someone new enough to get us excited and put it on this blog. Then we found a few companies that we had never heard of that looked like they fit 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 search engine rankings.
We put their details in the FCA register and lo and behold, they are a trade name of BNP Paribas. They are one of the largest lenders in the world and yet another multinational company that wants to get rid of your pounds and pennies. The site looks good and says all the right things. But as a ‘new payday lender’ is that the nature of the search? No chance – they were first registered with the FCA in 2006.
Then we came across credit spring. Another name we like and it sounds pretty bouncy and seasonal and we think that was the idea. We linked with them, unlike Creation because they are real competitors. Creditspring, it turns out, is the trade name of Inclusive Finance. At first glance, we thought this might be an attempt to cash in on current fashion for all-inclusive and diverse. Closer inspection revealed no ‘new payday lender’ at all, but a credit union.
We like credit unions. We made a vlog on them as an explanation for newcomers to finance. We linked with them because they are not the competition. If only credit unions had slightly lax criteria for the introduction. Then they would become a real alternative to the direct payday and short term lenders.
Their main problem as we see it now is whether you are looking for a quick loan. Let’s say a broken boiler, would you like to wait 2 weeks before you can open an account? Or to visit someone about the loan because you have just entered the world of credit unions? Probably not and there are one or two other quirks that keep people from using them as often as they could.
They generally only do small loans up to £500 (not all credit unions are the same) and you can only have 2 in a year. The great thing about them is that they don’t charge you interest, but instead a flat monthly fee (again, not all credit unions are created equal). They are a great way to build your credit score by saving with them. You may need to have a savings account for a while before you can get a loan.
The real new payday borrowers of 2022
That said, we still believe that 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 latest payday lenders for 2022. Looks like you might be stuck with us because we can’t find any. We’re sure they’re out there somewhere, you just have to keep looking. In the meantime there is always badger loans.
We hope this helps.
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