Who are "real" companies in payday loans?

[JohnnyCash]

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I'm looking at affiliate options, but its not a quick/easy job to work out who are actually real payday companies, and who are simply white label/affiliates of them rather than real sites themselves.

Can anyone list any websites that you know are the actual business please.

I know Wonga and Quickquid are, any more?

thanks

[Mike_M]

I know that:

PaydayUK.co.uk = Month End Money (MEM)
Payday Express = The Money Shop

because I've just added these programs to my blog!

I wouldn't be surprised if CPAN had a couple of their own white labels either.

Mike

[Gary-Lee]

I'm looking at affiliate options, but its not a quick/easy job to work out who are actually real payday companies, and who are simply white label/affiliates of them rather than real sites themselves.

Can anyone list any websites that you know are the actual business please.

I know Wonga and Quickquid are, any more?

thanks

I tend to use a mix of both, but always check the terms and conditions of the merchant. For example, if I promote say "payday1" and "payday2" but "payday1" is a white label of "payday2", and they are on two seperate merchant accounts, always check that there is nothing in the T&Cs that says if a customer applies for "payday1" then there application for "payday2" won't be classed as unique because it's the same company sort of thing.... (hopefully that makes some sense!)

Anyway, here's the list I am aware of;

(1) PaydayUK (2) Lending Stream (3) Cash Genie (4) 24/7 moneybox (5) Quick Quid (6) Payday Express (7) Speed-e-Loans (8) Wonga (9) TxtLoan (10) Mr Lender (11) 1 Month Loan (12) Uncle Buck (13) Wageday Advance (14) My Pounds Til Payday

There may well be more, but these are the main lenders.

Hope that helps!

[Spartacus]

I can't believe anyone would want to promte these type of services.

Have you seen the interest rates they charge it's immoral

[Gary-Lee]

I can't believe anyone would want to promte these type of services.

Have you seen the interest rates they charge it's immoral

I agree that the interest rates are high, but they do provide a valuable service. If you're only taking like £200 it's not so bad, about £250 to pay back, but they can be dangerous if you let it get out of control. I would always say to anyone that promotes them to include as many warnings/unbias information as possible, obviously without apprearing to make detrimental statements that could affect your business performance but giving your visitors enough info to make an informed decision.

There are lots of products which could seem immoral to one person and not to another, but in times where credit is hard to obtain, it is an option for many people - again, provided it is promoted and used sensibly.

[realfun]

I can't believe anyone would want to promte these type of services.

Have you seen the interest rates they charge it's immoral

Not much different to promoting debt companies who aren't always the best choice when people are struggling and that doesn't stop affiliates in the UK promoting those

[JohnnyCash]

I can't believe anyone would want to promte these type of services.

Have you seen the interest rates they charge it's immoral

I needed somewhere to invest the profits of my mephedrone selling business...

[aero_mansoor]

I needed somewhere to invest the profits of my mephedrone selling business...

Ahh Lee you and your baits... next thng you will say is that you will be donating it al to the flood appeal

Mansoor

[JohnnyCash]

lol. In all seriousness, I don't really see that much wrong with promoting payday loans. I thought they were a bit scummy at one point, but once I looked into it a bit more I changed my mind.

The fact is, it can be cheaper to use a payday loan than bounce a cheque or miss a credit card payment. I know people cry about the 1500%+ APR, but its simply not realistic to expect companies to loan you short term with a massive risk of default and not charge you 10-25% of the amount. An APR is completely pointless on a 5 day loan.

[aotagain]

15% on most credit cards with interest rates as they are - well there's robbery and daylight robbery.

[JohnnyCash]

15% on most credit cards with interest rates as they are - well there's robbery and daylight robbery.

Please point me to the credit card company who guarantee to give a credit card to anyone who applies, regardless of past problems and credit check issues.

[jonsp]

but its simply not realistic to expect companies to loan you short term with a massive risk of default and not charge you 10-25% of the amount.

Where's the massive risk of default? Presumably these companies verify you do actually have a job and will be paid say £2000 into your bank on the 22nd of the month, they've got your debit card so they're going to charge your card on the 22nd before you've had chance to blow your salary. I'd say that's a fairly safe form of lending

The high APR means the average punter is never going to wean himself off the loans - once he's paid the interest for last month he's going to run out of money again before next pay day so will need another loan to get through the month.

No doubt there's profit in this but it sure ain't ethical by any sensible measure.

[Spartacus]

No doubt there's profit in this but it sure ain't ethical by any sensible measure.

my point exactly

You certainly won't be seeing an of these sites on Tenuous Links

[JohnnyCash]

Where's the massive risk of default? Presumably these companies verify you do actually have a job and will be paid say £2000 into your bank on the 22nd of the month, they've got your debit card so they're going to charge your card on the 22nd before you've had chance to blow your salary. I'd say that's a fairly safe form of lending

A charge on your debit card only works if the lender hasn't visited a cash machine first. Obviously a high % of people taking payday loans aren't going to be the best at money management. Googling payday loans when researching, I can see lots of forum posts of people just choosing to default rather than pay, and letting themselves go bankrupt, or going down the IVA route. I don't have any numbers to hand, but I'd be surprised if payday loans didn't have the highest default rate out of every type of commercial loan available.

The high APR means the average punter is never going to wean himself off the loans - once he's paid the interest for last month he's going to run out of money again before next pay day so will need another loan to get through the month

I think even if the loans were interest free you'd still find the same. It would be extremely hard to break the cycle when on each payday you lose a chunk of your wages right off the bat. But thats were suitable money management would get you out of the hole, or even better would prevent you from being in it in the first place.

No doubt there's profit in this but it sure ain't ethical by any sensible measure.

Where do you draw the line then? Would you promote a high street bank? They can effectively charge you more for going over drawn, bouncing a cheque or failing to pay your credit card. How about IVAs, would you promote them? You could say they encourage irresponsible spending since you can run up bills you don't have a hope of paying, then get out of it by paying pennies on the pound.

[john-pp]

Gary Lee has pretty much covered most but there are 2-3 more and a couple of smaller lenders too (like us). Our re-coded ping tree is going live soon with most of the top lenders plus us but our lending criteria is considerably tighter than most so we're at the top and if we can't service the lead it gets ping'ed off.

If you are building your own ping tree there are a couple of things to be wary of.. as mentioned above be aware of which merchants are actual lenders so you can structure your tree accordingly and by passing the lead on to lots of lenders/merchants you are potentially diluting any possible cross selling opportunities. Just because a merchant rejects the lead it doesn't mean they won't future market it or cross sell to the consumer. Not ethical but unfortunately it happens, especially as ping tree merchants try to monetise each lead to the max due to low convertion rates in this sector.

If anyone wants more info about our offering please pm me. Our new ping is going live on the 8th of November, conversion rates should be considerably better than most as the lead numbers we buy ourselves is growing month on month.