WARNING: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
Please note: We are a broker, not a lender, and do not make credit decisions.
Rates from 35.9% APR to max 1304% APR. Minimum Loan Length is 3 months. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 3 months. Total amount repayable is £411.63 in 3 monthly instalments of £137.21. Interest charged is £161.63, annual interest rate of 292% (fixed). Representative 1192% APR (variable).
Subject to application being approved by the lender. Not all lenders are able to provide up to £5000
We are on the FCA register please see here
You may have previously read or heard negative comments around the phrase ‘pingtree’. Previously, companies who used a pingtree used this to their benefit as the ordering of a pingtree was based on the highest commercials (how much a lender paid them for a lead) instead of the best outcome for you.
However; since the UK became regulated by the FCA and stricter rules were applied to this type of service, the pingtree is now favoured to be in your best interests. This means that the ordering of a pingtree by law now must be ordered by lowest rates first.
If you think of a comparison website, lots of lenders with different rates and without knowing if you will be accepted or not. A pingtree is essentially a panel of lenders, ordered by the lowest APR at the top. Once you hit ‘get my personalised quote’ on our quick quote form, your details will be passed to the lender at the top; if they are unwilling to borrow to you, your details will then go on to the second lender to make their lending decision.
This process continues, until a lender provisionally accepts your application at which point this ‘ping’ sequence stops, matching you with the lowest APR rates available to your circumstances. All of this happens in the background with over 50+ lenders, within seconds.
Once you’ve been matched with a lender who has pre-approved your application, you will automatically be redirect to the lenders website to complete the final part of your loan application.
Applying through a pingtree can save you money by matching you to the lender with the lowest APR available to your circumstances. If you’re not satisfied with the lender that you are matched with, you can re-apply and the pingtree will restart your search from where you were last accepted.
That being said, the first lender you get matched with will always have the lowest rates to your circumstances, as that’s how the software works. So we don’t recommend that you apply numerous of times as the rates you receive will become higher the more times you apply.
1st Class Loans is plugged into pingtree called T-Dot. This has one of the largest UK panel of FCA approved lenders, which is one of the reasons we chose this pingtree to help our customers find a loan.
The more lenders a pingtree has, the better chance the customer has of getting a payday loan with the lowest rates to their personal circumstances.
You can get a no credit check payday loan quote through 1st Class Loans, during the application process, and each lender will conduct a ‘soft search’ on your credit profile, a similar search to what a comparison website will conduct during a search for car insurance quotes etc. This will show on your credit report, however, it will not have a negative impact on your credit score.
If you are provisionally approved for a loan, you will be redirected to the lenders website where you will agree to the terms and conditions of the loan. Once agreed, the lender will then conduct a full credit search which will show on your credit report. If you have made numerous applications within a short period of time, this can have a negative impact on your score.