- Borrow up to £7001
- Online Service
- Choose payment period
- Direct to bank account
- No hidden charges
Peachy Loans is an online provider of short term credit. If you need a short term loan of up to £700 and then want to repay it over 15 days to 12 months (12 instalments maximum) then Peachy's offering may be worth considering.
As with other types of instalment loan keep in mind that this may not be the cheapest option available to you. Use our Quick Start tool to investigate others. There may also be other cheaper instalment loans than Peachy's.
Use their repayment calculator to select the loan amount and repayment period you prefer. It tells you what the repayments are so you can judge whether you can afford them. Remember that the quicker you repay the loan the lower the total cost of the interest although each repayment will be higher (see example in FAQs below).
After you apply you will be given a decision in principle (including an assessment of affordability). You may be contacted by a member of Peachy's customer service team if they need to check any parts of your application. Once approved the loan is paid to your bank account. Often this can be achieved in 15 minutes although it can take up to 1 hour.
Before you apply these are the basic borrower criteria. You must:
You will need to provide:
The loan amounts are fixed to be between £50 and £700. What you are actually allowed to borrow will depend on your credit score, your history with Peachy and how much you are judged to be able to afford in repayment terms. Peachy are committed to lending responsibly.
Any amount between £50 and £700 can be borrowed and repaid over any period from 1 to 12 months. As Peachy's loans are 12 months or under they are subject to strict rules enforced by the FCA. You will never pay back in total more than twice the amount you borrowed.
As with all loans the general rule is the quicker you pay it back the less interest you will have to pay - but ensure you can afford the repayments. Check your budgeting. To calculate what your repayments would be visit Peachy now.
You make a payment in each of the months you are borrowing for - so, for example, if you borrow £300 you can choose to repay over 3 months and then you would make a payment in each of those 3 months. After the final payment has been made you will have paid off the original loan and the interest due.
Peachy Loans offer 3 different ways to repay your loan:
Interest is charged at 0.8% per day (i.e. 292% p.a.). For each £100 you have borrowed you will save £0.8 in interest for each day you bring your repayment forward. For example if you have borrowed £300 and you repay it 7 days earlier than you have to would save 3 x 0.8 x 7 = £16.80 in interest!
And Peachy do not charge any penalty for making early repayments.
To repay your loan early simply call Peachy's customer service team.
When you agree your loan with Peachy you will know the total amount you need to repay. If you have repayment issues Peachy should not add charges to your account. However, because your cicumstances might change during the loan period Peachy realise that you might need to reorganise your loan payments and they ask that you contact their customer care team regarding repayment problems as soon as you are aware of them.
While Peachy shouldn't charge you more for missing payments etc these events will be recorded on your credit file and this may make obtaining credit more difficult in the future.
Peachy Loans is a trading name of Cash On Go Ltd. They are authorised and regulated by the Financial Conduct Authority, FRN 674331
To operate this service we receive a commission from the provider we refer you to.
1 Subject to application being approved by the lender.
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