Upon looking around, it would seem that Peachy.co.uk had rather negative reviews as a payday loan lender. Of course, as with anyone using a payday loan, we decided to do our research before we embarked on this journey... It’s time to find out what happened when we did, and also what happened when we applied. It’s time for the Peachy review.00000
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One of the reasons why we were drawn to Peachy is that so many people have compared it to Wonga. In reality, Wonga has what it takes to be one of the best payday loan companies out there. It would appear, however, that their customer services let them down, as well as the fact that they don’t respond to complaints or queries all that brilliantly. This is why we thought Peachy would be the next big thing…. and we decided to take a little look.
When you click on the “Apply Now” button on the brightly lit yellow and purple website, you are taken to a page where you will be asked how much money you want to borrow, how long you want to borrow it for, as well as personal details – name, address, mobile number, email address, etc.
You are told right off the bat how much your loan will cost, and how much your repayments will be each month. The maximum that you can borrow as a new customer is £500 over 5 months. If you want to do this however, you will be paying back £1039.06 at a rate of five monthly repayments of £207.81. For a £500 loan, that’s quite a lot that you will be paying back!
When you compare the representative APR to other companies, you will find that Peachy is cheaper when compared to other payday loan companies. You must remember however that, with Peachy, you are paying the money back over a longer period of time, which is why you are paying more back.
At present, Peachy charges you an APR of 1058% which is considerably less than some of the other payday lenders. Wonga, for example, is currently sitting at 5833% APR, and QuickQuid charges 1734% APR.
What Happens Next?
It is not until you have a look through their “Get Help” section of the website that you will learn that Peachy CAN and WILL contact your employer if they feel they need to. Their exact terminology is:
“Will you contact my employer?
At Peachy.co.uk we strive to be as discreet about your loan application as possible. In case we need to contact your employer (to verify your employment), we will not mention that we are calling from a loan company nor will we give out any details about the nature of the call to third parties.”
If you are accepted, you can expect the money to be in your account in a matter of hours. Most banks now have a Faster Payment scheme set up where the money will be in your account in two hours or less, but some of the smaller banks and financial establishments may take a little longer before the money is comfortably in your account. It would appear that Peachy DOES NOT charge you a fee to have the money in your account straight away. More payday loan companies charge you for this service than you may first have thought!
Help! I Need More Time!
If you are unable to pay back your loan on the date stipulated in your agreement, you can “defer” your loan for up to five times. This means that, as long as you pay current interest charges and the re-finance charge, you can leave the full amount of your loan until the next payday to pay it off…. up to five pay-dates later. You can also extend your loan by text message – something that a lot of companies do not offer. If you currently have a Peachy loan and you want a Peachy extension, you can simply text the word “EXTEND” to 68899, as long as it is from the mobile phone number that you registered with your loan.
What If I Want to Pay Back Early?
If you want to pay your loan back earlier than the agreed date, you can do so by text message. Simply text the word “REPAY” to 68899 from the mobile phone number that you have registered with your Peachy loan. Alternatively, you can login to your account, or go on to the mobile app, and there is a nice big “Repay” button that you can use to pay off your loan. You won’t save any money, it would seem – you still need to pay everything according to the original agreement.
Renewing Your Loan
Peachy tells you that you can reapply for a loan up to five times from them. This means that, once you have paid your initial Peachy loan back to them, you can re-borrow up to five times further. This makes the payday lender stand out above the rest straight away. Most payday loan companies don’t care how much you borrow from them, as long as you pay it back. You will even find that some companies will offer you further loans when you have defaulted on your first loan! When you bear that in mind, it would seem that Peachy are going some way into making sure that you can’t get into trouble by using their services.
If you currently have a loan with Peachy, you can’t add further funds to your loan (as in you can’t top up your Peachy loan) but as soon as you have paid it back, you can borrow again, as we have mentioned, five further times.
The Bad News
Unfortunately, Peachy hasn’t had the greatest reviews from customers. Even more depressing is the fact that we found ourselves agreeing with most of the things that were said by the previous customers, meaning that this payday loan company probably isn’t the best one out there as we had hoped when we first started our application.
Firstly, a lot of people are getting declined by Peachy which would indicate that those with very bad credit probably shouldn’t apply. On top of this, people that have been approved for the first loan, have paid it back on time and in full, and haven’t been approved for further loans. In fact, one of our team was declined credit with Peachy, while another member with the same credit score had been approved. We guess with Peachy, you just have to apply and hope for the best!
Another negative comment made by customers of Peachy, and something that again we found ourselves agreeing with, was the constant notifications from the company! There are the texts, the emails, the letters sent through the post… It was almost like we were being stalked! If you want to keep your need for a payday loan quiet, Peachy might not be the way to go!
If you are declined by Peachy, you may find that your details are passed on to other payday loan lenders which can then harass you with constant texts and calls – yet another comment made by the many unhappy customers of Peachy, although something that we didn’t really experience. We had noticed a few extra texts and emails in our junk boxes, but nothing really to write home about. The fact that many customers have said the same thing however does not bode well for this company.
We didn’t experience many of the problems that the various customers before us had found with Peachy, but all you need to do is take a few moments around the internet looking at Peachy reviews to see exactly how many unhappy customers there are out there. With reports of bad customer service, constant texts, calls and letters, and your details being passed on to other payday loan lenders, we would probably say that you should do your research and think twice before embarking on this adventure with Peachy. Different people will have different reviews, that’s for sure, but with the amount of negative comments that the lender has received, we probably won’t be applying to Peachy for another loan again… not that we’d be accepted for a second loan if previous testimonials are anything to go by….
If you want more information on how to contact Peachy in times of need, or have any questions about Peachy.co.uk, why not check out our blog? With interesting articles on how to boost your credit score, as well as helpful advice on how to deal with the various payday loan companies, you might just learn something that could be beneficial to you!
If you need to get in touch with Peachy customer services or arrange a Peachy repayment plan, why not take a look at our recent blog post: