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Swift Sterling Loans @ www.swiftsterling.co.uk
Swift Sterling was formed in the year 2010. Only monthly payday loans were initially available through www.swiftsterling.co.uk, but more flexible repayment options are now in place. The original owner was Malta’s Northway Financial who also had projects competing in Australia and the United States. Northway faced problems with licensing here in the UK and it looked like a closure was on the cards when they stopped taking applications. There was however a takeover from MMP Financial Ltd in the later period of 2015. Another trading brand passed on to them was Pounds Till Payday who are less popular, despite launching earlier in 2006. Swift’s profile has always been notably high in the subprime sector.
This has been evident through their search engine popularity as well as their large social media following of 12,000+ Facebook fans. The growth of this brand has been impressive when you consider that there has never been any TV adverts and little promotion online. The instalment product available today has repayment options of 1 to 5 months. When applying for the first time there are restrictions imposed of £100 to £750. On reloans the top potential sum increases significantly up to £1500. Their monthly charge is fixed against the cap and so you pay £24 on every £100 borrowed. The interest rate then improves as the term is increased, with a £300 3 month loan costing £155.
Loan applications entered through www.swiftsterling.co.uk were processed between Monday and Friday, but Saturday has now been added. The updated times are Monday to Saturday (7.30am to 11.30pm). There is a Swift Sterling login integrated to the site. It did look like a potential Swift Sterling loans closure was going through before MMP Financial came to the rescue. It is clear though that advertising will be critical for this company to survive in the future. Their target audience is served through several big hitters promoting aggressively such as Lending Stream, Peachy, Pounds to Pocket, Satsuma Loans, Sunny etc. Adding Saturdays was a good move, but lower interest would help them to compare better against those noted.
£24 /£100 (30)
£155 /£300 (3)
Data Taken from www.swiftsterling.co.uk: October 2016.