Curo Financial Technologies: Juo Loans and WageDayAdvance
History and Ownership
Curo Financial Technologies Corp (styled as CURO) previously operated as Speedy Group Holdings Corp. There are no details on this switch, but we believe it took place a few months into 2016. The original company was established in 1997 and they are headed in Wichita, Kansas. They have a network of around 300 stores across their home country and Canada. There was also 13 stores in the UK under Speedy Cash, but these all closed in August 2017. Their network is mostly made up of Cash Money and Speedy Cash outlets. The Speedy brand ventured to Britain in 2010. They would go on to serve 23 locations as well as operating online.
Things didn’t quite work out as planned though and their local retail portfolio is a thing of the past as is their online service. At the route case of this collapse was price capping although the owner doesn’t seem to have faced problems in Canada and the United States where there are various caps and strict rulings in place. What has kept the financial giant here was their savvy acquisition of WageDayAdvance in 2013. This company was founded by Dale Chapman in 2004 and over the years they have emerged as one of the UK’s premier subprime lenders. WDA that runs under the subsidiary of Curo Transatlantic Ltd was recently supplemented by Juo Loans in 2017.
Info: Juo Loans
www.juoloans.co.uk (Alexa UK Rank: No Ranking)
Juo Loans is brand new for 2017. There are 2 products pitched that includes a guarantor and personal loan. Each delivers £1000 to £3000 across 12 to 36 months. The cost of £1000 per year is £239.32 (guarantor) and £435.90 (personal). In each scenario they are willing to consider poor credit including CCJs. Guarantors must be aged over 25 and can be tenants so long as they have a good credit score. Same day turnarounds are possible and alike WDA we see the same impressive 7 day business hours of Monday to Friday (8am-8pm), Saturday (9am-5pm) and Sunday (10am-4pm). We’ll keep an eye out on Juo’s progress throughout 2018 and report back.
Info: WageDayAdvance Loans
www.wagedayadvance.co.uk (Alexa UK Rank: #22,659)
WageDayAdvance is mixing it up with the UK’s biggest lenders. In our payday comparison their site was the 4th most visited whilst for instalments they ranked 8th. This firm founded in Skipton is famed for also being high profitable. Just how well their financials measure up in the modern day will be studied in due time. WDA was created by former pawnbroker Dale Chapman with their site launching n September 2004. High acceptance payday loans had been packaged for many years. Since the sale went through we have seen a greater focus on instalments. There are 2 such products offered. The standard offering delivers £80 to £500 (£750 on reloans) across 1, 2 or 3 months.
The Advance Plus Loan sees £100 to £500 (£1000 when reloaning) this time for 4, 5 and 6 months. The monthly pricing meets the cap (£24 per £100). You can get thrown a little here since they display £22.40 as their example, but this is over 28 days not 30 and so you are paying 0.8% daily. The £300 charge over 3 months is £211.20 and then £253.99 over 6. The value is much improved over 6 that would be the advised term. This is a speedy service that is there for you 7 days a week. Their opening hours run as Monday to Friday (8am-8pm), Saturday (9am-5pm) and Sunday (10am-4pm).
Reviews: Feefo, Review Centre, Reviews and Trustpilot
WageDay’s Feefo page has now collected almost 10,000 reviews and achieved a 96% rating. Helpful staff and quick payouts were a few of the common positive comments left. There are listings on Review Centre and Trustpilot, but I wouldn’t pay much attention to these. The RC score is 32% and TP is 43%. Each profile has however only attracted 10 reviews and so it is more of a case of just a few negative experiences being shared for things like applications being declined. In contrast you have nearly 10,000 experiences shared on Feefo where transactions are validated.
We have seen many lenders like WageDayAdvance emerge where you have varied term options. MyJar and Wonga will be seen as major rivals based on their popularity. If you are seeking a little more flexibility then H&T would be a good shout based on their impressive 3 to 24 month term spread. WDA’s instalment rates are £211.20 (3m) and £253.99 (6m). A better alternative for pricing is The Money Shop who ask for £113.40 (3m) and £159.36 (6m). That’s around a £100 saving available with The Money Shop. Update: TMS has now closed their online service. Based on popularity in the payday sector, Wonga, SafetyNet Credit and QuickQuid are the only firms that rank above them.
The Plus Points
WageDay is one of the most experienced lenders around today and they have built up a loyal fan base (evident from their 9500+ FB fans). Considering that Speedy’s retail chain and site have gone, the owner has managed to at least guide this company in the right direction. The addition of the flexible terms has been a welcome change. The 7 day payouts is a further feature of note. The general pricing could however be cut. This would help them to stand out against other top firms who have all been spending considerable amounts on TV and web promotion this year such as Lending Stream, QuickQuid, Satsuma, Sunny and Wonga.
Last Updated: January 5th, 2018.