Enova: On Stride Financial, Pounds to Pocket and QuickQuid
History and Ownership
Enova International Inc (generally termed as Enova) is a financial services provider based in Chicago. They employ 1100+ staff and date back to 2004 originally under the CashNetUSA lending arm. The founder was Al Goldstein who alongside others went on to launch AvantCredit. This company only really hit the mainstream after being spun-off from Cash America International Inc that was back in 2014. They had been part of Cash America since 2006 and during ownership were handed the duties of managing the group’s web properties. Enova’s exit saw them take the 3 Brit brands as well as those competing overseas with the notables ones being CashNetUSA and DollarsDirect.
More than 4 million customers have been served worldwide. The local sites are split across 2 subsidiaries. Both Pounds to Pocket and QuickQuid run on CashEuroNet UK Llc whilst On Stride Financial operates on EuroNetCash Llc. All of the local companies are managed from overseas. They simply list virtual London offices. Enova’s main competitor is also American. This is DFC Global Corp who at this time are seeking a buyer for their British arm (Dollar Financial) who are represented by PaydayUK, Payday Express, The Money Shop and a few pawnbrokers. Other Stateside competitors involved locally are Elevate via Sunny and Global Analytics via Drafty and Lending Stream.
Info: On Stride Financial Loans
www.onstride.co.uk (Alexa UK Rank: #88,971)
Arrived in 2014 to fill the market demand for competitively priced personal loans without guarantors for those with fair credit scores. Bad credit would generally be declined here. They are quite thorough with underwriting and require a proof of income upload before completion. There has been various changes rolled out here recently. They did previously offer £1000 to £10,000 across 1 to 5 years. They now however offer more modest sums of £1000 to £3000 over either 1 or 2 years. The cost over a year hasn’t changed at £385.88. This is variable and so it could rise, although there is no headed range to give a hint on what it could span to.
When applying with this lender patience is essential. This is due to the process taking a few days with underwriting only taking place between Monday and Friday. This was during the extended hours of 8am to 8pm, but they have again changed this to 9.30am to 6pm. In reference to the search data, there was few searches under the full title of On Stride Financial. The noted variation of 4000 (approx) covers alternative spellings such as OnStride and On Stride on its own. Their Alexa rank indicates progression, but TV ads will be essential to take it to that next level and this is a road that they have yet to venture down unlike their sister brands.
Info: Pounds to Pocket Loans
www.poundstopocket.co.uk (Alexa UK Rank: #33,819)
Pounds to Pocket launched an innovative 12 month loan product in 2010 and their profile grew very quickly across 2012 through TV ad campaigning. For the first time, sizeable bad credit personal loans were made available on the same day often with no required document faxing. This lender was also importantly open for business 24/7 although they have since cut back on their hours to Mon-Fri (8am-9pm) and Sat-Sun (10am-6.30pm). They have at least added greater flexibility with the fixed 12 month term adapting as 6 to 12 months. The option is there to settle early should you wish to. This product (called LoanBuilder) delivers between £200 and £2000.
If you haven’t accessed the upper cap then you can use the Top-Up option in your account. You can opt for an increase with ease, but all this will do is roll you into a new contract. LoanBuilder has never been a cheap product. £1k per year is priced at £907.40. There is a promo code strictly for new customers that can drop the cost of the first repayment by 5% creating £899.45 when using (5SOC). Stride’s charge as noted was £385.88 and so if your score is fair then it may be worth heading there first. The entire process is however much quicker on this side.
Info: QuickQuid Loans
www.quickquid.co.uk (Alexa UK Rank: #8529)
QuickQuid has always battled for payday loan dominance. In their early years PaydayUK was their main challenger whilst in the modern day their key rival is Wonga who are the only short term lender with an improved Alexa ranking. QuickQuid’s noted customer base since 2007 has grown to surpass 1.4 million. They are one of the biggest TV ad spenders and their web presence is boosted by favourable search engine rankings plus partnerships with the biggest brokers. The main niche targeted here has been payday, but as well as the single month the option is there of 2 or 3 months. Interest is fixed at 0.8% across all terms.
A monthly loan in this instance comes in at £24 per £100 borrowed whilst over 3 the charge triples to £72. This is expensive considering that most rivals provide discounts when extra months are added. First time borrowers can receive a small 5% discount. The QuickQuid promo 2017 to add is SOC5 that’ll drop £24 to £22.80. 24/7 operations were in place as at PTP, but Mon-Fri (8am-9pm) and Sat-Sun (10am-6.30pm) are the new hours of operation. The amounts of £50 to £1000 are available on initial contracts with reloaning extending to £1500. The same Top-Up option that we saw above is available through the QuickQuid login portal.
Reviews: Feefo, Review Centre, Reviews and Trustpilot
At Trustpilot, OSF scores 92% from 260+, PTP has 41% from 160+ and QQ has 40% from 330+. Reviews.co.uk was more favourable noting OSF (96% from 1250+), PTP (81% from 320+) and QQ (87% from 1840+). On Review Centre the 2 older companies also had listings of PTP (70% from 260+) and QQ (66% from 310+). There was no pages on Feefo. The On Stride reviews are impressive at 92% and 96%. The others didn’t fair so well. Stride’s greater support may be to do with their stricter lending policies and so they are less likely to have customers running into problems that would then be vented on said sites.
After price capping was rolled out, many payday lenders like QuickQuid made the switch to focus on longer terms such as PaydayUK who now extend to 12 months. Wonga is the only rival with a bigger market profile and they offer greater flexibility. As for Pounds to Pocket, Sunny has similarities such as offering high cash sums, 7/7 funding and the major profile. H&T Finance and The Money Shop are worthy alternatives. Finally for lenders like On Stride Financial, AvantCredit who share the same founder is coming along well and their pricing is competitive, as is that of Likely Loans who are another good fit.
The Plus Points
There are positive aspects to all 3 Enova brands. QuickQuid has become a household name and they attract leads from many varied channels. They are efficient for quick short term funding 7 days a week. The worry is that their service hasn’t changed much over time. With Pounds to Pocket you have that added repayment flexibility, but their costs are heavy. On Stride’s pricing is improved. We’d advise opting for £2000 over 3 years with them as this will open up the 29% APR tier. They may be extra picky and they do close at weekends, but their positive reviews show that their customers are happiest across the cluster.
Last Updated: January 5th, 2018.