MMP Financial: Pounds Till Payday and Swift Sterling
History and Ownership
The Pounds Till Payday and Swift Sterling loan brands were brought to market by Malta’s Northway Financial Ltd. The pair have since moved across to MMP Financial Ltd who are locally based in Slough. Northway have developed short term loan projects across such countries as Australia and the United States. It was however the UK that would soon become their primary market. They started out with the launch of Pounds Till Payday in 2006 and some years later in 2010 they would follow up with Swift Sterling. This more recent creation became their flagship lending arm that would peak in the summer of 2012.
Matched payday loan products were offered at launch. After price capping was rolled out in 2015, each service was then adapted to target instalment periods. As a result, applicants could select repayments as long as 5 months. Longer contracts of course help to generate greater revenues, with little profit being potentially there when servicing a month on its own. Getting back to Northway, this group was involved in controversies in the States for licensing and this was also the case locally. Not being able to gain interim permission would have been the key reason for the sale to MMP Financial that went ahead in late 2015.
Info: Pounds Till Payday Loans
www.poundstillpayday.co.uk (Alexa UK Rank: No Ranking)
The original owner launched PTP in 2006 and so this company has impressively now surpassed 10 years in operation. From looking at Google Trends it was in July 2009 when we saw them peak, but they really dropped off in 2010. This is not overly surprising considering that their focus in that year switched to their new project. Things haven’t changed in this regard over the years. There has at least been a recent site overhaul though. At one time they used a separate address for logins. Today, the same theme as Swift is integrated, with green styling being used rather than blue.
The full term range is 1 to 5 months and between £100 and £750 is available to first time borrowers whilst up to £1500 is available when reloaning. If you head on to the application form you can request £100. The homepage slider differs in starting from £150. This amount only shows the selectable choices of 1 and 2 months. When you then increase to £200 any term can then be selected. This looks to be the only minor difference since Swift’s alternative slider doesn’t have any such blocks. The monthly price per £100 is £24 whilst for £300 over a 3 month period you’d pay £155.
Info: Swift Sterling Loans
www.swiftsterling.co.uk (Alexa UK Rank: #72,764)
Swift’s popularity has historically risen high with minimal advertising. They have tended to float just outside the majors, on a similar footing to lenders like 247Moneybox and Mr Lender. 2011 was a good year and they would then peak in August 2012. Things haven’t gone so well since, but do they do at least command a sizeable Facebook following of 12,000 fans (PTP has no page). Now under new ownership we may well see them return to their heyday. Advertising would be essential now that they are competing with instalment loan lenders like Lending Stream, Satsuma and Sunny who are all seen on TV.
The same specs including price are matched here. As was noted above, a minor difference is the ability to choose any repayment period for £150. On Swift’s How It Works page it states that through your personal account you can make additional payments. This should enable early settlements through the Swift Sterling login. It doesn’t mention making payments on PTP’s same section, but you should be able to do this. Everything else is matched such as the opening hours of Monday to Saturday (7.30am-11.30pm) and Sunday (2.30pm-10.30pm). Bad credit is also considered with each so long as the applicant is employed on a monthly wage of at least £667.
Reviews: Feefo, Review Centre, Reviews and Trustpilot
There was strangely no feedback to analyse on Feefo, Review Centre, Reviews or Trustpilot for both of the companies in focus. This doesn’t help to provide much insight into how the services have measured up both historically and recently since the new owners took control. Those 12,000 Facebook follows at least shows that people have been sticking around with the main company.
Many lenders offer similar amounts and repayment options and so we can only really factor popularity and pricing. The £300 3 month charge is set with each at £155. Similar ballpark figures are charged by Cash4UNow, Cash ASAP, Ferratum, PiggyBank, Quid Market, Pixie Loans and Wonga. Wonga.com is also notable through their late 10pm closing times. When seeking loans like Swift Sterling, Ferratum stands out of this pack having also launched in 2010 and they are Euro backed that was seen here in the past through the original control from Malta. On the popularity front we mentioned both 247Moneybox and Mr Lender above for the main firm.
The Plus Points
There was a time when a few rivals opened 24/7, but through recent cutbacks the times in place here are actually the longest in place across the sector that is a big USP. These late closing times to remind are Mon/Sat: 11.30pm and Sun: 10.30pm. The Sunday coverage has in fact only recently been added. The extended hours should open up a greater chance of speedy approval and funding when many competitors have closed up for the day. The instalment costs are reasonably packaged, but the lack of promotion and reviews doesn’t help. Perhaps now with MMP at the helm we may see a brighter future ahead.
Last Updated: January 5th, 2018.