Street UK (Cic): Street UK and Track Loans
History and Ownership
Birmingham’s Street (UK) CIC was incorporated in August 1999. The CIC structure (community interest company) means that you’ll be dealing with a lender that solely operates for the good of the public and so this means no profiteering. The Street UK brand was launched in September 2000. Since then they have opted to cater residents of the West Midlands only. There are 5 branches across the region that includes 2 in Birmingham (Central and Northfield) and these are joined by locations in Walsall, West Bromwich and Wolverhampton. It is through one of these branches that the loan must be completed. The repayments are then collected by direct debit.
Track Loans is the owner’s new project. This company was developed across November and December, before launching in January 2017. A digital approach has been taken this time that began with them restricting to their local region, but all residents of England and Wales may now qualify so long as they have a monthly pay packet above £600 per month. If you meet this then you can benefit from highly competitive deals regardless of bad credit. Through their older site they for instance reference that over 70% of their customers had a past default on their credit profile. The owner looks to be on the rise, with both sites showing favourable Alexa rankings alongside growing social media pages.
Info: Street UK Loans
www.street-uk.com (Alexa UK Rank: #114,739)
Street has advanced more than £15 million and provided over 31,000 loans. The stats shown above show that they have a good level of popularity, but their service has remained dated such as there being no ability to apply through the site. They simply provide a number to call and the idea is then to book an appointment at any of the 2 Birmingham locations, or Walsall, West Bromwich or Wolverhampton. Coverage is available within 15 miles of a branch for applicants who must be earning at least £100+ weekly. This doorstep loan alternative differs in removing the agents and taking flexible direct debit repayments that can be repaid either fortnightly, four-weekly, monthly or weekly.
The borrowing sum range is £200 to £1000. The repayment options aren’t shared, but we confirmed by email that the term is 12 months. You should be able to settle early in person for a shorter term. The cost example provided is a £400 loan that is priced at £175.52 (including £16 fee) over a year. This means that the amount of £1000 would translate as £398.80 for interest plus £40 upfront as the admin fee (total: £438.80). The fee must be paid to move forward with an agreement. The listed opening hours are Monday to Friday between 9.30am and 5pm. It is noted that certain branches are open 9.45am to 3pm on Saturdays (no specifics).
Info: Track Loans
www.trackloans.co.uk (Alexa UK Rank: #46,056)
This newly formed project was developed in late 2016 with the launch following at the beginning of 2017. They have by far been the most popular industry newcomer ahead of the likes of Dot Dot Loans and In-Sync Credit Services. The traffic rankings achieved in such a short space of time are really impressive. There may have been some big ad spends running here. They do appear to be over-performing for a company that isn’t nationwide. As with the original firm they were only accepting applications for residents of the West Midlands (B, CV, DY, WS, WR and WV postcodes). This has however now changed and they are operating to the entire UK.
With the restricted coverage now put to bed, they can really attack this sector and their traffic rankings certainly show that they are doing this well. The cash sums available here are rather small between £100 and £500 with repay options of 3, 4, 5 or 6 months. The loan calculator handed sample costs per £300 of £59.46 (3m) and £108.66 (6m) that are excellent deals. This 3 month charge is in fact the cheapest available on the market today whilst the extended option is the 2nd cheapest. Through the site you can quickly apply and later manage through the Track Loans login. Their support team is available Monday to Friday (9.30am to 5pm).
Reviews: Feefo, Review Centre, Reviews and Trustpilot
Both companies are collecting feedback on the Feefo platform. There were no further listings on any other sites. We’d of course always prefer to see listings on Feefo since you know that the transactions need to be verified. When it comes to the active pages, Street’s score is 98% that is from around 480 reviewers. In being newly formed, Track’s page naturally has less feedback, but their page is becoming increasingly active. As it stands they have around 80 reviews that craft a 96% score. The common thread through the listings was affordable rates, helpful support and quick payouts.
The original service is basic in its design, but it delivers good value. A similar local rival to them is Short Term Finance who are also based in Birmingham. They started out in 2003 and are a little more advanced enabling logins with online payments. Track’s fresh service is also most noteworthy for reasonable subprime rates. Fair Finance looks to be their main competitor in the pricing department. Quick Loan Shop is a little more expensive, but their costs are still decent on instalments. To obtain better overall rates long term borrowing is the answer. With bad credit, Likely Loans is a good fit as well as all of the top guarantor firms.
The Plus Points
The owner has experience on their side and each service has been well received by their growing user base. It is the low pricing that stands out more than anything. Track’s 3 month loan is the cheapest on the market whilst their 6 month loan is the 2nd cheapest behind Fair Finance. In the instalment sector they rank just outside the top 10 for web traffic, but we’d expect them to sneak into this on the next update that we make. It remains to be seen whether they can trouble the likes of Wonga and Sunny, but if more people become aware of their low pricing then they’ll have a fighting chance.
Last Updated: January 5th, 2018.