Payday Loans - Peachy Credit check

edited 30 November -1 at 1:00AM in Loans
29 replies 7.2K views
sethrollinssethrollins Forumite
8 Posts
edited 30 November -1 at 1:00AM in Loans
Hello All, just after a bit of advice on this company.

i took out a loan with them and their website has a page for responsible lending where they say they do a search on your credit file.....fair enough as expected

However i have a complaint in against them for irresponsible lending (which i am going to address in a new thread) and this morning i was chatting with them and they say they use callcredit for checking, so today i checked my search history on credit report and on the date i took the loan there is no record of Peachy or Cash on Go doing a search (it does appear now in my account information as an active loan.

Can they get away with this?

thanks in advance.
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Replies

  • zx81zx81 Forumite
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    Yes, although it's high risk for them.
  • i find it amazing they say they did any credit check to be honest when they approved my loan and funded it in 10 minutes after being passed to loan department, a busy PDL company cannot do a thorough credit check.

    Its clear now they didnt do any check unless they trade under a different name now!
  • forgotmynameforgotmyname Forumite
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    A credit check wont tell them that you earn more or less than you spend.

    It wont even tell them if your employed.
    Censorship Reigns Supreme in Troll City...

  • dealer_winsdealer_wins
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    i find it amazing they say they did any credit check to be honest when they approved my loan and funded it in 10 minutes after being passed to loan department, a busy PDL company cannot do a thorough credit check.

    Its clear now they didnt do any check unless they trade under a different name now!

    They are under no obligation to do a credit check. They can make a decision to lend or not based solely on your financial situation, purely from the application form you submitted if they want to.
  • SystemSystem Forumite
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    However i have a complaint in against them for irresponsible lending (which i am going to address in a new thread)

    My suggestion is that if you're one of those people who don't like being told stuff you don't want to hear that you don't bother because that's exactly what you will be told. Far too many people are trying to use that old tosh to get out of paying back money they borrowed willingly knowing fully what they were going to have to repay once they actually sat down and thought about it. It is not a procedure to use just because you realised you screwed up and are now lumbered with a stupidly high interest rate paying back way more than you borrowed.
  • keepcalmandstayoutofdebtkeepcalmandstayoutofdebt Forumite
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    Can they get away with this?

    thanks in advance.

    Could depend on their license, I may be barking but I'm sure a lot of these small loan providers are in with the big guys, a bit hazy and whilst moot now it was 2015 I applied to Peachy and it was actually QQ that ended up showing on my report, after I received a decline, no surprise as I ended up in a repayment plan with them 4 years earlier.

    To be honest in 2017 I never thought I'd hear one of these types of companies recommend another loan from another company is taken out to solve a problem with the first. Not if there is real time data going on. . .nor was I willing to test out the advise.

    Anyway the biggest laugh so far, has been only two months from my 6 year DRO completing has been for me to receive no fewer than 2 paper forms so far for the exact credit card that went into the order :cool: (we're not talking sub prime lender either so it's all rather bizzare and crazed)


  • Tarambor wrote: »
    My suggestion is that if you're one of those people who don't like being told stuff you don't want to hear that you don't bother because that's exactly what you will be told. Far too many people are trying to use that old tosh to get out of paying back money they borrowed willingly knowing fully what they were going to have to repay once they actually sat down and thought about it. It is not a procedure to use just because you realised you screwed up and are now lumbered with a stupidly high interest rate paying back way more than you borrowed.

    i came on here for advice not to be judged when no one knows what my personal situation is. Why is it when a simple question is asked there is always one that likes to attack to the person?

    i did screw up yes..im a recovering gambling addict something if which you were or have been through you wouldnt understand how difficult it is to break just like any addiction, so i know there is responsibility on my part however there is responsibility on the lenders part as well to throughly vet an application to make sure a loan is affordable by checking a persons credit history something clearly some companies are not doing and letting people have easy access to money they know they cant pay back.

    its pointless talking to people like yourself about this....im sure you never made a mistake or been through a tough period in your life, probablies one of those people that loves to criticise others but cant take it when its given back.
  • Could depend on their license, I may be barking but I'm sure a lot of these small loan providers are in with the big guys, a bit hazy and whilst moot now it was 2015 I applied to Peachy and it was actually QQ that ended up showing on my report, after I received a decline, no surprise as I ended up in a repayment plan with them 4 years earlier.

    To be honest in 2017 I never thought I'd hear one of these types of companies recommend another loan from another company is taken out to solve a problem with the first. Not if there is real time data going on. . .nor was I willing to test out the advise.

    Anyway the biggest laugh so far, has been only two months from my 6 year DRO completing has been for me to receive no fewer than 2 paper forms so far for the exact credit card that went into the order :cool: (we're not talking sub prime lender either so it's all rather bizzare and crazed)

    well PDL companies mostly use call credit because it provides real time data to what other loans you have, Peachy say on their website they do credit checks but clearly have not followed up on that...as i said on another post im a recovering gambling addict so just on the road to clearing up the financial mess so if these companies say they do checks they should not be lending to people with a poor credit history
  • edited 20 May 2018 at 1:47PM
    sourcratessourcrates Forumite, Board Guide
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    edited 20 May 2018 at 1:47PM
    i came on here for advice not to be judged when no one knows what my personal situation is. Why is it when a simple question is asked there is always one that likes to attack to the person?

    i did screw up yes..im a recovering gambling addict something if which you were or have been through you wouldnt understand how difficult it is to break just like any addiction, so i know there is responsibility on my part however there is responsibility on the lenders part as well to throughly vet an application to make sure a loan is affordable by checking a persons credit history something clearly some companies are not doing and letting people have easy access to money they know they cant pay back.

    its pointless talking to people like yourself about this....im sure you never made a mistake or been through a tough period in your life, probablies one of those people that loves to criticise others but cant take it when its given back.


    Normally these companies do perform a credit check, but there is no provision within the consumer credit act that says they MUST perform one, that is there entire business strategy, lending to people no other mainstream lender will, hence the high rates of interest.


    Its a risky strategy, and can be a double edged sword, yes its true they lent to people who could not afford the repayments, and i am fine with these people, such as yourself, reclaiming interest and charges back from these lenders, the downside to this, is that it is now even harder for people with bad credit to find a loan, and if they are desperate enough, will turn back to loan sharks and the like to fund there addictions, so we have come full circle if you like.
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  • [Deleted User][Deleted User]
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    Maybe they will raise a complaint against you for irresponsible borrowing.
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