Morses Club Loans Alternative
Looking for a loan with Morses Club? They are no longer lending, but Lending Stream is. We offer short term loans from £50 – £800 for new customers and £100 – £1500 for existing customers with 6 months to repay. If approved, we’ll send the cash to your bank in 90 seconds*.
Representative Example: Given a Representative APR of 1271%, if you borrow £300 over 6 months at 292% p.a. (fixed), you would owe 6 equal repayments of £96.39. You will repay £578.36 in total.
Not all applications will be approved for a loan. An offer of credit is subject to status and affordability checks.
Why choose Lending Stream as a Morses Club Alternative?
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Direct Lender
Lending Stream is a FCA authorised and regulated direct lender, offering short-term loans without any hidden fees.
No early repayment fees
Repay in 6 monthly instalments. We don’t charge for early repayment.
Fast
Apply online 24/7 with decisions in seconds. If approved, cash is sent to your bank in 90 seconds.*
About Morses Club
Morses Club Limited was a provider of home credit in the UK. They offered small loans (£200 to £750 for new customers and £100 to £1500 for returning customers).
Morses Club offered doorstep loans, this historically meant an agent would visit a customer’s home. Some doorstep lenders including Morses Club, also offered remote options following the 2020 pandemic. The agent would discuss the loan terms, check whether the customer could afford to repay, and complete the paperwork with them.
If approved, the agent would revisit to collect payments at the same time each week. The loans were repaid in weekly instalments (26 or 39 weeks, depending on the amount borrowed).
As of 17 November 2023, they are no longer lending. This follows a significant number of customer redress claims for unaffordable lending.
How is Lending Stream different from (or better than) Morses Club?
| Lending Stream | Morses Club |
|---|---|
| Lending Stream is a direct lender and we’re still lending. | Morses Club are no longer lending due to affordability complaints. |
| You can apply for our loans online. The application is simple and secure. | Morses Club specialised in doorstep loans. This meant that an agent may have visited your home to complete the application and collect your repayments. |
| With Lending Stream, you pay monthly over 6 months. If you want to repay your loan sooner than 6 months, that’s fine too! You can repay as early as you want with no extra fees. | Morses club loans were paid back in weekly instalments over 26 or 39 weeks depending on the amount borrowed. |
Also, our loans might suit your needs better. Lending Stream loans are repaid monthly via Continuous Payment Authority (CPA) and not through an agent We consider loans for bad credit as we understand that everyone should get a fair chance to get credit and should not be judged based on their current credit score.
Representative 1271%APR
How to check my eligibility for a loan with Lending Stream?
To be eligible to apply for a loan with Lending Stream, you must:
- Be at least 18 years old.
- Be a UK resident.
- Have an active bank account.
- Have a valid debit card.
- Be in regular employment with a monthly income of at least £400.
As a direct lender, we’ll look at all your information rather than just your credit report. We believe people are more than just their credit file, which is why we consider people with bad credit too.
Representative 1271%APR
How to apply online with Lending Stream?
To apply for a loan with us, you need to fill out our online application form. When you do, we’ll ask you about:
- The amount you want to borrow.
- A few personal details.
- Your employment, salary, expenses, and banking details.
Once we receive your loan application, we’ll run an affordability and credit check. As a responsible lender, we do this to make sure that you can comfortably afford the loan repayments. If you’re approved, we’ll send the agreed loan amount to your bank in 90 seconds*.
Representative 1271%APR
Has Morses Club gone into administration?
Yes, Morses Club PLC entered into administration in 2023, with Rob Spence and Ed Boyle of Interpath Ltd appointed as joint administrators. They were under sustained financial pressure for some time. As a result, Morses Club is no longer issuing any new loans.
Customers with existing loans may still need to make their repayments. However, further loan services are unavailable. If you are looking for an alternative, Lending Stream may be able to help.
Has Morses Club closed down?
Yes, Morses Club entered administration in 2023. Ed Boyle and Rob Spence of Interpath Ltd were appointed as joint administrators. This means they are no longer offering new or additional loans. Any existing loans were either passed to a debt collection agency or written off.
Although they are no longer lending, Lending Stream is. We also think we have a better way of lending than doorstep loans. If you apply for a short term loan with us, we’ll give you an instant decision. If you’re approved for a short term loan, we’ll send the approved amount to your bank in 90 seconds*.
What is happening with Morses Club now?
If you were a Morses Club customer and have an outstanding loan, it’s probably worth checking your email. Earlier this year, most customers were told that one of two things would happen:
- Their loan was passed to a debt collection agency.
- Their loan was written off.
Whichever it is, you should have had a communication about it.
If you’re looking for online direct lender loans or an alternative to Morses Club, check out Lending Stream. We’ve been lending since 2008.
We offer short term loans between £50 to £800 and 6 months to repay for new customers. If you’ve used us before, you can apply for £100 to £1,500. You can apply online and get the money to your bank in 90 seconds if approved*.
FAQs – Morses Club
Is Morses a payday loan?
No, Morses Club was never a payday loan provider. While they did offer short term personal loans, they were not classified as payday loans. Morses Club specialised in providing doorstep loans, where their agents visited their new or existing customers homes to finalise the loan process and collect repayments.
Are Morses Club refunding customers?
The deadlines to claim anything have now passed. Any payments made from claims in the past should have now been completed.