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 of up to £1500 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 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Representative Example: Given a Representative APR of 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Why choose Lending Stream as Morses Club Alternative?
Fast
Cash sent to your bank in under 90 seconds, once approved.
Convenient
24/7 simple & online application. Instant decision. Direct lender since 2008.
Affordable
Repay in 6 monthly repayments. Pay early with no extra fees and save on interest.
Warning: Late repayment can cause you serious money
problems. For help go to moneyhelper.org.uk.
About Morses Club
Morses Club Limited was a provider of home credit in the UK. They offered small loans, starting from £200 to £750 for new customers and £100 to £1500 for returning customers.
They also offered doorstep loans. Meaning an agent would visit a customer’s home to discuss the loan terms, check affordability, and complete the necessary paperwork. If approved, repayments were collected at the same time each week. Their loans were repaid in weekly instalments, over 26 or 39 weeks depending on the amount borrowed.
However, in recent years, Morses Club has faced a significant number of customer redress claims for unaffordable lending. As of 17 November 2023, they are no longer lending.
Has Morses Club gone into administration?
Yes, the Company entered into administration on 17th November 2023. They were under sustained financial pressure for some time, and as a result, Morses Club is no longer issuing any new loans.
Is Morses Club closing down?
Yes, Morses Club entered administration on 17th November 2023. This means they are no longer offering new or additional loans. However, outstanding loans aren't affected, and existing customers should continue to make loan repayments.
Although they are no longer lending, Lending Stream is, and we can offer you something better. If you're approved for our short term loan, we'll send the approved amount to your bank in 90 seconds.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
What is happening with Morses Club now?
If you currently have an outstanding loan balance with Morses Club, it should continue to be paid as normal. Their customer portal will still be available to customers to access their account information, amend their contact details, make repayments, or contact their customer service center for further information.
For online direct lender loans or a better alternative to Morses Club, check out Lending Stream. We’ve been lending since 2008 and we're one of the most reputed direct lenders in the UK.
We offer short term loans between £50 to £1500 and 6 months to repay. You can apply online and get the money to your bank in 90 seconds, if approved.
Are Morses Club refunding customers?
Under the Morses Club Scheme, customers who received a loan between 1 April 2007 and 2 August 2022, may be entitled to compensation if it's found that the loan was unaffordable at the time it was given. Customers have until 5 pm on Thursday 30 November 2023 to submit a claim in the scheme.
How is Lending Stream different from (or better than) Morses Club?
| Lending Stream | Morses Club |
|---|---|
| Lending Stream is a direct lender which is 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. Meaning an agent would have to visit your home to complete the application |
| We’re rated excellent on Trustpilot and 99% of reviewers on reviews.co.uk recommend us | They were rated great on Trustpilot. They still are but they are not lending anymore |
| With Lending Stream, you’ve got 6 months to pay back what you borrow. 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 | Their loans were repaid in weekly instalments, over 26 or 39 weeks depending on the amount borrowed |
How can I check my eligibility to apply 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
- Have an active bank account in the UK
- Have a valid debit card
- Be a UK resident
- 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.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
How can I apply online with Lending Stream?
To apply for a loan with us, you need to fill out our online application form and provide us with the following information:
- 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 ensure that you can afford the repayments of your loan agreement. If you're approved, we'll send you the approved loan amount to your bank in 90 seconds.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Contact us - Lending Stream
If you already have an account with us, you can log in and chat with us through there. Otherwise, you can get in touch on our contact us page.
If you prefer you can give us a call on 0203 808 4440#. We’re open from 9am to 6pm Monday to Fridays, and 9am to 1pm Saturdays.
FAQs - Morses Club
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How much will the Morses Club scheme payout?
Morses Club currently estimates that under the terms of the Scheme, you will receive an approximate of 20% of this amount and this payment is expected to be made around the fourth quarter of 2024. For ex, if your ascertained scheme liability is £1000.00, Morses Club expect you to receive approximately £200.00 (20%).
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Is Morses a payday loan?
No, Morses Club was never a payday loan provider. While they did offer short-term 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.
We don't offer loans under 60 days. We offer 6 or 12 month loans. The maximum repayment period is 12 months. Maximum APR 1721%.
Representative Example: Given a Representative APR of 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk