Are you considering a loan with Pixie Loans? Or perhaps you already have one, and you’re looking for further information about the company. Either way, we’ve compiled the most important, in-depth information about Pixie Loans for you in this loan guide.

About – Who are Pixies Loans?

Pixies Loans is a credit broker. They are a trading style of Bizfella Ltd, which is based in Cheshire and was established in 2014.

What are the key features of a loan from Pixie Loans?

It’s important to analyse the key features of a loan carefully before you commit. Here are the critical details of the type of loan you could secure through Pixie Loans:

APR

Representative APR: 546.1%

The APR for the loan is advertised at 1403%. Depending on your individual circumstances, the APR could go up.

Loan Amount and Repayment Period

You can borrow between £300 and £5000.

The loan repayment period can be between 3-6 months.

Example

Here’s the representative example that they give on their website:

£200 repaid over 3 monthly instalments of £134.76. Total charge for credit £404.27. Interest £204.27. APR rates range from 45.3% APR to 1575% Max APR. Your APR rate will be based on your circumstances.

Information correct as of 22/04/21 (Pixie)

How do I apply for a Pixie loan?

You can apply for a Pixie loan online. If approved, you could receive a loan offer within minutes.

How to complain about Pixie Loans?

Should you need to make a complaint about Pixie Loans, then you can use the details below to either write to them or call them.

Emma Laffey
Metropolitan House
Station Road
Cheadle Hulme
Cheadle
Cheadle
SK8 7AZS
UNITED KINGDOM
+44 0161974 0791

If there is no response within 8 weeks or you receive a response you are not happy with, you can follow up with the Financial Ombudsman who are available on 0800 023 4567 or 0300 123 9123.

Information correct as of 01/04/21 (FCA)

The government caps on interest and charges

The Financial Conduct Authority decided they would need to put price caps in place, to ensure borrowers were offered greater protections. These caps are:

  • A 0.8% daily cost cap 0.8% on what you have borrowed from the lender, including both charges and interest
  • A default fees cap of £15– following the default, the lender can charge interest, but it can’t exceed the daily cap.
  • 100% complete cost cap – you cannot be asked to pay over 100% of the amount you have borrowed.

The limits apply to credit agreement with an interest at 100% or over, and that will be fully or substantially paid back within a one year period.

Other regulations apply to the information that should be provided to borrowers. Borrowers need to be provided with a summary of what they have borrowed and lenders must ensure they have product information on an FCA authorised website.

Continuous Payment Authority – what you need to know

You may not be aware, but it is highly like that you are set up to repay the debt via a Continuous Payment Authority (CPA).

New regulations relating to the CPA were introduced in order to ensure borrowers received greater protection. One of these regulations is that if the loan company attempts to take money from the borrowers account on two occasions and it fails, they cannot try a third time.

They do not have the right to take partial payments anymore either. They must only take the full amount to cover the entire debt, or if there are not enough funds in the borrowers account, they must not take anything. There can be a mutual agreement that the loan company is permitted to take the money, but without this agreement, they must only take the full amount.

Are you unable to repay the loan?

In this case, these are some rules the lender must stick to:

  • They have a responsibility to notify you of places where you can get access to free independent debt advice
  • They should be willing to hold off for a period of time on the debt recovery, while you get the chance to devise an alternative arrangement
  • They should be willing to give you a reasonable period of time to pay back and freeze interest and charges where possible.

Company information:

After researching Companies House and their website, we found the following information about BIZFELLA LTD, of which Pixie Loans is a trading name:

Date of incorporation: 15 September 2014
Company status: Active
Company number: 09219302
Company type: Private limited Company
Website: https://www.pixieloans.co.uk/
Address: Metropolitan House Station Road, Cheadle Hulme, Cheadle, Cheshire, England, SK8 7AZ
Phone number: 44 0161974 0791

Information correct as of 01/04/21 (Companies House)

FCA registration:

The Financial Conduct Authority (FCA) is the conduct regulator for financial services firms and financial markets in the UK. 

FCA regulated: Yes
FCA status: Authorised
FCA reference number: 719923
Trading names:  40+ Trading Names. Consult their FCA registration listing.
Place of business: 

Metropolitan House
Station Road
Cheadle Hulme
Cheadle
Cheshire
SK8 7AZS
UNITED KINGDOM

Information correct as of 01/04/21 (FCA)

Where are Pixie Loans located?

You may want to speak with the loan company in person. If you do, it’s important to find a company whose offices are near your own address. Take a look at their office location on a map.

Address:
Metropolitan House, Station Rd, Cheadle Hulme, Cheshire, Cheadle SK8 7AZ

Getting out of debt

These are some of the most popular organisations who offer free debt advice and help you get back control of your finances.

Good luck!

References

CONC 2.1 Application

CONC 5.2A Creditworthiness assessment

CONC 13.1 Application

About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
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