What is a payday loan?
Payday loans are a type of short term loan designed to give you cash that you then repay back over a relatively short period of time. So-called because these loans were traditionally repaid the next time you received your wages, a UK payday loan was generally seen as a simple way of borrowing a small amount of money. However, because these loans featured such a short repayment period, they were not suitable for many people, who worried they could not afford to repay the loan back so quickly.
To address, this, many lenders now offer payday loans online that can be repaid over a variety of periods. Furthermore, modern payday loans in the UK can now be taken out for much larger amounts of money. What has not changed, however, is that most direct lenders will insist on you being in some form of employment, be it part-time or full-time, in order to be eligible for a loan. Other such requirements will likely include you being a UK resident and having a UK bank account and debit card.
Are payday loans expensive?
In the past, payday loans in the UK were considered expensive because their short repayment periods meant lenders only offered high-interest rates. Furthermore, lenders would often take advantage of a person’s need for urgent loans by increasing these rates. Thankfully, things are now changing for the better. All of the direct lenders featured in our database are authorised and regulated by The Financial Conduct Authority, so they must offer interest rates that have been judged to be fair and competitive. All payday loans in the UK are subject to a rate cap of 0.8% interest per day.
Payday loans have now become a much more viable option for many. Whilst some lenders will require you to meet certain specific criteria, such as having a guarantor or being a homeowner, the majority of lenders will offer similar interest rates. This means that you can concentrate on getting the best deal for your specific requirements, such as if you want a short or long repayment period, and whether you want to include a guarantor.
Can I get a payday loan for longer than 1-month?
Today, you can now get a modern payday loan and repay it over a period longer than one month. This is because direct lenders have realised that traditional payday loans were unsuitable for many people because the repayment periods were too short. Whilst perfect for people able to repay the money in just 1-month, it often led to further financial problems for many, who struggled to repay everything back so quickly.
Therefore, you can now get a short-term loan and repay it back over anything from 1-month to 6-months and upwards. These instalment loans allow you to borrow the exact amount you want and not have to worry about having to repay it back in just 1-month. As such, you can split the money you borrow into much smaller, more-affordable monthly repayments. Featuring a large panel of lenders, we can help you find the right payday loan for you, no matter what length of repayment period you are looking for.
Can I get a payday loan with no credit check?
The FCA requires all direct lenders in the UK to perform a credit check on every loan application they receive. Therefore, if you wish to borrow money from a regulated and licensed lender in the UK, you will be subject to a credit check. However, as a credit broker specialising in helping people with poor credit scores get fair and quick access to payday loans and short-term loans, all of the lenders we feature have been carefully selected because they aim to offer these loans to people with bad credit.
You should not be put off by the thought of applying for a loan if you have a less-than-perfect credit score, as the lenders will look past this and take instead take into account other factors when assessing your suitability for a loan. Furthermore, because all of these lenders are regulated by the FCA, you will be able to benefit from short-term loans that are heavily monitored to ensure the rates being offered are fair and competitive. Unfortunately, there is no such thing as a payday loan with no credit check
Are all payday loans the same?
No, payday loans are not all the same. Wanting to give people more access to money when they need it, many lenders now offer a wide range of payday loans that can be tailored to your specific needs. Therefore, you now have much more flexibility when it comes to getting a payday loan. Easily adaptable, payday loans now feature longer repayment periods. Furthermore, you can also borrow larger amounts than have been traditionally offered with such loans.
UK Payday loans can now be used for many more purposes; meaning you can now apply for a payday loan no matter your situation, be it those designed for students or others aimed at people on benefits. As we feature so many lenders, you will see differences in the loans being offered to you. However, the one thing all these lenders do have in common is that they are all reputable and fully licensed to operate in the UK.
Who is the best payday loan direct lender?
We, of course, understand that you want to find the very best payday loan direct lender. However, we also know that what makes a lender the perfect match for you, does not necessarily make it the best for another. Therefore, we use your information to match you with the best payday lenders for your specific needs. For example, if you want to repay your loan as quickly as possible, we will set you up with lenders offering short-term loans that can be paid back in just a few months or even less.
If you are looking for a payday loan that does not require a guarantor, or one that even delivers the money to your door in person, we can help you. With all of our lenders providing straightforward application processes, as well as ensuring complete transparency regarding every aspect of your loan, all of these lenders will do everything they can to help you get the money you need.
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Are payday loans safe?
It is natural to have many questions when considering taking out a loan. Perhaps the most important is whether the lender is authorised to offer loans. To alleviate this fear, we only work with lenders that are authorised and regulated by The Financial Conduct Authority. As such, you and your loan will be fully protected.
We guarantee that we will always be completely transparent with you in everything we do. This means we will not charge you any hidden fees. In fact, we promise to not charge you anything for our services; allowing you to pay back even less. With online security very important to us, we guarantee to keep your details secure, and will never share your information outside of the lenders we work with to find you a loan. Helping thousands of people every day, we will quickly match you with the most suitable, reputable lenders for you; allowing you to get the short-term loan and money you need more quickly.
Can I get a payday loan online?
Most payday lenders now offer payday loans online. This has made the entire loan application process much quicker and simpler than in the past. Removing the need to visit a branch, or even have a face-to-face interview, you can now apply and be approved for a quick loan from the comfort of your own home, on your computer, smartphone or any other mobile device. This has significantly reduced the time it takes for you to be approved for your loan.
By wanting to keep the entire process as simple as possible, online lenders have created a straightforward application process, often only requiring basic information about your current financial and employment status. Once completed, advanced computer programs use your information to quickly assess your suitability for a loan. As such, many direct lenders are now able to offer you an instant decision regarding your loan. With some lenders operating 24/7, 7-days a week, 365-days a year, you can now apply for a loan from anywhere and at any time. As such, you can now quickly get access to a competitive payday loan whenever you need it.