What are direct payday loans?
Direct payday loans are loans designed to give you money quickly and easily. To do this, direct payday lenders have created processes that can be completed quickly and entirely online. Designed to help people who suddenly find themselves needing extra cash, these small loans were originally made to only last up to 1 month.
Whilst this was useful for some people, many people were put off by the short repayment period. To combat this, lenders now offer short-term loans that can be repaid over a period of months. Therefore, if you are looking for payday loans, we will find a direct lender who can help you. From small amounts to those much larger, these loans are now much more flexible; ensuring you will not have to compromise in getting exactly what you want.
Who are the best payday direct lenders?
We believe the best payday lenders are those that offer the fairest, most flexible, and competitive quick loans to you. Therefore, which lender is best for you may not be the best for another person. Understanding this, we have created an extensive panel of direct lenders; helping to ensure you get the best payday loan direct lender for you.
By working with such a wide variety of lenders, we can assure you that we have searched the market to find you the best loan for your circumstances. Featuring some of the most well-known high-street lenders in the UK, as well as smaller, more specialised lenders, we are confident that we can help you get the right loan for you.
Can I get a payday loan for longer than 1 month?
In the past, payday direct lenders often demanded the money you borrowed to be paid back in around one month. Whilst this was ok for people who could afford this and who did not want a long-term repayment plan, it made these loans unsuitable for others. As such, modern direct payday lenders now offer payday loans that can be repaid back over a number of months. This means these small loans are now much more affordable, as well as allowing you to borrow bigger amounts than you could in the past.
Do payday loans direct lenders charge more than other lenders?
Due to their short-term nature, payday lenders often charge more for these than longer-term loans. As payday loans can often feature some of the shortest repayment periods of all loans, they have traditionally been expensive. This is now changing, with payday direct money lenders now much more closely regulated by the FCA.
This means that all of their loans must offer fair and competitive interest rates of a maximum of 0.8% per day. As such, payday loans have become a much more affordable option if you are looking for quick cash.
When you complete an online application, we will search the market for you, ensuring that we find you the cheapest deal from our extensive, market-wide panel of lenders.
Do payday lenders offer no credit check loans?
We feature payday loans direct lenders that only conduct a credit check. This is because such checks are mandatory for all FCA-licensed direct lenders operating in the UK. Therefore, if you want to get the fairest, most competitive loan available to you, your application will be subject to a credit check. Understanding that this check can cause stress to many people, particularly if you suffer from poor credit, all of the lenders we feature base their decisions on more than just what your score is.
To further help you, we enable you to conduct a Soft Credit Match. What this does is allow you to see if you are likely to be approved for a loan before you apply. Whilst this does not allow you to avoid the credit check, it does significantly reduce the chances of you being denied the money you need.
Will a payday loan lender guarantee me a loan?
If you see a direct lender offering guaranteed loans, you should be very wary. This is because all FCA-regulated lenders licensed to operate in the UK must conduct a credit and affordability check on every application. Therefore, whilst you stand a very good chance of being approved, no application can be truly guaranteed until you apply. As such, if you see a payday lender making such a claim, you are recommended to avoid it as the loan being offered is likely to be much less competitive and not as secure as those approved by the FCA.
Understanding that urgent loans are needed by people in all situations, including those with less than perfect credit scores, many modern payday lenders will now do everything they can to get you the loan you need as quickly and easily as possible.
How do you select the payday loan direct lenders for your panel?
As a licensed credit broker, our driving aim is to help as many people as possible get easy access to fair and competitive loans. Furthermore, as part of this, we particularly try to help people with poor credit who have traditionally struggled to get such loans. Because we want to help you get a loan, our lender selection process is very strict.
Firstly, all of the direct lenders we feature are fully authorised and regulated by the FCA. Not only does this mean your loan will be secure, but it will also feature fair repayment options designed to help you repay the money you borrow in the most affordable way.
Next, as we want to assist people with poor credit, we only choose lenders who share this sentiment. Therefore, all of our lenders will take into consideration factors other than your credit score when considering your application. All of this means you stand a much better chance of getting the loan you need with us if you are worried about your credit history.
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Do all payday loan direct lenders provide instant cash?
Recognising that people sometimes need access to quick cash, most modern lenders now strive to get you your loan in the shortest time possible. To do this, many lenders offer their loans exclusively online. By doing this they have removed the need for you to visit branches or even speak to someone over the phone. Furthermore, they have created streamlined application processes that record your details as quickly as possible; with many then offering you an instant decision.
All of this combined means many payday loan direct lenders now claim to get the money into your bank account in just 10 minutes* following your application being approved. Whilst this time can, of course, vary depending on how long your bank takes to process such transactions, it clearly shows you just how fast you can get your loan.
Do all payday loan direct lenders charge the same?
With all of the payday loan direct lenders in our panel being authorised and regulated by The Financial Conduct Authority, the interest rates they offer will all be competitive. However, this does not mean that all rates will be the same. This is because many lenders have their own specific requirements when it comes to approving loans.
Furthermore, because there are now so many different types of payday loans available, repayment rates will vary depending on what kind of loan you want. For example, you may be forced to pay more for a payday loan with no guarantor, or if you want the money delivered in person to your home.
With so much choice and variation out there, finding the right loan can be both time consuming and frustrating. All short-term are restricted by a rate cap of 0.8% interest per day.