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Representative example: £5,000 over 5 years at 16.9% APR representative. Rate of interest 16.9% fixed. Monthly repayment £120.85. Total charge for credit £2,251.00. Total amount repayable £7,251.00
Representative Example: Borrow £700 @ 12 months at £111.27 per month, total repayment of £1335.24, Interest £635.24, Interest rate 140% p.a.
Representative 277.5% APR (Variable). APR rates range from 45.3% APR. to 1575% Max APR. Your APR rate will be based on your circumstances.
How Payday Loans work and the amazing benefits that you can expect to enjoy from them
Payday loans are one of the most widely used credit options in the UK for people who are looking a way out from a temporary financial emergency situation. Because in times when you’re strapped of cash and there is an unforeseen cost right in front of you, payday loans can help you obtain the quick funding that you need. Now if you are pondering about taking out the financial products in the near future, its best that you understand how payday loans work, what its qualifications are, and some other things that will help make your application more efficient and your search for the ideal option a whole lot faster and easier.
How payday loans in the UK work
Once you apply for payday loans in the UK, affordability is the first important criteria that lenders will look into before they approve your application. If they can see that your monthly earnings and outgoings are sufficient to pay back the money that you intend to borrow, your financing request will be granted and two scenarios will happen depending on where you applied:
- If you applied for payday loans in one of the lender’s physical stores, the money will be handed to you personally in no more than 20 minutes.
- If you applied for payday loans online, the money will be deposited into your bank account on the same day or the next business day at the soonest.
Qualifying for payday loans in the UK
To become qualified for payday loans in the UK, you will typically have to be a bank account holder, possess a Government recognized ID, and provide documents that verify your income level such as your salary slip. You will also need to be a citizen of the United Kingdom or a permanent resident of the country and in the legal borrowing age of 18 to be accepted. Having an excellent credit rating is not an important qualification which means people with poor credit histories or those who don’t even have one can still avail the type of financing. The few and lenient eligibility criteria are what makes payday loans one of the more popular credit products in the UK especially for people who are looking for a quick and convenient means to borrow extra money.
How to determine the ideal payday loan lender
If you want to avail for payday loans today or in the near future, then working with a reliable and reputable lender should be one your top priorities. Working with the ideal lender will help you obtain a payday loan deal that will work best for your present needs and financial situation. Once you can successfully find a trustworthy payday loan lender that has a proven track record of genuine, quality service, it would be easy for you to enjoy a short-term credit agreement that will become a viable solution to a number of pressing cash needs.
The benefits of payday loans
Payday loans are widely used financial products in the UK primarily because they provide quick and convenient borrowing that can cater different types of borrowers including those who are unemployed, have bad credit ratings, and both. Mostly, you can complete a payday loan transaction, from filling out the application form to getting approved, in less than an hour. There are also a number of benefits that you can expect to enjoy with payday loans and they include:
- Instant Cash – Payday loans provide instant funding and the kind of speed that they offer is difficult to match by other financial product in the market. In fact, the loans are designed for same day funding which means that you can easily accomplish a payday loan transaction in just a single day. And so long as you meet the few and basic requirements, your application will often run smoothly without any delays and tedious steps whatsoever.
- 24/7 availability – Payday loans are available round the clock and you can apply online virtually any time of the day. What’s more, payday loan websites don’t have opening and closing hours and you can even make a successful application in a Sunday or even in a holiday. This kind of availability makes it a perfect solution for emergency funding.
- Short-term funding – Unlike other loans that will burden you for many years, payday loans have very short-term payment periods, from a month to several months depending on the lender. You simply borrow money to cover an urgent expense or emergency cash situation and then pay it back when your next pay check arrives.
- Lenient eligibility criteria – The eligibility criteria for payday loans are few and basic and you don’t need to provide a long list of documents to get qualified. If you are employed or enjoying some form of reliable income, are in the proper borrowing age, and have an active bank account, getting approved would be easy.
- Bad Credit Loan options – Payday loans are one of the most accessible and easy to qualify credit products in the UK. This means that people with bad credit or no credit can still apply and get approved for the funding that they are looking for. They are also one of the most accessible bad credit loans in the country and are perfect for dealing with emergency situations.
Other options you can consider aside from payday loans
Payday loans are ideal short-term credit solutions to emergency situations especially if you are someone who has a less than stellar credit rating. But there are other options that you can consider as well even if you have bad credit especially if you are considering taking out large amounts of credit for longer payment periods. Some of them include:
- Guarantor loans
- Logbook Loans
- Doorstep Loans
- Instalment type loans
Guarantor loans are unsecured forms of loans that will require you to have someone who will co-sign your loan deal and guarantee that it will be paid back in full. Logbook loans, on the other hand, are secured on your vehicle while doorstep loans allow you to arrange the credit transaction right at the very comfort of your own home.
5 most recent personal loan reviews
Great team at credit star. Helped me out a few times with no bother at all! The new expense calculator is a great way to speed up the application too! A quick phone call to confirm some bank details and the money was in my guarantors bank in hours! Brilliant service, thanks you stars!
Review posted by Ian Yeates, Pocklington
Ease Of Use
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Loans Hub are seriously good at what they do. I knew I would struggle to get a loan as have poor credit history although I work full time. My sister was happy to be my guarantor as she knows I would never leave her to pick up my debt.. that's the key to loans hub loans and why they work so well. From start to finish the process was professional and easy. I never leave feedback for anything however I felt so strongly that I should share my positive experience.... just go for it, you won't regret it!!
Review posted by Emma Maguire, Darlington
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Value For Money
Money made simple - M&S complete all the necessary background checks, even though it may seem a lot, it is not. Its made simple by an efficient team of advisers. Money is drawn down by the underwriting team within an acceptable time frame of 2 working days. I spoke with a guy called Michael over the telephone and he was able to discuss my top up loan and within a matter of minutes the loan application was completed. Great service all round.
Review posted by Connor Brewer, Cheltenham
Ease Of Use
Value For Money