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Payday Loans

  • Short term loan to be repaid by your next payday or within a few months
  • Maximum interest 80p per day per £100
  • Lenders may or may not have default fees
  • You can pay off your loan early subjected to foreclosure terms of the lender
  • All lenders in LoanTube panel are Financial Conduct Authority licensed
Credit subject to status & affordability assessment.
Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK

Our comparison service is free for you to use. Yes it’s free!!

Are you thinking how we make money then? – We receive a fee or commission from lenders whenever you use LoanTube to find you a loan.

3 things you need to know about Payday Loans online

Did you know that payday loans are the most heavily-regulated area of lending in the UK? All that protection is there to make sure you get a fair deal and that you don’t get surprised with fees and charges you weren’t expecting. Here are LoanTube’s 3 things you need to know about payday loans.

  • Although payday loans are most often associated with borrowers who have had financial difficulty in the past, people with all types of credit histories are welcome to apply for a payday loan online with LoanTube.As long as you can afford it, there are lenders out there who can lend you*
  • There are legal limits to how much interest can be charged on a payday loan. In addition, payday lenders can’t charge default fees of more than £15 or increase the rate of interest you pay on a payday loan if you miss the repayment date.
  • Many people think that taking out a payday loan will look bad on their credit file. Whilst every company has their own way of coming to a decision, leading credit report agency Experian say on their website that, “Your score won’t be damaged by a payday loan, as long as you repay it in full and on time.”

There are some important things to think about before you take out a Payday loan so please do bear these in mind. Is there no other way you can get the money? Payday loans should only be used in an emergency – is this really an emergency? Could you wait until your next payday and sort the problem out then?

Payday loans may not be suitable for you if you think you will struggle to repay the loan. If you think it’s going to be too difficult, please don’t apply for one because it will make the chances of you being able to take out loans, credit cards, and mortgages in the future much harder.

A short-term instalment loan may be better as the amount you have to pay back each month is smaller, however, the amount you’ll end up paying in interest will be larger.

Loan

When you should take Payday Loans

  • Ideal if you need money in a hurry for an unexpected bill
  • Your payday loan can be in your bank usually quicker than the other forms of loans**
  • Fixed rate of interest – know exactly how much your loan is going to cost
  • Pay off your loan sooner and save on interest, but remember some lenders do charge early repayment fees

When you should not take Payday Loans

  • Payday loans should only be used in emergencies
  • Its expensive than the other forms of credit
  • You may have to pay up to £15 extra if you miss the repayment date
  • If you fail to pay back your loan, your credit file will be impaired

Frequently asked questions about Payday Loans online

How do I know that the lenders you’ll put me in touch with are reputable? How do I know that LoanTube is reputable

LoanTube is a customer-focused credit broker, and licenced by the Financial Conduct Authority. All of our lenders are reputable, customer-focused oriented, and licenced by the Financial Conduct Authority. Why is that important and what difference does it make to you?

Payday loans have always had a very bad reputation. The government, the regulators, charities, and many people in the press thought that the interest rates charged on payday loans were too high and that there wasn’t enough help. In 2015, the regulator, the Financial Conduct Authority, laid down, new rules on companies that offer payday loans under something called the High-Cost Short Term Loans guidelines.

The five rules are

  • only an FCA regulated lender can legally offer payday loans to members of the public
  • no borrower will be charged more than 80p a day per £100 borrowed (that’s a daily interest rate of 0.8%)
  • if a customer fails a payment, a lender can try to collect the payment from customer’s bank account only once more without asking the borrower for permission, and that they can not charge a default fee of more than £15
  • the total amount you pay back in interest and in fees can’t be more than 100% of the loan you took out.
  • if you can’t meet your repayments on the loan and ask for help, your lender must point you in the right direction or to someone who can represent and advise you.

Do I need to be of a minimum age to apply for a payday loan with LoanTube?

Yes. Our lenders lend only to customers who are aged 18 or above.

Do I need to be employed?

Yes, it is preferred by lenders. If you are unemployed, you may not be able to pass the lender’s affordability assessments. The exception is if you have other good sources of incomes like rental income and you can convince lenders that you can afford to pay the loan with those other incomes.

Can you work with someone who is bankrupt, someone who is in an Individual Voluntary Arrangement (IVA), or someone who is on a debt management arrangement?

People on IVA, Debt Management Plan and on Bankruptcy are considered as negative customers by lenders. It is a sign that you can’t really manage your finances. Due to this, we are very sure we won’t be able to find you a loan if you are on IVA or Debt Management Plan or have filed a bankruptcy in past

How much information about my life and my finances will you need to know?

It’ll take you a couple of minutes to give us the details we need. What we’ll be asking for is for information on your current employment status, your earnings, your monthly expenditure, where you’re living and what is your residential status.

Is this a guarantor loan?

No – you don’t have to give us details of anyone who will guarantee to pay back your loan. We do not deal in Guarantor Loans.

How long will I have to wait for an answer?

It depends. If we have all the information we and our lenders need, a “yes or a no” answer from lenders who are willing to lend you and the quotes/APRs they want to offer you will be displayed on your screen on a real-time basis.

Are you licensed to lend me money?

LoanTube doesn’t lend you the money – we’re not lenders, we’re a credit broker. We connect with you the lenders (all licensed by the Financial Conduct Authority) who will consider your loan application. Applying through LoanTube means you don’t have to submit dozens of applications individually to each lender to get your loan decision.

How do you know which companies will lend me money and which ones won’t?

That’s what brokers do. Each lender likes to lend to certain types of people depending on their risk appetite. And as a broker, we know what each loan company is looking for in a potential customer, we know the exact companies which would want to see your application and which ones wouldn’t. How does it all happen in real time? When you fill up the loan application on LoanTube, it enters all your details, into our clever computer system which then process it with pre-defined eligibility criteria by all our partner lenders. It then crunches the numbers and it matches you with the right lender(s). And this all happens in real-time.

Will I pay more by going through LoanTube?

Definitely not. You don’t pay us anything to make an application for a loan. If you’re approved, you’ll pay the lender exactly what you’d have paid them had you approached them directly.

How does LoanTube get paid?

When we match a borrower up with a lender and the borrower decides to take out the loan, we get a “thank-you” payment from the lender in the form of commissions – simple.

Do you have to run a credit check?

Yes, we do but LoanTube runs a soft credit check which won’t affect your credit score.. But that’s a good thing. Doing so helps us in knowing the right lenders for you even before we pass your details to them. So we don’t pass your details to any lender we already know won’t be able to lend you. The Financial Conduct Authority also requires anyone who offers payday loans to run credit checks – it’s one of the ways a lender can check that you can afford the repayments. The more we know and the more our lenders know about you, the more personalised and more suitable loan deal can be found for you.

What if I get an offer and change my mind?

That’s fine. You’re never under any obligation to accept an offer that you receive from LoanTube. Even if we say “yes” then you turn around and tell us “no”, there’s no charge for our service.

Why apply through LoanTube and not somewhere else?

LoanTube is different – we try to bring you the cheapest possible rates amongst our partner lenders for payday loans. Although we can’t guarantee we’ll find you a lender, you really do have better chances of finding a suitable loan with us because of the reason we work with multiple lenders.

How does it work? Our clever computer system compares real-time offers made direct by payday lenders. This is all done in real-time and, once we’ve got all the quotes, we present all these offers with their terms and condition to you, to be able to take an informed decision.

Taking out your loan and changing your mind

It’s now up to you if you want to go ahead and take out the loan. Please read the terms, conditions, and costs (including APRs and other fees/costs)of the loan to decide whether it’s right for you. If you accept, a loan agreement will be created between you and the lender – you can change your mind and cancel it within 14 days.

Your quote

In the vast majority of cases, the quote you see on our offer screen is the quote you get. Occasionally, a lender may need to ask additional questions and do additional checks on your application. Depending on the information you give them, they may change the APR (interest rate) on the loan which could make it more expensive but you are free to reject such offers. They may also withdraw the offer of a loan.

Our service is free

LoanTube’s service is free to you regardless of whether we find you a loan or not, and whether you decide to take up the offer. Under no circumstances, you will pay anything for our service. We receive a “thank you” payment from the lender in the form of commissions whenever a loan is taken out by a customer using our service.

Here’s how to apply

You can apply for your payday loan with us anytime. It won’t take too long to complete our loan application form. To start, click here.

Representative APR example


Caveats:

**Credit subject to status & affordability assessment.
Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK

**Loan Disbursal time vary lender to lender. Please read lender’s Terms & Conditions before you choose to accept the quote of any lender.

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