Compare payday loans with real interest rates
Borrow money for short-term emergencies and repay in fixed monthly instalments. You can gain access to funds by comparing the offers from multiple lenders. Apply for a payday loan only if you are sure about the repayments.
Suitable for Emergencies
Pay Within the Next Few Months
Offers from FCA Licensed Lenders
Maximum Interest 80p per day per £100
Real Interest Rate
What is a Payday Loan?
A payday loan is a high-cost short-term loan that is often borrowed as a quick fix for emergencies. These are unsecured loans. So, if you fail to repay the loan on time, your property will not be at stake. However, the interest rate may spiral and your credit score will be impacted.
As the rate of interest on such loans is high, it should only be borrowed if you have exhausted all other options of financing. Also, take out a payday loan only if you can afford all the repayments on time and in full. Therefore, make a concrete repayment plan before you consider borrowing a payday loan in the UK.
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.
Reasons to Borrow a Payday Loan
There is no restriction in the usage. You may use the funds for any emergency that comes up.
If you repay the loan on time and in full, your credit score will improve gradually.
As these are short-term loans, the cost of repayment can be spread within 12 months.
Repay the loan in fixed monthly instalments. It will help you to maintain your monthly budget.
Things to Consider Before Borrowing a Payday Loan
- 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 us. 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, “Your score won’t be damaged by a payday loan, as long as you repay it in full and on time.”
- Payday loans should only be used in an emergency. If you think it’s going to be too difficult, please don’t apply because it will make the chances of you being able to take out loans, credit cards, and mortgages in the future much harder.
Alternatives to Payday Loans
A payday loan is certainly not the only option if you are in a quick need of money to pay for your essentials. If you cannot repay a payday loan on time, the costs can spiral rapidly that will create financial chaos. There are a lot of other alternatives that you may take into consideration.
Reach out to your friends and family to avoid getting a payday loan. Sit down with them and draft an agreement for the repayment. Work out your budget so that you can easily pay off your loan. Discuss your situation with them and also discuss what will happen if you pay them late or fail to repay entirely.
If you have a current account, get in touch with your bank for an authorised overdraft. Remember, this can be an expensive financing option as compared to a payday loan if you go over your authorised limit. Spend within the limit assigned by your bank to avoid charges that are usually very high.
You can choose to borrow money from these small non-profit organisations that are set up by a group of people who offer financial help to their members. Generally, they offer short-term loans. The rate of interest they charge is relatively lower. If you are a member of any such group, you can take out money for your need and later on repay them.
Why Should You Apply With Us?
Real Interest Rates
Unlike other loan comparison websites, we offer you a platform to compare the rates of personal loans on real time. That means you can now compare the loans on real interest rates rather than on proposed rates
You do not have to wait for hours or days at end to know the decision of our lenders. It will hardly take a minute or two and you will receive detailed information like the lenders who have accepted your application and who have declined it.
We love our customers and so do they. A lot of our customers have appreciated our service that is simple, fast, and transparent. We believe in making the entire process less time consuming, straightforward and easy for a seamless borrowing experience.
FAQs on Payday Loans
We have answered almost every question related to payday loan that are frequently asked. If you do not find something, please contact us.
Representative APR Example
The rate you are offered will depend on your individual circumstances.
Representative APR Example: On an assumed loan amount of £2,600.00 over 36 months. Rate of interest 41% per annum (fixed). Representative 49.7% APR. Total amount payable £4,557.89 of which £1,957.89 is interest. 35 monthly repayments of £126.61 and a final payment of £126.54