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.
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.
LoanTube is a customer-focused credit broker, licensed by the Financial Conduct Authority. All of our lenders are reputable, customer-oriented, and licensed 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 the High-Cost Short Term Loans guidelines.
Five rules are
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.
No, absolutely not.
When we become partners with a lender, one of the first things they do is to send us a list of the types of borrowers they would like to work with. You might be just the type of borrower one lender is looking for but another might not consider you. Our job is to pair you with the right lenders based on the information you give us.
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