Payday loans are a quick and efficient way to find your way out of a financial bump in the road. They are a very viable alternative to traditional lending and are even available to people with prior credit problems. The best payday loans are ones which offer you a manageable repayment plan, with no hidden fees or charges, and come from reputable sources.
Also, you want to make sure that all the factors such as interest rates and penalties for late payments are laid out clearly for you before you accept the loan. If a lender isn’t willing to be upfront about all of these things it should come as a red flag as there might be hidden costs that could land you in deeper water rather than lending you a hand when you need it most. If you use payday loans properly, they’ll really serve to help you.
Conditions that allow you to be able to repay the amount that you borrowed in a single repayment, or in a just a few payments are the best payday loans because you will not end up paying large amounts of interest. Of course, this is not always possible but it is certainly something you should consider when looking for the best payday loans available to you.
How to find the best payday loans in the UK?
Before the advent of the internet, having a bad credit score meant that your options were very limited when it came to borrowing money. It was usually a case of asking friends and family, or worst case scenario- lending from an unregulated loan shark. While both of these options are still avenues you can go down today, loansharks are illegal and have very serious drawbacks. The government is quite clear about offering consumer credit and the laws. You should never take credit from an unauthorised member of the Financial Conduct Authority in the UK. You can search the financial register here: https://register.fca.org.uk/
Borrowing from friends and family will always put a strain on your current relationships no matter how you go about it, it’s just human nature, and if there is a better way to get money quickly, why risk it?
Unregulated loan sharks are just that; unregulated. While some might seem genuinely decent people just trying to make a living, there are also plenty of unsavoury characters in that business too and this is totally illegal. They are the kind that prey on people in vulnerable situations and have no repercussions until caught by the law
Luckily, these days there is another very viable alternative, and that is applying for a payday loan.
The best payday loans in the UK can be found online and applied for in a very short amount of time from the comfort of your home. With the popularity of these currently booming, there are lots of direct lenders offering the best UK Payday loans to people who have a poor credit history.
You can also take a look at this table which gives an idea when comparing the best payday loans but always remember the lender decision on credit and terms is final and this information is provided to help give typical ideas and not a solid offer.
Compare the best payday loans
Borrow money – how much?
Short term loan -length?
Monthly APR example Representative 1266%
Is this a bad credit loan?
|4 months||24%||£166.37||£41.59||Bad credit can apply|
|7 months||20%||£388.39||£55.48||Bad credit can apply|
|7 months||20%||£979.87||£139.98||Bad credit can apply|
|6 months||20%||£1804.23||£300.71||Bad credit can apply|
These numbers will vary slightly from lender to lender as they calculate APR differently.
How can I get cheap payday loans?
Whenever you borrow money, there is cost involved. No lender will lend you money for free. The best payday loans can actually work out cheaper than borrowing from a bank for a couple of reasons. Firstly, you are able to take out a Payday loan for a small sum. Banks usually want you to borrow larger amounts as it’s not really worth their time to deal with loans for only a few hundred pounds or so. With a cheap payday loan, you can borrow what you need and won’t be pressured to increase it.
Also, most bank loan payments are spread out over a long period of time, most often a few years so that you pay back a lot more in interest. Cheap payday loans are ones that can be paid back on the next Payday in full, or in the space of a few months, saving you money on interest rates.
In addition to this, the large number of online lenders available to you today means that you can shop around for the best deal.
What are my options for finding the cheapest payday loans?
Finding the cheapest payday loans, like anything worth doing, takes some time. As there are so many lenders out there these days finding the cheapest payday loan will probably require you to do some research on the best payday loans. This can be done by visiting the lenders websites, checking out forums on lending money to see actual feedback from people, and for actually filling in online applications to get quotes.
Like I said, this can be time consuming for someone who needs cash quickly so to speed up the process you can sign up with a broker who specialise in finding you the cheapest payday loan.
The benefit of using a broker is that you only have to give your details one time instead of each and every time you visit a lenders site on your own. The brokers will check with the best lenders that they have relationships with and get you quotes for the cheapest payday loans in the UK.
Then you can take a look at those quotes with absolutely no obligation to accept any of them. It’s a great way to save you time and effort.
Commonly Asked Questions about Payday Loans
Below you will find answers to questions commonly asked by people wanting to know more about finding the best payday loans in the UK.
How can I get the best payday loans with no credit check?
If you’re wondering how you can get the best payday loans with no credit check, the truthful answer is you can’t. There are not such thing as guaranteed payday loans but that doesn’t mean having a bad credit score will stop you getting a payday loan, you will find most are high acceptance. Let me explain. Many lenders will advertise something like ‘Payday loans with no credit check’ but this is a little misleading. Here’s why. We also offer a no credit check loan application. The thing is, it’s not our job to carry out the credit check, we put your application in front of the lenders so it looks as honest and favourably on you as possible.
In truth, there will always be some kind of credit check, it’s just that payday loan lenders are checking your ability to repay the loan with no financial difficulty and not doing a traditional check on your previous credit history. There are not such thing as guaranteed payday loans
Because of this alternative way of looking at your eligibility, it is far more likely that you will be accepted for a payday loan than for a bank loan or credit card. If you are currently employed and earning enough to pay back the loan, are a full time resident of the UK, and are 18 years old or more, you can apply for the best payday loans.
What is the best payday loan for bad credit?
Most payday loan lenders will consider applications from people with bad credit, it’s what they are designed for. Finding the best payday loan for people with bad credit is just a case of doing a little research and then comparing quotes from various lenders. Obviously the best payday loan with bad credit is not the same as a payday loan for someone with good credit- a loan that is quick and easy to pay back. The last thing you want is to have debt hanging over you for a long time and that is one of the main advantages of short term loans like these.
Who is the best payday loans direct lender?
Unfortunately, there is no straight answer when looking for the best payday loans, direct lender. There are different lenders who will offer different people, different loans and conditions depending on their current situation, and how much they want to lend. There are, however, some lenders that have better reputations than others and you can find out about them through various online sources. A good Payday loan broker will already have a list of the best payday loan direct lenders that they do business with, so they could be a good option for you.
Where are the best payday loans online?
The internet is a vast treasure trove of information, but that can be both a good and a bad thing. The sheer number of direct lenders offering what they say are the best payday loans online can be a little overwhelming if you don’t know what you are looking for. I would suggest either visiting a few chat rooms or forums that are dedicated to payday loans online to see what others are saying about the names at the top of google, or enlist the help of a Payday loan broker to find the best Payday loans online for you.
What are the best cheap payday loans?
The best cheap payday loans are ones that come from reputable lenders with proven track records and good customer feedback. You want a Payday loan that is easy to apply for, quickly processed, and gives you all the information you need upfront. The repayment plan should be easy to understand and follow, as should all the fees, charges, and possible penalties. Only when you are armed with the right information can you make the right decisions.
What can I do if I get into difficulty after taking out the best payday loans?
If you find yourself in financial difficulty then the first thing to do is speak to a professional that understands payday loans debt. One of the best places to start for payday loan debt would be this link:
The National Debtline also offers sound advice with regards to payday loan debt and difficulty: