Payday Loans Online – UK Direct Lenders
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Representative 277.5% APR Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed). The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances.
Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk
Nowadays, if you need a small amount of money, you can access a payday loan. Unlike other types of loans, a payday loan is easy to access. To ease the application process, you can complete your payday loan application online. With a flexible repayment period, you can request the amount of money you need before your next payday. However, depending on your circumstance, you can choose an extended repayment period to suit your needs.
If you want to solve a long-term financial problem or get extra cash, payday loans are not an ideal choice. Before you access a payday loan, familiarizing with Terms and Conditions, repayment and what happens when you miss repayment deadline is a good start. As more people are trying to solve short term financial issues, payday lenders are coming up with new strategies, for example, offering competitive same day loans.
Why should I try a payday loan instead of a conventional loan?
In the UK, online loans such as payday loans are more popular because of the following reasons:
- Easy to apply – unlike traditional loans, payday loans have an easy application process. To apply for a payday loan, one does not require a lot of requirements. If you apply for a payday loan via reputable brokers such as MoneyFall, the applications are easy to read, comprehend and complete to ease the application process.
- No collateral/credit score requirement – in the UK, you do not need collateral to secure a payday loan. Many payday providers only require a payslip or proof of income to secure a loan. However, to get a loan from a bank or high-end street lenders, you need a good credit score or collateral.
- Convenience – with a smartphone or computer, you can access payday loans without physically visiting the lenders. Convenience is one of the reasons why a lot of people prefer payday loans to conventional loans. As most people have busy lifestyles, visiting a bank and talking to a loan officer is not convenient. Ergo, payday loans are an ideal choice because one can apply and receive cash from anywhere.
- Speed – with advanced technology, most payday loans are automated. If you request a loan from online loan brokers you can get the loan within 10 minutes. Ergo, if you have an emergency, you should consider applying for a payday loan from a reputable lender. Typically, conventional loans take longer to be processed and disbursed because lenders have to verify your credit score and collateral.
- Affordable – to make payday, instant, fast and quick loans accessible, the Financial Conduct Authority (FCA) has capped online fees or charges to limit the amount of money borrowers are supposed to pay. This has made payday loans affordable to most people who are looking for short term loans.
- Secure – data security is one of the severe problems facing online payday loans. Although the FCA has enacted data protection guidelines, reputable payday loan providers offer reputable services and protect borrowers against a data breach. It is crucial to get a loan from a reliable lender to avoid sharing personal data with third parties when applying for a payday loan.
Need a quick loan until payday?
Sometimes you don't need to borrow much... just enough to tie you over until your next payday. Unexpected bills or expenses can happen at any time.
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Payday loans for life’s emergencies
Payday loans come in handy when you have an unexpected expense or emergencies like an unexpected vet bill, car repair or house repair. Most lenders have an efficient support team that facilitates the entire application process. If your payday loan request is approved, you can have the money in your account in 15 minutes.
Since payday’s loan repayment period is shorter compared to that of conventional loans, the APR is higher. Therefore, it is advisable to avoid applying for a payday loan when looking for a long-term financial solution. Also, getting a loan from fully certified lenders is the best option because they are transparent and reputable. Ensure you read all the relevant information to help you understand the Terms and Conditions of your loan and related consequences if you fail to pay.
Can I apply for a payday loan online?
Yes. It is possible to apply for a payday loan online in the UK. With the increasing demand for online services, payday loan lenders have made it easy for borrowers to access their websites to apply for a loan. The application process is easy and straightforward to attract prospective borrowers. Using your smartphone, tablet or laptop, you can apply for a payday loan from any location at any given time.
To apply for a payday loan, you need to provide basic personal information. You will have to provide your names, location, address, details of your current conditions and vital identification details. After giving the necessary information, your loan application is processed fast. Most applicants get the funds after a few minutes, hours or the same day! Payday loans can help you if you have an emergency or an unexpected financial problem. Remember, researching before applying for a loan is vital to avoid getting scammed or making bad choices.
If you need a quick loan it can be tempting to choose the very first lender you come across. Our free service connects you with lenders instantly, with the reassurance that they are all fully regulated and approved.MoneyFall
What are the minimum criteria used to apply for payday loans?
One of the main objectives of payday loan lenders is to help people with financial problems; there are a few factors borrowers should meet. Before you apply for a loan, there are minimal requirements you are required to meet. Some of the factors include:
- You must be 18 years of age or older
- You must have full or part-time employment (income)
- You must have a UK bank that’s linked with a debit card
- You must be able to afford to make the repayments within the stipulated/agreed period
- You must reside in the UK
- You must have a valid email address and a working mobile phone
Do I have to repay my payday loan in full on my next payday?
No. Although you are required to pay your loan on your next payday, most people in the UK prefer paying back their loans over several months. Ideally, splitting your loan repayment over a few months makes it more manageable. You need to understand that your loan terms are determined by what you agreed on when accepting the loan offer. If you have a smaller loan, you will have to repay it over a short period and vice versa. If you are unable to repay your loan on time, it is prudent to contact your lender. It is better to express yourself, be honest and ask for more time to resolve the issue.
Further loan guides
Are payday loans regulated?
Yes absolutely. All payday loan lenders are regulated by the Financial Conduct Authority (FCA) as of 2014. Also, the Consumer Credit Act of 1974 ensures that all payday lenders are licensed. Therefore, any reputable payday lender should have a valid operational license.
Are payday loans safe?
It is common for some people to have reservations when transacting online. While some people are familiar with online banking, loans and online shopping, some are relatively new, and they fear providing their banking details online. This is indeed a concern, but with modern technology, most payday loan lenders have secure systems. Besides acquiring secure systems, most lenders adhere to FCA guidelines. Therefore, payday loans are safe, and if you have a financial crisis, you can rely on payday loans. Most people provide their details online while shopping and banking and you can still do the same when getting a payday loan. We work with one of the largest and reputable lenders in the UK. Therefore, you can have peace of mind providing your details because we guarantee top-notch privacy, offering professional services and helping you manage your unexpected financial problem.
Are they expensive?
Since the FCA regulates how the payday loan lenders operate, they must follow specific rules. As a result, all lenders are required to display their APR rates and interest on their websites and ads. This transparency has made it easy for more people to take advantage of payday loans when faced with an emergency.
The payday loan rate is indeed higher than a personal loan rate. However, the main reason why payday loan rates are higher is the fact that these loans require a shorter period to be repaid. Therefore, payday lenders have a shorter time to make a reasonable return on loaned money. Secondly, as payday loans gain popularity, the lenders start competing, raising the interest rates (the demand and supply concept). However, these lenders’ competition can help reduce the APR rates making it easy for consumers to obtain payday loans at a reasonable interest rate.
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As part of responsible lending it's important to ensure you don't borrow more than you need, and can afford to make the repayments.
Our commitment is to connect you with trustworthy lenders offering competitive APR rates.
How does payday loan interest work?
When you borrow a payday loan, your lender will add the interest to the amount you borrowed. However, unlike traditional loans, payday loans have a significant APR (annual percentage rate). Typically, short term loans have higher APR, which translates to a higher interest rate. Some short-term loans can have an APR of more than 2,000%. One of the reasons why lenders charge that much is to guarantee they get their money back and make a profit to stay in business. When used appropriately, payday loans can be beneficial. However, since they offer a short-term solution, you should be very considerate when applying for one.
Do I need a credit check when applying for a payday loan?
Nowadays, there are no payday loans without a credit check. According to the Financial Conduct Authority (FCA), all direct lenders are supposed to do a credit check on all submitted loan applications. Hence, if you come across a lender claiming to offer payday loans without a credit check, they are lying, or they are not reputable payday lenders. However, this does not mean if you have a bad credit score, you will not get a loan. In the past, if you had a bad credit score, you would automatically get disqualified. But in modern times, things are changing. Nowadays, payday loan lenders are looking for other ways to determine whether to give a loan or not. Since one can have a bad credit score due to a variety of reasons, a credit check is not the right way of determining a person’s suitability. Most direct lenders are looking for alternative ways of rating an application, for example, the current employment status of the applicant.
Whereas in previous years having a poor credit score might be the end of your lending journey... nowadays lenders are far more accepting of your credit past. By applying online you can see the options available to you even with a less-than-perfect credit score.MoneyFall
How credit check can lower your credit score
In the past, when you applied for a loan in the UK and you were turned down, your credit score could be affected and eventually drop! If you tried applying for more loans and get turned down, you further damaged your credit score. Nowadays, things have changed, making it easier for more people to access payday loans. For example, when you apply for a payday loan, a soft search is performed. Unlike credit check, a soft search does not have an impact on your credit score. After a soft search, the FCA requires lenders to conduct a full/hard credit search. Ergo, nowadays, loan applicants are accepted and offered a loan based on a soft search which does not affect their credit score in any way.
How long should I wait to get my payday loan?
Most people apply for a payday loan when they encounter a financial emergency. Therefore, payday loan applicants need cash fast. As a rule of thumb, payday loan payout is designed to be quick, although some factors come into play. As much as lenders prefer the process to be fast, bank systems differ. Therefore, some people might get the money within minutes while others may have to wait a while longer. Although your bank’s policies and procedures determine how long you will have to wait, you can expect to have money in your account within 15 minutes in normal circumstances.