Online £50 Payday Loans From Direct UK 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
Throughout 2018 and 2019, the UK has seen a huge increase in the demand for quick, accessible short-term loans. Smaller loan amounts mean there are many lenders willing to provide fast cash to those needing an instant credit boost. Not all turned out to be reputable, and high profile sites like Wonga cast a shadow of doubt over the industry. Thankfully however, they are no considered to be a key feature of the UK loans industry and continue to provide a vital service to UK residents.
But is getting a £50 payday loan the easiest and most efficient way to get the funds you need in hurry? You'll likely be offered the chance to borrow small amounts from many lenders, with no credit checks being a key attraction. The majority of small online lenders will actually offer no less than £100, which isn't necessarily a bad thing if you can make use of the extra amount however one thing remains the same throughout all verified companies... you will still need to pass affordability checks as part of responsible lending to be sure you can meet the repayments in full and on time.
Typically such small payday loans (often referred to as wage day loans) are used to cover unexpected expenses... such as unexpected bills, home repairs like heating or a broken down car which is vital to get to work and only last a short amount of time. Please read on to find out more, or apply online to see what options are available to you.
What Are Direct Payday Lenders?
Direct lenders provide a solution to those needing immediate funds without the associated wait times of more traditional lending methods. By providing the loans direct, they present a couple of key advantages that the industry hasn't seen to date, namely:
- Speed: You may find that you can get an instant decision online or via the phone. Getting payday loans in 15 minutes from direct lenders is fairly commonplace throughout the UK today.
- No Fees: With no middle-man to consult and such quick application and processing, no-fee loans are prevalent when dealing with such small borrowing amounts.
The process is quicker, easier when lending direct and there are less hoops to jump through. You must however ensure that the lending company is compliant and registeres with the FCA, even when looking to borrow £50.
Am I Eligible for a £50 Loan Alternative?
Though considered a small amount in the lending market, there are still strict eligibility requirements that you must meet before being accepted for a loan of just fifty pounds. It may vary across different UK lending companies, but typically they are:
- Age: You must be ages 18 years or older to qualify.
- Residence: You must be a UK resident and have a permanent UK address.
- Bank Account: You need to have a UK bank account (that ties in with your UK address) and possess a debit card in your name.
- Income: In order to satisfy repayment requirements, you should have a regular income (or prove otherwise you can meet repayments).
- Contactable: An active mobile phone number and email address are required to remain contactable.
These are the most common requirements, however new payday direct lenders 2018/2019 may require alternate information so it's always best to check.
£50 Loan FAQs
With an array of information available online, you're sure to have questions... so we've compiled a few answers to FAQs we receive about wage day loans from direct lenders.
What are £50 loans typically used for?
If you're looking to borrow £50-100 then it's usually for what is classed as an emergency expense. Such small amounts are useful to pay unexpected utility bills, to carry out emergency home repair (such as broken down boilers or fixing water leaks) or for minor car repairs which can be vital for commuting to work for example.
What are the repayment periods?
More traditional payday loan repayments tend to be one month... as the short-term loan was to tie you over until your next wage. Most small borrowing amounts still fall under this criteria, however you may now find lenders willing to offer loans from anywhere up to 36 months. It's easy to find a list of 15 minute lenders to compare online, and it's hugely important to make sure you find one that fits your requirements before applying.
Are there guaranteed payday loans?
Even with small amounts, getting a guaranteed £50 loan us unlikely. All responsible lenders will undertake a credit check to ensure suitability... so there's no way that they can guarantee the amount in advance. However, such terms arise because you are typically more likely to be eligible for a little loan as it poses less risk to the lending company. One such reason for a higher acceptance rates is the wide variety of wage day loans available nowadays, including for those with poor credit scores (bad credit) and even unemployment.
By applying online on the MoneyFall website, your application is placed with suitable lenders that may be more likely to say yes.
Are no credit check payday loans available?
In reality no, and they never really have been. That being said, this terminology has arisen as many regulated lenders will utilise some form of soft credit search. This protects your credit score from the impact of a hard credit check and are invisible to other credit providing companies. Any loan you apply for via the MoneyFall website will explain this clearly to you so you are aware of the type of checks undertaken on your credit score.
How can MoneyFall help me?
Whether you need a small or larger loan amount, MoneyFall can help you find the best UK direct lender for your needs. We'll pass your requirements to a list of specialists and the most suitable will be chosen according to your own specific borrowing needs. A couple of key advantages of our services are:
- We're fast: You can apply for a loan online via smartphone, tablet or computer in less than 2 minutes, providing just some basic information on our web form.
- We're available: There's never a good time to need emergency funds... so you can appy via our website 24/7. We never take time off (unless for essential maintenance!).
- We're trusted: Hundreds of UK residents enquire online for a payday loan every single day through our service, and our reviews speak for themselves.
- We're free: We don't charge anything for our free service and never have. You can browse our website and apply for a loan completely free. We don't even charge commission on your loan.
So why not complete our online form to see the best possible payday lending options for you.. whether you're looking for £50 or £5000 we can show you the best possible options for you on the UK lending market.