Best payday loan options
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Best payday loan options
Description of the best types of payday loans
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Before choosing a payday loan, calculate all charges.

Before choosing a payday loan, calculate all charges. | Best payday loan options | Scoop.it

Comparing loans can be difficult and confusing with the different types of payment amounts and repayment lengths. The finance industry is required to use APR (Annual Percentage Rate of charge) to make comparing loans simpler.
APR does work well when you compare long-term loans like those from a bank or building society because they are based over a 12-month term or longer. But the use of APR can make shorter-term loans can look quite high at first glance and less favourable in comparison.
This is because traditional lenders do not include things like fees and late payment charges in their APRs, which can make them, appear much lower than ours. Also, unlike ordinary short-term loans, credit on cards can be subject to interest rate changes while you're still paying back the balance.

Representative Loan Example:

If you borrow £300 for 30 days
The amount you payback will be £375
The interest will be £75.
The Interest rate is 1734% (variable rate)

So while the payday lender's APR may look higher than other lenders you should remember:

They won't charge you extra admin fees

The fee is fixed so you always know where you stand

There are no hidden charges

Calculate Loan APR

Use the loan calculator on most payday lenders' websites to calculate the loan amount.
The average APR depending on the lender that accepts is 1734% which is one of the lowest rates in the payday market in the UK.

Representative Loan Example

If you borrow £300 for 30 days
The amount you payback will be £375
The interest will be £75
The Interest rate is 1734% (variable rate)

 

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What are the best short term loan options if I have a bad credit rating?

What are the best short term loan options if I have a bad credit rating? | Best payday loan options | Scoop.it

Because UK payday and short-term lending companies work in is so competitive they make their application process as straightforward and uncomplicated as possible. There are usually no credit checks. The fees are simple to understand and there is a high acceptance rate. Most applications are processed in minutes and funds are made available the same day in most situations.

The application usually only requires proof of income and employment as well as a bank account. This means that if someone applies on Monday because they need money until Friday, they can have it in their account no later than Tuesday.

There are a number of different companies that offer loans to people with a less than perfect credit history so finding one is easy. So compare some of them to see which one fits your needs and your budget. You can complete an application on PaydayHappy.co.uk and we will send your application instantly to many of the leading UK payday lenders. If you still do not receive a Payday Loan from Payday Loan lenders then you can try another option here.If you have a less than perfect credit score or bad or no credit history it shouldn't mean that you have limited options in terms of finding a payday loan or short-term loan.

Remember that these types of loans are designed to be short-term and for relatively small amounts and they do have to be paid back in a timely manner.

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What can a payday loan offer me?

What can a payday loan offer me? | Best payday loan options | Scoop.it

Payday loans normally range from between £80 and £1000. What the lender is prepared to offer you depends on your application and sometimes your credit history or ability to pay it back after the term.

Short-term cash loans are an alternative to borrowing money from a bank or building society, where you would normally have to answer a long list of questions and provide detailed personal, financial and employment information as well as waiting any number of days for a response. Payday and other short-term loans can be used for almost any reason. The most common reasons people in the UK take out a payday loan is to cover the cost of car and household appliance repairs, unexpected travel expenses, avoiding bank overdraft fees or to pay unexpectedly high bills.

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A payday loan-A quick, easy & secure source of finance

A payday loan-A quick, easy & secure source of finance | Best payday loan options | Scoop.it

If you find yourself in a difficult financial situation and you need cash immediately there are a number of solutions you can look in to. If borrowing from a friend, relative, a bank or other traditional lender isn't an option there are some other innovative ways to find the money you need.

If you own a car or van outright a logbook loan is a loan secured on your vehicle. As a result there is no need for a credit check as long as you can prove you can afford the repayments. Very often the lender will lend up to 50% of the value of your car as long as you have no finance on it and it is less than 10 years old.

Alternatively, if you own any valuables you can also use them to secure a short-term loan. Online pawnbrokers combine tradition with technology lending against a number of items that include luxury watches, jewellery, antiques and more. They can make funds instantly available against items anywhere in the UK. The companies are discreet, professional and friendly and you can normally do business any time 24 hours a day, 7 days a week.

An increasingly popular way to borrow funds in an emergency is a payday or short-term loan. These loans typically range from between £80 and £1000 and can be used for almost any purpose. Payday loans are a relatively new concept in the UK but are the fastest growing method of borrowing in the world. Already, over 4 million people in the UK, from all walks of life apply each year and the number is increasing all the time.

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Before choosing a payday lender, compare loan APR rates

Before choosing a payday lender, compare loan APR rates | Best payday loan options | Scoop.it

Over 4 million people in the UK have taken out a payday loan in the last 12 months to cover short falls in their salary or for emergencies like car repairs, fixing washing machines and mending leaking pipes or even settling bills when they can't make it to payday.When you take out a loan you are charged interest on it that is paid over the length of the loan. APR actually describes what the true cost of borrowing money is over the course of a year. It includes the interest rate you pay on your loan as well as how you pay back the loan, how much the repayments are, the length of repayment, additional charges and fees and any payment protection insurance premiums you may have with the loan.

APR measures how much a loan or other line of credit costs you in interest over one year and is expressed as a percentage of the total amount of money that you borrow. If you want to work out the APR you pay on a loan first take the amount of your loan and how much interest you will be charged over one year. Then divide that interest amount by the amount of your loan. Multiply the number by 100 and you get your APR.

For example, you borrow £1,000 and are charged £80 in interest for that year. The APR is calculated like this:

80/1000 x 100 = 0.08 x 100 = 8%

Normally you know what the APR is before you know how much the interest you will be charged is, so you can determine how much your interest over the course of a year is by using this formula:

1000 x 8% = 80

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