Payday Lenders – although there are less payday loan lenders in the UK now since the Financial Conduct Authority introduced restrictions on interest and fees that can be charged, you can still find approved payday lenders here.
The new regulations have got rid of the “cowboy” type payday loan lenders that were just ripping people off with excessive interest, compound interest and various fees they charged.
Now, direct payday lenders are restricted in the amount of interest they can charge, together with the fees payable and there is none of the multi rollover of balances that caused so much grief and hardship.
All Payday Lenders Used Are Approved
So when you apply for a new payday loan using the links and banners on this website, you know you are dealing with reputable lenders that are all registered and approved.
This means that they are constantly monitored to ensure they are sticking to the rules for payday lending and they are not trying to rip people off in extra fees and charges.
Peace of mind payday loans lenders
It also means that should something go wrong when you are applying for your new loan or throughout the repayment period, you can report the problem to the FCA and they are legally bound to investigate the matter free of charge for you.
If the lender concerned is in the wrong, they will be corrected and made to make good any wrong doing on their part and “make you whole” again. If the matter was serious, then they might even be fined or their credit licence revoked.
This protection is invaluable to have and gives you peace of mind too. It is very rarely now that things go wrong with new loans taken out, but you know if they do, you have full recourse and a government body behind you to sort things out.
Why not have a look now and see what kind of deal you can get here today from payday lenders, as the sooner you apply, the sooner your loan funds could be in your bank account.
Have a look at Direct Payday Lender Apply Using Our Application Form.
Use Payday Advance Services
Short Term Payday loans can be perceived as a risky selection with very high rates of interest and short repayment terms. Because of the amount that you may be able to be approved for, along with the perceived ease with which they can be received, lots of people find them attractive.
With approved payday loans, you receive your loan, after which you repay the principal as well as charges and interest on your next pay day.
The rates of interest for payday loans averages between 300% and 800% and are occasionally as high as over 1000%.
While these interest rates are for a complete-year term along with the term of a typical payday loans is between two and four weeks, many borrowers find they cannot payback the big amount of the loan on their next payday.
Sizeable levels of borrowers then opt to rollover or extend their loans. While these choices provide extra time to repay financing, in addition, it means those choices usually come with added fees and that those excessive interest rates start adding up.
Despite all the adverse aspects of payday loans, some people find they have no other alternative. Paydays loans should function as the very last resort when all other means of borrowing cash are fruitless.
If in the end you opt to go for a payday loan, we strongly suggest you look into the loan company offer before you sign anything. Many companies on the market are the subject of investigations and lawsuits due to client harassment, unethical practices and prohibited lending.
Those businesses are removed by us from our website when those problems become clear, but we recommend you also do your due-diligence. Only loan companies that are authorised by the Financial Conduct Authority will be advertised on this website.
What Things to Look Out For With Payday Lenders?
Fees, the rates of interest and duration of your loan are information that is important and that means you need to comprehend everything they entail.
Payday Lenders are now restricted as to what charges, fees and interest they can charge since the new regulations came in.
A payday loan term is generally between two and four weeks although as the APR is the rate of interest on a yearly basis, lenders express the interest you pay in terms of cost, like so much per 100 borrowed. Search out the best rates possible for your circumstances.
The standard repayment period for payday loans is between two and four weeks, as payday loans should only supplement your finances until the next pay day. Generally, your duration ends and payment is due in your next payday.
However, the lenders we use will let you repay over longer periods than just one month maximum.
Payday Lenders Summary
Payday loans are sometimes a feasible choice when you’ve nowhere else to turn. Nonetheless, they come with incredibly short periods and significant APR’s and you start seeing the negative effects of these high interest rates in case you’ll need an extension.
Be sure you understand all you can about a payday advance before you accept it, usually do not accept a lot more than you need and do everything you are able to in order to pay it off on time.