We are always on the lookout for New Payday Lenders and Payday Loans Companies.
Although we are constantly looking for new payday lenders, we only advertise payday loan companies that are reputable and are registered with the Financial Conduct Authority on this website.
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This is for your own protection and peace of mind and to ensure you will be treated fairly throughout the whole loan process, from the initial application, right through to the conclusion of the loan agreement at the end.
Representative 277.5% APR - Representative Example: Amount of credit: £750 for 12 months at £119.21 per month. Total repayment of £1430.52. Interest: £680.52. Interest rate: 140% pa (fixed). 277.5% APR Representative.
There are actually less payday lenders now since the Financial Conduct Authority “weeded out” a lot of the unscrupulous lenders in their 2015 purge.
It also means that the payday loan lenders that continue to operate, do so under the new terms that have been brought in.
This “purge” included companies like Wonga, who ended up paying out refunds to a large number of their customers, due to them overcharging them in fees and exceptionally inflated interest charges.
The New Payday Loan Regulations makes it safer for borrowers
Right now, every payday lender, including new payday lenders and yes, even Wonga, must all comply with the new regulations, which is great news for consumers wanting to borrow.
There are now some new payday lenders entering the payday loan market again and most are now allowing you to pay the advance back over longer periods.
The original payday loan model was to get a fast cash advance and then pay it all back on your next pay day. Now many new payday lenders allow you to repay the advance back over a few months instead if you wish. This can really help with budgeting your finances.
Interest rates and the amount of fees that can be charged are all now restricted in the amounts, which all helps to make payday loans more affordable.
Payday loans are only for short term, emergency and unforeseen expenses and should not be used for long term loans.