Alternatives to Payday Loans have arrived at last!
With Payday Loans in the past, you could borrow up to £1,000, but then you had to pay it back on your very next pay day.
Some payday lenders allowed you to roll over the loan for another month if you were unable to completely repay the loan on your first pay day.
The big problem with the payday roll over effect was the fact that your were charged extra fees for the privilege, plus you had to pay very high interest on top of interest (compound interest) which mean’t that costs could spiral out of control very easily and very quickly.
Now enter the Alternatives to Payday Loans stage left.
Alternatives to Payday Loans With Bad Credit?
Since the Financial Conduct Authority got their teeth into the payday loans industry, there have been big and welcome changes.
Now there are lower interest rates and a cap on fees charged by direct lenders.
You can still borrow the same loan amounts as payday loans here, but you have the Financial Conduct Authority’s protection for the loan conditions.
Check out Payday Loan Alternatives
You can borrow up to 2,000 like the payday loans or you can decide to apply to borrow much more on this website if you need it.
Unsecured personal loans applications can go up to 25,000 if you wish.
You can decide how long you want to repay the loan back over and the monthly repayments should be affordable, taking into account all of your existing outgoings and expenses.
You must make sure you can afford the repayments of your new loan.
This is very important.
Alternatives to payday loans can be found by going to the top Menu and clicking on the Personal Loans link.
Just click on the loan banner on that page and it will open the full loan application page.
Choose your loan amount and the period you want to pay back the loan over.
When you submit this initial information, you will then get the full loan application form on your screen.
Just work slowly through each of the questions and answer them fully.
This will increase the chances of you getting approved if you fill out all the necessary answers to the loan questions.
Alternative Loans to Payday
Once you have completed all of the form fields, then just submit it at the bottom using the Submit button and you details will then be sent to a number of registered loan lenders.
They will automatically assess your application to see if it fits their criteria.
It will start with the lender that has the best rates first and then work it’s way down the list until it finds a lender to accept your new loan application online.
When presented with a new loan offer, read through all of the conditions and if you are happy with the terms, you are able to accept the loan offer online and get it paid out into your own bank account.
You will also receive an email copy of the transaction and some lenders also post out a copy as well, for your records.
Why not get a new loan quotation online today, as the sooner you start, the sooner you get the payday loans alternatives you are looking for. It will only take you about 5 minutes from start to finish.
See also door to door loans and short term loans.