Short-term loans, also described as payday loans, are intended to protect you over a few months (or longer if you can recover the debt and interest) and are for small sums, typically between £100 and £1,000. They are often used to fulfil urgent expenses. Usually, you will need to promise that the corporation will withhold its deposit from your debit card on the same day that your next pay check payment is due, but certain lenders will authorise you to pay over an extended amount of time–often up to six months.
Did you have an unforeseen expense or cost that you didn’t intend for? It might appear like a short-term loan suits the brief. Although, as with any borrowing, having payday loans should not be taken lightly and comes with threats and warnings. This guide will break-down some of the top UK payday loan providers for you to help choose the right one for your urgent needs.
- THL Direct
- Lending Stream
- Credit Star UK
- My Jar
- Cash Float
- Loan Pig
THL Direct is a high-cost, short-term lender located in Dorset. They provide payday loans to be returned over a term of 3 months, but they can be returned soon without any charges and you can just pay the interest for the remainder of the time you take out a loan. Similar to the bulk of expensive short-term loans, THL Direct charges interest at a regular average of 0.8 percent (in line with the FCA price cap). THL Direct does not incur any premiums and also does not incur any transaction fee, redemption fees, or late instalment fees. However, if you are late for your returns, it will harm your credit file.
If you are planning to take out a THL Direct loan, the regular high-cost short-term health notice applies: know you’ve got up with your debt payments. Even though THL Direct does not bill for late or missed transactions, they will appear on your payment history and make your family’s finances more complicated in the future. If you notice yourself unable to make a refund, ensure you contact THL Direct. They have a great reputation for being open and friendly and will strive to help you minimise the impact.
Peachy is an accomplished investor who offers short-term lending to individuals with unforeseen financial difficulties. The loan worth varies based on the needs of each client, which ensures that Peachy’s loan will fund regular expenditures or major home infrastructure maintenance projects. Concentrating on helping customers collect the right information on the most acceptable kind of loan, poor credit, and debt, they provide advice and accountability to every client.
They are well sure that some people are having financial problems and thus act immediately to submit the necessary payday loans in 15 minutes without imposing any fees. Besides, they give consumers the chance to save on interest by allowing early debt payments. The sum of funds lent by the consumer is determined by the interest rate and the maturity term. Peachy has undoubtedly the ability to fulfil the demands and desires of every consumer due to the variety of credit choices, which allows the customer to pick the exact sum they want and to display a commitment to responsible lending.
Lending Stream is a short-term payday loans provider with a lending period of six months. Their indicative APR is high at 896 percent, but this level of rate is anticipated when contemplating this type of loan. Their web application makes it easy for consumers, and the online monitoring service is a plus, as it allows users the opportunity to take care of their debts –they can see their debt payments, see an outstanding balance and review the status of their transactions.
When submitting to Lending Stream for the first time, consumers are only permitted to loan up to a limit of £800. When they have shown that they can reimburse in time and all is for the loan, they can take a loan up to £1,500. Qualified borrowers may make a loan payment almost directly on their account, although it may take up to 24 hours for the transaction to be seen in the web-based account. As for all short-term loan solutions, they are not a long-term alternative and have such a strong representation APR. Precautions should be exercised if you look at this form of a credit to prevent being trapped and slipping into financial difficulties.
Credit Star is a payday loan provider based in London. Credit Star provides its services to a total of 8 foreign countries and describes itself as handling consumer relationships in an optimistic tone, being polite and friendly throughout. Credit Star is a direct lender and is completely approved by the FCA. Credit Star offers loans of anywhere £100 and £700, but first-time lenders are restricted to borrowing £300. The rate of interest on the loan can vary based on the period you wish to lend, all of which may be determined before you commit to the loan. There are no secret costs and it is easy and simple.
At first sight, My Jar may appear to be yet another payday loan lender, but their offerings are subtly different and display greater knowledge of customers’ requirements. They provide three separate short-term loan options for three, six, and twelve months. You will not need to be working or own your estate to obtain a loan from My Jar, but you must include proof of your regular income. My Jar is also expected to take on borrowers with low credit scores due to their credit history system. That being said, again it all will depend on the situation.
Their credit rating system is especially notable because it is intended to be an unbiased tool that allows and verify that My Jar only conducts responsible lending. The annual percentage rate (APR) is now between 0.35% and 0.75% per day based on the loan you choose.
Cash float provides one of the cheapest representation APRs on the market at 997 percent. They do not incur any costs for the arrangement of the loan or early redemption, besides, if you return your loan early you will end up having to pay less interest in the longer term. The only amount charged by Cash float is a fixed fee of £15 if you skip a deposit. You will continue to accrue monthly interest until you have paid up to a limit of 60 days.
Their site contains a dynamic debt tracker featuring a set of advantages like an online investment calculator that shows you how much you earn when you repay early. As for every high-cost short-term commodity, the normal notice shall apply. If you have some questions as to whether you can afford to repay your loan on time or early, do not apply. By skipping or being inconsistent with refunds, you will not only damage your credit file but will be subject to a wide range of fines, which will also make things very costly.
A well-established short-term loan firm, Mr. Lender, has received several accolades, namely ‘Best Short Term Loan Company’ and ‘Customer Support Champion.’ Mr. Lender, a well-rounded and successful company, is great to assist when your salary doesn’t stretch the whole month. Mr. Lender is an award-winning organisation well known in the payday lending market. Their easy and online approval process provides borrowers with a variety of amounts, instalments, and up to six months to repay the debt.
The business covers all bases, has a simple application process, an outstanding variety of offerings, and great customer input and ratings. Perfect for a short-term approach without spending a fortune, the business should be the first stop for any customer who wants a little money.
Loan Pig’s staff specialises in providing short-term loans and plenty of versatility to meet everyone’s needs. Loan Pig is the right choice for those seeking fast loans. The length of their loans typically extends between one and three months, and clients often can top up their current loans. Besides, they may raise the value of their loan, which is used as an incentive for returning consumers.
Loan Pig is based in Manchester, poised to deliver short-term lending to UK clients. The only conditions provided by Loan Pig for securing payday loans include the possession of a legitimate UK bank account, being at least 18 years old, and working as a citizen of the United Kingdom. As far as the application is concerned, interested consumers should opt for an online application that only takes a few minutes to finish. Loan Pig then sends an invoice to the client.
- HOW MANY AMOUNTS CAN I BORROW IN A PAYDAY LOAN PROGRAM?
Although the exact rate you pay depends on the lender as well as the actual credit score, there are now limits on how much the lender can cost you.
- CAN I APPLY FOR A PAYDAY LOAN IF I DONT HAVE A JOB CURRENTLY?
While the exact conditions will vary from lender to lender, most will ask if you have a sufficient income per month.
- HOW MUCH TIME DOES IT REQUIRE TO GET A PAYDAY LOAN AMOUNT?
If you can quickly verify details relating to your identification and wages, certain lenders can pass the funds to you in an hour.