5 Things to consider when taking out a payday loan.

5 Things to consider when taking out a payday loan.

When considering in taking out your first payday loan you should consider the 5 points below first which will aid you in narrowing down a company from our comparison table. Although the interest rate may be the main deciding factor you should also consider the lender’s terms and conditions and any other features before completing an application form.
1 Repayment charges / APR charges.

• Look at the interest they will charge you for taking out the loan also known as APR (annual percentage rate). Most payday loan lenders specify a fixed amount but it can be hard to find the ARP charge when borrowing a larger amount. Make sure you check the APR / their interest charge before taking out the loan it should be make clear on the loan documents.
2 Maximum Payday loan amount.

• All payday loan lenders are different and offer from as low as £50 to a maximum of £1000. The most common maximum payday loan amount is £750, but this can vary based on people’s circumstances. Some payday loan lenders may offer more but this is based on existing customers. If you need to borrow more than this amount you should consider taking out a personal loan as this will work out cheaper.
3 Repayment terms.

• As there are so many Payday loan lenders now there are different repayment policies ranging from 5 day to 31 days. The interest charges increase depending on how long you want the loan for. While some lenders require borrowers to repay the loan on the original due date some payday lenders may allow you to use a roll-over on your loan, which means you pay a fee in exchange for more time to repay the funds
4 How Convenient are they.

• Most payday lenders offer online application and approval processes which makes it easier to get an answer quickly and in most cases faster than if you was to speak to their customer service. As most of the systems are automatic this make it faster and more convenient for you. Make sure you compare different lenders to evaluate how simple their application form is online in most cases they should offer an online application process and the electronic transfer of funds. Also consider looking at No fax payday loans, saving you the trouble of sending additional documents to qualify for your payday loan.
5 ID Qualification / Credit checks.

• Some payday loans are more stringent criteria, requiring a credit check to ensure you can pay back the amount in full. Others require you to confirm your employment details requiring you to work full time with a bank account and a debit card attached to the bank account. Making it easier to qualify for your loan. When you compare lenders, make sure you take the qualification requirements into consideration. You will have a much better chance of qualifying for the best cash advance lender.

Although we do not list all payday loan providers and there are many more around, we have tried to pick out the best payday loan providers available and provide you additional information so you can make the best informative choice.

Why compare payday loans?

Need a payday loan? Use what payday loans to see which companies are available and who is offering the best price.

The unique feature about what payday loan website is that you can choose which payday loan to suit your needs from no credit check to instant approval.
By using our comparison on loans this proves advantageous for potential customers see what is being offered in the market and comparing fees and charges before applying for these specialised loans in UK.

The comparison shows payday loans companies that do provide no credit check loans which helps consumers who may not have the greatest credit history making what payday loans attract a greater target audience.
With the full process online this helps consumers to find the one they want instantly and apply directly to the provider.
Always read the payday loan companies terms and conditions, confirm charge rates and any administration fees for repeat borrowers.

Many of the companies listed on our comparison website do not charge admission fees for their potential customers like Wonga orpayday express. Hence, these loans prove to be beneficial as a short term credit facility to get you to your next payday.

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Finding the best payday loan has now become easy

With so many online payday loan providers to choose from today, picking the right one that suits your needs can be a long and confusing process. We aim to aid you with your choice in payday advance loan by giving you the right information on our comparison website

Typical wage day advance OR payday loan ARP % are between 1000% to 2350% per annum which equates to around £20 to £30 for every £100 borrowed per month. The period of payday advances in normally 30 days although some lenders may allow you to roll the loan over so you repay the loan the following month.

Nearly all payday loan lenders require that the applicant is employed, is over 18 years old and is a UK resident. When chosing a payday loan provider always be honest about the information that you enter in the application as entering false information could have a negative affect on your approval chances.
Some payday loan companies accept all credit histories for application and your credit score will not be affected by applying for a payday loan.

Payment terms for pay day loans

During the application process, you’re able to choose a repayment method that works for you. You can choose to pay by direct debit from your bank account by completing the Direct Debit Instruction (DDI). If you prefer, you can choose to pay by debit card by filling out the debit card form during the application process.

On your due date, the amount owed will be automatically withdrawn from your bank account or debit card (depending on which method you choose). This makes the repayment process for payday loans hassle-free for you because you don’t have to worry about sending in payment on your due date. You just need to make sure that you have funds available in your bank account.