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Have you ever been miles away from payday, and suddenly struck with an expense you can’t handle?
Maybe you’d usually have the extra cash in your bank account to deal with a flat tyre or a broken boiler, but this month’s you’ve had the kids’ birthday parties to pay for, or you’ve just been out for a very expensive business dinner. When there’s nothing left in your “emergency savings” pot, it can feel as though you’re running out of way to fix your problems fast.
The good news is that payday loans are available to help you overcome your financial issues quickly and get you back on track. Although some lenders have used payday loans unscrupulously in the past, the intervention of the FCA has meant that today’s short-term loans are just as safe as any other lending product on the market.
What’s more, like other kinds of instant loans for bad credit, you’ll have the freedom to compare your available options online to ensure that you’re getting the deal that’s right for you. That means that you don’t just need to settle for the first loan you’re offered. You can find a solution that suits your needs in everything from interest rate to term length.
While plenty of UK consumers rely on comparison sites to check the prices for their utility bills, insurance, and other costs, they often forget that they can compare loans too!
Apply OnlineBefore we show you how to compare, and which factors you should be looking at, it’s worth making sure that you know what kind of loan you’re dealing with. Payday loans are short-term cash advances that you’ll be able to repay the next time you get your monthly income. Some payday loan provider allows you to take longer to pay back your loans too. However, most of the time, you shouldn’t need a term that’s longer than a few months.
When you request a payday loan, you’ll be asked a few basic questions about how much you want to borrow, how long you need the money for, and so on. You need to be employed to apply for a payday loan, so make sure that you’re ready to give information about your employment details, and your affordability.
Payday loans in the UK also demand that their applicants be UK citizens with a bank account that their money can be paid into. You can also set up a CPA to ensure that your debt is paid off automatically when your term comes to an end.
There are many different things you’ll need to consider when you’re comparing payday loans and searching for the best prices. However, one of the most crucial factors of all is APR. The term APR stands for Annual Percentage Rate, and it’s a number that helps you to determine how much the loan is going to cost you overall. Remember that an APR on a payday or short-term loan can look huge because it’s designed to cover the entire year.
You’re looking at how much you would pay if you were dealing with the loan for a whole year, rather than if you just have it for a week or two. The type of APR that lenders show you on their website is a representative APR, which is given to about 51% of applicants. However, there are many things that can change the APR on your actual loan.
With payday loans, APRs can be confusing, because they’re multiplied the number of times to reach the right figure. This means that the APR on most short-term loans will reach hundreds or thousands in percentages. You may find it easier to simply find out what you can expect to pay on a daily basis for each loan option available to you.
Before you begin to compare payday and short-term loans, it’s important to look at how much you’ll be repaying overall, as well as the length of time that you’ll be taking the loan out for. Consider the repayment schedule that you’re agreeing to with each lender, and whether you’re dealing with something that’s applicable to your budget.
Remember, the longer your loan lasts, the lower the representative APR will look. It’s important to make sure that you compare your options like for like, so that you’re getting an in-depth overview of how much you’re actually going to pay with each provider. Although some people prefer to pay their payday loans off all at once, others like to split the amount up into instalments.
When you compare, remember to look at:
It’s also important to check that your payday loan provider can give you the full amount of money that you need. Some providers can only offer a certain amount. Payday loan providers often expect an average loan request for about £500.
Although you can always try to compare payday loans manually if you want to, it’s much easier to use a comparison site. Similar to the comparison sites you might use when you’re shopping for car insurance or looking for home insurance, payday loan comparison sites give you a list of lenders to choose from. They also display plenty of useful information about each of your options, including details on representative APR, additional fees, and any offers that may be available.
It’s worth noting that some comparison sites might not include all of the lenders available to you. Some lenders have affiliations with certain sites, which means you might need to use a couple of different websites to make sure that you’re getting a complete look at the marketplace.
You’re free to go through as many comparison websites as you like when you’re looking for a good deal. Most sites will not cost anything to use.
When you’re hunting for payday loan comparison websites, you may accidentally come across a payday loan broker instead. These are companies that work with lenders and receive money based on the number of customers that they send to them. When you apply for loans with a broker, you’ll need to give your information to a third-party, who will transfer you to a lender based on things like affordability and risk.
Although brokers often claim that they’ll be able to help you find the best deal for your loan, the truth is that many will simply send all of their customers to the loan provider that gives them the most commission. Your details also get passed around with a broker, which means that you can end up with a lot of spam in your inbox.
There aren’t very many loan brokers online anymore since the rise of payday loan comparison websites have begun to put these companies out of business. There’s really no need to pay money for a broker when you check the deals available yourself without paying anything. However, it’s important to make sure that you keep your eye out for brokers. Don’t agree to pay money to anyone who claims they can get you a better deal on your payday loans.
If you don’t need money in a hurry, or you’re looking for cash that you can pay back over a longer period, then payday loans might not be the right solution for you. On the other hand, if you need something to tide you over until your next lot of income arrives, then a Payday loan is a great way to get the money you need fast.
When you compare payday loans, you can ensure that you’re getting the deal that’s right for you, from a company that you can trust. Just like comparing any other kind of loan, however, it’s important to make sure that you pay close attention to the information you get.
Ensure that you’re making like-for-like comparisons by checking loan options for the same amount of money and the same term period. This will prevent you from ending up with obscure APR rates and confusion along the way. Good luck finding your payday loan!
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