- Borrow up to £10001
- Trusted lenders only
- Payouts within 24 hours
- Responsible lending policy
- Alternatives available
The payday loans market in the UK has been going through something of a transition. We have all seen the news about unfair lending practices and payday lenders being demonised for getting people into trouble with their finances. It’s true that the payday loans market in the UK did lose its way somewhat and most good lenders welcome the light that has been shed by the approach of the Financial Conduct Authority. Unreasonable lending practices have been stamped out and a limit on the cost of credit has been imposed. Borrowers can have more confidence in lenders than ever before.
Payday loans are an important part of the UK lending market and it’s been made clear that the intention of recent changes to the industry is not to destroy it but to once again make it a functional and efficient part of the UK banking landscape. It's worth remembering what payday loans were designed to achieve:
When payday loans are used like this they are an asset to the UK lending market. Of course, sometimes they have been used incorrectly.
Payday loans are NOT designed to offer:
Borrowing only what you can afford is key to the new landscape of payday loans in the UK. Lenders must now carry out increased affordability checks on applicants for loans – which require you to look at monthly expenses like rent and bills and make sure that you can afford these, in addition to repaying the loan. It’s also no longer possible to keep rolling over your payday loan every month – now you can only do this a maximum of twice, although ideally not at all, as each rollover attracts additional interest and extra charges.
All of this means that the payday loans market in the UK is shaping up to be a much fairer and better regulated environment in which short term credit can be made available on a temporary basis to help you out of a financial fix – which is what it was always meant to be.
1 Subject to application being approved by the lender. Not all lenders are able to provide up to £1000.
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