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Payday Loans

  • Borrow up to £10001
  • Trusted lenders only
  • Payouts within 24 hours
  • Responsible lending policy
  • Alternatives available

UK Short Term Loan Market

Borrow with More Confidence

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:

  • Fast finance - applications made online can be processed quickly, which means that payday loans can be transferred into your bank account in a matter of hours.
  • Emergency cover - if you’re having a financial issue that has caught you unawares then payday loans can provide an easy way to bridge the temporary gap in your finances that creates.
  • Short term financing - pay the loan back when you next get paid and you won’t have any long term lending hanging over you, or months of interest to pay on what you borrow.

When payday loans are used like this they are an asset to the UK lending market. Of course, sometimes they have been used incorrectly.

A Loan Not to be Misused

Payday loans are NOT designed to offer:

  • Long term finance – for example, lending for more than a month.
  • A large loan – payday loans are usually available for amounts up to £1,000.
  • A regular form of finance – payday loans are intended to be one off and temporary.
  • More than you can afford to borrow – when you borrow a payday loan you should know that you’re capable of repaying it on your next payday.

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.

About Payday Loans

Representative Example

Loan Amount

£300

Actual Interest Rate

24% (vrbl)

Loan Term

30 days

Total Repayment

£372

Representative APR

1081%

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Warning: Late repayment can cause you serious money problems. For help, go to  moneyadviceservice.org.uk.

1 Subject to application being approved by the lender. Not all lenders are able to provide up to £1000.

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