Where Can I Get a Payday Loan?
Finding Suitable Place To Get Payday Loans
Payday loans are essentially short term cash-advances, designed to help tide you over in tricky month end situations, when unexpected bills or emergency situations arise, leaving you short. These loans generally lend up to £750 immediately and are designed to be paid back quickly, over a month or two - rather than a long term period. This means that the charges are arranged as a flat fee, rather than a long term APR. Many people prefer to get a payday loan because they're quick and easy - and certainly cheaper than racking up expensive bank and overdraft charges.
There are also a wide range of companies that now offer these loans - both 'bricks and mortar' vendors and brokers on the high street, and online suppliers. This means there are various options for you to quickly and easily get a payday loan.
Payday UK offers quick online applications for loans up to £750. You can get a payday loan online and the money is paid directly into your bank account (though note that it can take between one and three days to clear.) Their annual APR works out at 1845%, but is actually paid as a flat charge of £25 per £100 borrowed. This payment is taken out of your account by direct debt on payment, clearing the debt immediately.
Quickquid also offers online applications for Payday Loans of £80 - £750 maximum, but for new customers, the maximum amount they can borrow is £300 on the first loan application. The applications takes around half an hour from end to end, and if processed before 3pm, the funds will be in your account the same day. You can choose from two different repayment dates, each with different charges applicable. This information is provided beforehand. The APR is 1576% and there's a 20% discount available for preferred customers.
With Payday Loans you can similarly borrow up to £750, speedily, administered online and not dependent on your credit rating. As before the sums will be in your account between 1-3 days and you are expected to pay the loan back, via direct debt on your next payday. You can roll it over twice, although accruing more charges and if you need to roll it over for a third time, you are required to reduce the outstanding balance. The flat fee structure is still in place, but it's slightly different from Quickquid and Payday UK - it charges £20 per £80 borrowed.
Finally, Pounds Till Payday offers a little more with its cash advance - up to £1000, athough you must take home £333 per payday, after tax. Also you can only borrow £200 for your first loan, and unlike the other two companies you need to send in a copy of your pay slip before qualifying. The flat fee is £29.98 per £100 borrowed. It isn't eligible to self-employed people however.
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