Loan Amount £400 borrowed for 90 days. Total amount repayable is £561.92 in Three monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% pa (variable). Representative 305.9% APR.
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Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk
Compare Payday Loans
Get a payday loan now by clicking the “apply” button above. What are payday loans? They are puny loans suggested without security, which are typically paid back from your employment cheques. If you are employed and are in need of emergency funds to resolve unforeseen bills, apply for a loan today.
Payday loan interest rates
Albeit a number of payday lenders’ websites come tooled with a sliding contraption demonstrating the total amount you’ll repay (if you make your repayments in total and on time), to compare loans against each other you need to check the APR (annual percentage rate).
Comparison of Lenders
Be wary of any lender who doesn’t permit you to choose exactly how much you want to borrow. You’ll be charged more interest if you borrow more than you need. Be certain to price match and review all lenders to get the best value. Many payday lenders in this comparison and reviews permit you to borrow in increments of £1.
How does Payday Loans Now compare to other lenders?
As you can see in the table below, we have the lowest APR of all direct lenders when you compare payday lenders:
Consider the following things when attempting to compare prices and determine which loan is the least expensive. An inexpensive lender will charge a lower fee and have a lower interest rate. As you can see from the chart above, we have a much lower fee than the leading direct lender companies (in the case of Wonga almost half the cost).
Best Loans Comparison
Another aspect of the equation is the convenience and cost of borrowing. Consider that going to the physical location of a brick and mortar money shop, you will in fact be spending an amount of time in doing so, and as we all know, time is money. Travel typically isn’t free, when having to drive there will be an expense in regards to gas and vehicle maintenance. All these factors add up into actually being a more expensive loan than what you would consider from just the factors of fees and APR interest.
Compare Payday Loans
Compare all these things when pricing the most inexpensive lending available. The convenience of applying online will greatly reduce the cost of your loan in time and travel expense. Furthermore, the money is issued directly to your bank account, so you do not need to even leave the house. Payday loans are enormously convenient to borrow money as long as you can pay it back in a timely manner.
It’s a well-known fact the products of payday companies come at a very steep price tag. These include, puny, high-rate, short-term and cheap private lending. Some people say these financial products bleed workers dry by charging them with exorbitant fees every time they borrow money, but in our fair opinion they have helped a lot of people in taut situations. This can be solved with a payday loans.
It may seem unlikely for cheap funds to exist, but they do. Not all lenders charge unlikely fees. In the UK, as well as in the United States, borrowers are suggested some kind of protection by having lenders disclose the true cost of each loan. Lenders must inform the borrower of the finance charge and the annual percentage rate or APR before they finalize their application. This way, the person borrowing money is well-informed of how much he or she is going to pay all in all.
To explain further, the APR is dependent on several factors: the amount borrowed, the interest rate or credit costs, including term. Now, most APRs run up to a thousand percent on brief term loans.
For example, a person takes out £100 for a two-week term. He writes a check for £115, which includes £15 as the cost of borrowing money. The check is held by the lender for 15 days, until the next employment cheque. After which, the lender can deposit the check and get his £115 in cash. Repayment is effortless. However, if can’t pay the money after two weeks and you ask to roll it over, you will be charged with another £15 for the extension. Roll it over three times and you will have paid £60 for the £100 you originally borrowed. This interest is just to extend it, and does not include late fees or penalties.
If you were to borrow from a credit card company or a regular bank, the fees would be much less. That is of course, if having the documents and a good rating. Those who don’t, seek convenience in the fact that companies that are willing to let them borrow cash without extensive interviews and paperwork. In turn, they’re only too glad to fork over fees for a brief term loan.
The situation is not as bad as some people paint it to be. In the UK, we have deals with an APR of only 728 percent. This a lot more reasonable than other online sites suggesting the same service. Take a look at the table below. You’ll see that we’re the only site that offers triple digit APRs, the others run as high as 1295 percent.
Get Affordable Rates
If you don’t want to pay too much on interest rates, look for a credit suggest with the lowest cost as you compare payday loans. We suggest the lowest representative APR including fair and variable interest rates. You can look around and compare and finance charges from other companies suggesting them. Be sure to look at the fees, interest, and other credit costs which they may be applying. We can give you affordable rates on instant loans.
We won’t attempt and loser you by luring you in on a low interest rate only for it to switch it later. We also give borrowers an option to pay off early and save on interest fees and charges. Aside from being the cheapest, we pride ourselves that suggest plasticity to the borrower.
If a payday loan is too expensive, consider logbook loans. They are less expensive to pay off because they suggest something in the form of collateral. If you have a vehicle, for example, you use this to get a logbook loan where you are issued ticket stubs in order to pay back the loan over a specified period of time.