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

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From the Best UK Direct Lenders

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Representative Example: Borrow £200.00 for 60 days. Repay in 2 payments, first payment in 30 days

Each Payment: £147.04. Total Repayment: £294.08, Interest: £94.08.

Interest p.a: 365%(fixed). Representative APR 1058%

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

Loans subject to status. Over 18s only. Minimum loan amount may apply.

Rates from 4.5% APRC to 65.2% APRC are available – the highest rate is for customers with severe credit problems. Loans available from 1-25 years. TYPICAL 10.9% APRC variable

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Looking For The Right Direct Lenders Payday Loan

When looking for new direct lenders loans, there are several things that you need to consider. First, you need to know how your credit rating will become evaluated since this is normally a primary criterion that traditional lenders look into. Second, you want to know how long the application, approval time, and transfer of funds takes. Lastly, you want to determine how efficient the loans is and whether or not it is ideal in addressing certain financial needs. If you see a direct lenders payday loan that offers these three important things, then it is a credit decision that you might want to take.

So How Do Cash Advance Payday Loans Work?

guaranteed payday loans for bad credit

Often referred to as wage day loans, these are designed to be fast loans designed to last until the next payday. Typically the money is paid into your bank account immediately, and the total amount (including interest) is repaid at the end of the month.

Common features of a payday, or wage day advance loan are:

  • High acceptance rates: You are possibly more likely to be accepted for this type of loan than any other.
  • Instant decisions: There’s no waiting around for approval, decisions are normally immediate.
  • Short term: Typically the amount borrowed plus interest is repaid at the end of the month.
  • Bad credit friendly: If you have a bad credit score, and have been refused a loan elsewhere these may be an option.

Direct Lenders Payday Loans with No Credit Checks

Credit history is a big factor when banks evaluate the eligibility of a loan applicant. If you have a poor credit rating, chances are you will get declined for a loan even if your need for money is very dire. While credit scores don’t decide the true credit worthiness of a borrower like school grades don’t decide how intelligent a student is, it is something that banks and other traditional lenders will rely on to judge the level of risk that they may have to take when granting a loan to an individual. The relationship is obviously inversely proportional: the lower your credit score the higher the risk that lenders see in you.

When you need cash right away to cover an emergency situation, banks are not the ideal place to turn to for a quick loan when your credit score is not that good. You can, however, turn to payday direct lenders who won’t judge your creditworthiness through your credit score. These lenders, however, will look into your income stream and employment record, instead, in evaluating your application. If you have a decent job that provides you with a reliable salary, then taking out loans that require no credit check to address certain financial needs could be a realistic option.

Same Day Direct Lenders Payday Loans

Speed is a vital element when you’re looking for an emergency loan. When the money you searching for is intended to cover medical expenses, emergency car repairs, and urgent bills, you want a loan service that will give you the cash ASAP. Bank loans are simply not the ideal options as you will normally have to wait for at least one week before they will approve a loan and I don’t think you can wait that long when the need for money is very urgent.
same day lenders
If you want instant cash, there is no better option than taking out same day direct lenders payday loans. These loans, as the name implies, will allow you to get the money that you need on the same day that your application becomes approved. The application process is easy. You are only required to fill in a few vital information that takes several minutes to accomplish and your good to go. The decision time is as quick as the application process itself and you don’t have to wait long to receive a response from your lender after you have submitted your application. And once you are approved, it will take a few hours for your money to be deposited in your bank account. It’s that fast!

Faxless Payday Loans

Convenience is also one area that you want to look into your direct lenders payday loan. As much as possible, you want to spend the least amount of time and energy possible in availing for it. You don’t want long lines, time-consuming interviews, and tonnes of paperwork if all you need is several hundred pounds to cover up car repairs. You also don’t want to rely on companies that require you to fax certain documents for your application to materialise. There are numerous ways for an application to proceed even online and relying on an old and nearly obsolete tech like a fax machine is simply inconvenient.

Thus, to experience optimum convenience in your application, opt for direct lenders payday loans lenders that provide faxless services in their products. This will not only free you from the burden of accessing a fax machine but it will also speed up the process of your application even further. All you need is to fill in the necessary information in your application form and the lender will do the rest in verifying the authenticity of your information.

Don’t forget, if you’re looking for direct lenders payday loans, make sure that you opt for those that provide no credit checks, same day payouts, and faxless services. Having these three criteria in your loan will surely give you the kind of ease and convenience that you need from a short-term instant loan to address urgent financial needs.

Advice on How To Pay Off Your Payday Loan

paying off loan advice
As part of responsible lending you will only be granted a loan if you can prove you are able to meet the repayments. Nevertheless here are a few tips on how to help making the repayments that little bit more manageable.

  1. Avoid any large purchases: It’s advisable to hod back on any large purchases you may have been considering, particulrly if they are deemed non-essential.
  2. Loan purpose: You should only use the money lent for the purpose it was meant for, then focus on repaying back the full amount when due.
  3. Plan your banking: You should ensure in advance that your bank account has sufficient funds to complete the loan repayment on the date it is due.
  4. Start saving: Where possible, no matter how small an amount, try to start saving some money for the future, wheter it be for emergency purchses or loans repayments.

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Frequently Asked Questions

Here are a few questions we receive regularly about pay day loans. You can get answers to all further questions by enquiring online.

What effect do payday loans have on credit rating?

Contrary to what many believe, though they will show up on your credit history, this type of loan won’t have a negative effect on your credit score providing the repayments are made on time and you complete the loan in full. In fact, it can actually have a positive effect on your credit rating as it sends out signal that you can make repayments in a responsible manner.

Are there pay day loans that accept benefits?

In short, yes. The agreement for those looking for loans on benefits is that when borrowing a small amount of money the benefits received will be considered as income during the approval process. Not all will qualify however… here are a list of typically accepted/declined benefits:

Payday lenders may accept:

  • Disability Living & Working Allowance
  • Incapacity Benefit
  • Severe Disablement Benefit
  • Industrial Injuries Disablement Benefit
  • Family allowance
  • Family tax credit
  • Working tax credit

Lenders may not accept:

  • Child Support Payments
  • Job Seekers’ Allowance
  • Housing Benefit
  • Pension Credits
  • Income Support

What payday loans am I eligible for?

The loans industry is heavily regulated and despite being one of the more easy loans to qualify for, you still have to undergo a strict screening process to determine eligibilty. To qualify you will need to:

Be a UK resident aged 18 or over: you must reside in the UK and be aged 18 years or older to qualify. This is the minimum legal age to qualify for any tyope of finance in the UK.

Have an active bank account: you will also need a UK bank account that shows regular activity of money being paid into (to help determine whether you can afford repayments).

Have an valid UK address: You will need to prove a valid UK place of residence. You do not need to own the property, but confirm that you live there, and that the address matches up with the bank details.

Have a regular income: Responsible lenders all need to be sure that you can afford the repayments in full before approving a loan. This benefits all parties ensuring you don’t go further into debt, and that the lenders can receive their money back in full.