Direct lenders means a company or an organization who process your loan application and take the decision on approval or rejection of the loan. If he satisfied with your loan affordability then he may agree to fund you and disburse money by online transfer to your bank. To identify a direct lender is a tough task as every broker and agent is claiming that he is a direct lender. But now you can verify his authenticity with FCA (Payday Loan Regulator in UK) register.
Similar to direct lenders, the brokers also have their offices and web portals. These brokers are authorised and regulated by FCA for business. Brokers are associated with many direct lenders. One broker can work with any number of direct lenders. The brokers finds information of loan prospects through their online portal and sale these leads to the highest bidder among his group of direct lenders. So brokers are not involved in any direct funding, they are just helping loan seekers in finding the direct lenders. In other words you can say brokers are making the bridge between borrowers and direct lenders without charging anything from borrower.
We can summaries the main benefits in loan with direct lenders as
The main drawback in applying through broker is delay in loan decisions. Because broker will wait and find the lender who will pay him maximum commission for the lead, this will take extra time to reach borrower's application to the direct lender.
Second disadvantage through broker is, increase in loan cost. As we know the broker is a middleman in loan deal, although he get commission from lenders only and charge No Brokers Fee from the loan seekers. But ultimately the lender will recover broker's commission expenses from the borrowers only. Read More.
No one in the payday loan market can guarantee for 100% acceptance of loan because loan approvals are depends on affordability of the borrower. Now every lender has to comply with this check so acceptance rate may vary from lender to lender. For the applicant with bad credit history or past loan defaulter, loan acceptance chances are low and in other hand person with good credit score and past loan repayment history with the particular lender is good then that lender will be high acceptance lender for second borrowing. As high will be the loan amount, the monthly repayable amount will also be high in same ratio. So the borrowers per month net savings play big role in fund acceptance.
Following points may help you in enhancing acceptance rate of your loan.
If you visit lender's office with above details, your loan acceptances chances will be very high and you can solve cash crunch in sure and timely manner. Read More.
As per general practice all lenders and funding companies in UK have to perform credit checks on every lending and also check suitability and affordability of the borrower. So “No Credit Check Loan Lender” is not a realistic search which is searched by many poor credit applicants. But all doors for payday loans with bad credit are not closed; they can apply for this short term loan. As credit ratings of a person tells about past loan history, so if present employment and wages of a person making his financial status sound and healthy then even bad credit person can apply for payday loan.Read More.
If you are in search of fresh loan from a new lender for short term, then you can use any online loan search platform like ours. As APR and loan terms vary with lenders. So you should search with different websites and compare the interest rates quoted by every lender. Now you can conclude the deal with the best lender.Read More.
Financial Conduct Authority has put a cap on payday loan interest. No lender can charge more than 0.8% per day. Actual calculation varies with loan amount and term. So all lenders are offering payday loans with in the above cap, borrower has full freedom to find and negotiate by comparing APR’s of various lenders. Read More.
As payday loans are unsecured short term loans bearing high risk from lenders point of view that is the reason they charge high interest rates. Payday loans acceptance cannot be guaranteed because loan approval is always subject to suitability and loan affordability of the borrower. For poor credit borrower loan acceptance chances are low and for good credit and employed person payday loan acceptances chances are very high. Read More.
From above analysis it is clear that "Guaranteed" and "No Credit Check" loans are not a real search, also no one can claim for "same day loans". For your ready reference we have made the table for non realistic search keywords.
Concept of “No Credit Check Loans” does not valid for payday loans. As per regulation every lender have to check suitability and affordability of borrower, before loan approval. So every lender performs a credit check on loan application to evaluate risk involved in funding.
For bad credit borrowers they may charge higher interest rate to cover their additional risk. In case of guarantor loan also lender will check credit score of guarantor, to ensure his loan repayment ability in case borrower becomes defaulter.Read More.
Previously only payday loans are referred as short term loans as these loans are to be repaid in next payday. Now a days loans are defined as short term loan where loan repayment term is between 1 to 12 month and loan amount ranging £100 to £2000. All regular consumer loans are long term loans for higher sums and well secured so comes with lower interest rates. On other hand short term loans are unsecured and risky for lender bears higher interest rates. Read More.
If you are thinking of borrowings for higher sum, then 12 month loan may be fit in your financial plan. As the repayment term increases the loan installment will be less. Of course you have to pay more interest in long span of time.Read More.
3 month loan is suitable for lower monthly income borrower who will get three paydays to repay loan in three installments.Read More.
There are three credit reference agencies in UK- Experian, Equifax and CallCredit. They maintain numerical ratings of borrowers in a three digit number; this score is known as “Credit Score”. The credit score reflects financial history of last six years. When you apply for any type of credit, the lenders will check this score with any one or all above agencies for suitability assessment of the applicant.
Any loan default or county court Judgment registration will adversely affect your credit score. Even credit card late payment may also have negative impact on credit score.
A good credit score will help you in getting best deals with lenders, whereas poor score may be the basis of loan denial. This can impact on your life in so many ways, buy or rent a home, mobile or gas connection and even for your employment opportunities.
A study has revealed that in UK more than 67 percent of people age between 25 and 34 do not know their credit scores before their first loan application, this the group which is mostly affected by low credit score or bad credit.
It will be better to check your credit score time to time and be prepared accordingly. You can verify this online with Noodle, ClearScore or Experian for free of cost. If you find poor credit score against you then you have an opportunity to work for improving it. This will help you in future credit applications.Ways to improve Poor Credit Score
1. Register to electoral roll: – Vote registration is a easy way to improve your credit score as it is taken as your identity and address proof by the lender. This will enhance your credibility and may help you in getting low APR loans. So if you are still to register, get in touch with local council and if you have relocated then re-register in new place.
2. Repay loan on due date: Any delay in loan repayment even for one day may impact on your credit score. Use Direct Debit services to pay on time. Your timely repayment shows your commitment for financial management, and Lenders will consider it as positively in next funding.
3. Have a credit history: One third people in UK below 35 do not have credit history because of no loan history, so when they apply for first loan they find difficult to prove how they are managing funds. So if possible this group should have at least one credit card and pay monthly balance regularly on time.
4. Verify your credit reports: Verify your credit score with all three agencies and if any discrepancy is there, contact to the concern lender and credit agency for rectification. You are entitled to raise “Notice of Correction” which will be visible to lenders who are searching your credit history regarding your unavoidable circumstances for late repayment like your illness.
5. Avoid frequent relocation: Frequent change in accommodations creates bad reputations for borrowers. At least hold on the home till your applied loan is being under process.
6. Minimise your loan applications: Your each application for loan is recorded in your credit report, even if your loan got rejected. This information will be there for next 12 month, and will affect your borrowing prospects adversely. So limit the frequency of your loan applications.
7. Put your rent on record: If you are in rented accommodation then build your credit score with agencies through free services, and update your rent payment details regularly. This will be added in your credit score positively like on time loan repayments.
8. Limit credit balance: As big your credit balance your financial status will be considered in lower side by the lenders. Because high credit balance indicates that you have used your optimum financial resources and will not afford additional loan.
9. Avoid partnership lending: Joint lending or bank account with bad credit partner will also affect your financial status and also future lending prospects.
10. Allow some accounts to mature: Complete term of borrowing and regular on time repayment, helps to improve your credit scores; in comparison to premature closing down the credit account.
What are payday loans? Payday Loans are advance funding by the lenders on the basis of applicant's net wages. These funding are very helpful when you needed quick additional fund for short term in emergency. These loans are very popular in UK and known with different names like short term loans, quick cash loans, payday advance, personal loans and instalment loans.
Payday loans are short term cash solution for unexpected purchases or expenses. Generally these loans are to be repaid from next salary of the borrower.
These loans are available for small sum like £50 to £2000 depends on borrower’s loan affordability.
Loan term for payday loan may vary from 7 days to few months. Now these loans are available in monthly instalments also.
Payday loan application is very simple and straight forward. Many lenders and brokers operate online websites for loan form submission. Just one have to fill 5 minutes form by giving personal details like employment, salary and bank details.
Form data is processed by the lender and he will take decision on funding. He will convey his decision promptly through email or SMS.
If lender decides to lend you and you agree upon loan terms, the money will be directly credited in your given bank account.
Payday loan is a funding whose approval depends on borrower’s monthly wedges and savings. Loan sum can vary from £50 to £1000. This amount can be repaid in one lump sum or in monthly instalments.
|Instant Decision||Direct lender||No Guarantor||500 to 800 Pound Loans|
|Short term loans||Borrow for 7 days - 12 months|
|Apply online||2 minute Application|
|Bad credit rating||Still you can apply|
|Credit Checks||by direct lenders only|
|No broker's fee||Free loan search|
|Flexible term||instalment loans|
On the basis of suitability payday loans can be referred accordingly. Following table will provide an over view of these loans.
|Same day loans||Direct lender||No Guarantor||400 to 900 Pound Loans|
|Best Payday Loans||High approval Rate|
|Fast Payday Loans||Instant Decision|
|Cheap Payday Loans||Apply with direct lenders only|
|Bad Credit Payday Loans||Some lenders may offer loans for Poor Credit person also.|
|Easy Payday Loans||No broker direct lender|
|Quick Payday Loans||Fast decision same day payout|
|Same Day Payday Loans||available only on working days.|
Loan application to money transfer of payday loans is very easy so sometimes payday loans are referred as ‘easy loans’. One can apply online by filling 2 minutes form; lenders will process fast application and give prompt decision about funding. For approve loans, money will be wired to borrower’s bank account directly. The loan repayment system is also automated and money will be debited from borrower’s account on due date. The payday loan application to repayment process is well defined and fast with ease for quick short term loan solution.
|Bad credit OK||Direct lender||No Guarantor||100 to 1000 Pound Loans|
|Short Term Payday Loans||From direct lending source|
|Online Payday Loans||Apply with direct lenders|
|Get Payday loan||even with bad credit people can apply.|
|Instant Cash Loans||Payday Loans Direct Lender only|
Quick online loan form submission and fast loan decision without any paper checks is the beauty of payday loans. Any monthly earning person who is UK citizen can apply for payday loan online.
The main advantage of online payday loan services is of 24/7 availability with a freedom to apply from anywhere. The employed persons who are working in shifts find difficult to visit lender's office in regular working hours. With online loan search facility one can apply for payday loan from home or workstation even with his mobile phone. This system is saving a lot of time and resources of applicant, and he can easily compare many available loans alternatives within very less time and efforts. Online mode of instant loan search services provide fast cash relief to persons stuck in cash crunch and waiting quick cash on good terms.
Payday loans are regulated by the Financial Conduct Authority of UK. This authority has put all checks and balances to save borrowers exploitation from lenders. As payday loans are short term unsecured loans and often bears higher interest rates so these loans should not to be used as regular funding. For every financial trouble if you seek for instant cash loans help, they may cause serious money problems also.
Payday loan provide quick financial aid in emergency. These loans can be applied via online mode and instant decision on loan application by the lender made them very prompt and popular.
Every loan is disbursed only after loan form processing and approval by the lender and it will take time, so instant loan is only a phrase and practically not exists.
The payday loan funding can be divided in three parts.
Although payday loans are very prompt way of funding but they also take time to disburse.
You can search quickly these loans through our online platform 24/7 from anywhere. Our associated lenders make instant decisions on your applications, based on your given details. If lenders satisfied with your loan suitability and affordability, they may approve loan in few minutes and wire the money in your bank even in the same day (time may vary for different banks). Our loan matching service is fully automated and no paper work is involved, so you need not to visit direct lenders office or to submit any paper manually. We are working with some lenders who have tailor made loan products and fully automated loan underwriting procedure; this may help you in getting instant loan quotes.
We at Payday Loan Site provide you fully online search service of payday loans across all Cities of UK. Our loan matching services are totally free and you have to pay nothing as brokers charges means here you will getpayday loans no brokers charges in direct lenders search.
We at PayDay Loan Site are not a direct lender or broker. We just provide online loan match service which is free to use. We do not charge brokers fees or upfront charges from our site visitors. We do not check credit score of applicants and we have no role in credit decisions. Lenders only perform credit check on borrower’s and they make credit decisions. We do not store your data with us, so for any clarification or help please contact to your lender only.
If you choose to apply with us for payday loans search, you can get instant decision on your loan application from our associated direct lenders if you pass their suitability and affordability check. Your quick submitted detail is forwarded instantly to a panel of lenders, who take fast decision about loan funding. If any one lender is interested in your loan approval, he will inform you via text message or through email promptly. They may ask few more details to ascertain loan affordability. Once they satisfy with details, they will send you the terms and condition of loan. If you agreed upon these conditions, instant payday loan disbursement process will start and your bank account will be credited in very short span of time.
Payday loans are meant for short term, small borrowings. They bears high interest rates so should be avoided for long term regular findings.
These advances are useful in sudden unplanned expenses like car break-down, house repair or any medical emergency.
If you choose to apply with us for payday loans search, you can get instant decision on your loan application from our associated direct lenders if you pass their suitability and affordability check. Quick submission of your details is forwarded instantly to a panel of lenders, who take fast decision about loan funding. If any one lender is interested in your loan approval, he will inform you via text message or through email promptly. They may ask few more details to ascertain loan affordability. Once they satisfy with details, they will send you the terms and condition of loan. If you agreed upon these conditions, instant payday loan disbursement process will start and your bank account will be credited in very short span of time.
Before signing loan deal you should read their terms and conditions carefully and keep in mind following facts.
Always keep loan amount in lower side which is enough to solve your present cash problems, as payday loans are costly affairs.
Go for payday loans if you think that applied loan will be easily repaid by you on time. Because any loan default will harm you in two ways, first lender may charge additional fees for non-repayment. Secondly if you fail again and again to repay the loan, the lender may add recovery charges on your loan. In addition to this he may forward your name to credit score agency to decrease credit ratings, this will affect your future lending.
If you are UK resident, age above 18, having regular monthly income credited in your bank account for at least last six month then you can apply for payday loans.
Normally our lenders offer loans from £50 to £1000 only but some lenders may offer higher loan depends on your affordability and credit score suitability to lender.
generally it is observed that the persons often needed emergency funding belongs to a group of unstable financial status, may require some guidance in breaking the loan cycle. In order to give best possible assistance to our customers we have added following information which may help payday loan borrower in controlling their finances. This will help you in finding loan alternatives as well as in getting out from loan trap.1. Financial Ombudsman
If you have lost you night sleep because of financial mismanagement then you can take the help of UK Financial Ombudsman. Also if you are getting any unfair treatment from lender or its loan collection persons then you can approach this authority, they will help you in getting proper compensation.2. Money Advice Service
You can avail services of The Money Advice Service free of cost. They will help you in finding best financial option when you are unable to repay your loan and guide you till you become financial stable.3. Citizen's Advice
Sometimes short term cash solutions may bring long running loan trap. To educate about your rights Citizens Advice is there. They can guide you in issues like loan solutions and its related problems.4. Stepchange Free Debt Management Plan
The website free debt advice called StepChange is ready to help you in debt management planning so that you can come out from loan cycle. These services are free of cost.
Payday UK Latest trends Payday Loans through Brokers or Direct Lenders ....
Representative Example: Borrow £250 for 90 days. Total amount repayable is £411.63 in 3 monthly instalments of £137.21. Fixed interest rate of 292% per year. 1272% APR Representative.