Representative APR 1272% (Variable)
Representative Example: Borrow £250 for 90 days. Total amount repayable is £411.63. Fixed interest rate of 292% per year.
Credit score of the borrower plays a vital loan in loan approval process. Payday Loans direct lenders bad credit is hard to get but not impossible. some lenders may agree for funding if borrowers present financial position is well and he can repay the loan. The suitability and affordability of borrower is must as per FCA regulation, without satisfying this lender can not approve any loan. For bad credit loan, direct lender may charge higher interest and offer short repayment term to compensate them that of bad credit.
Payday loans are unsecured loans and based on borrowers salary and past credit history. Concept of Payday Loans direct lenders no credit check does not a realistic one. Because lenders are doing their business to earn profit and not doing any social work. Their first objective will be to insure their principal amount then interest income. For bad credit borrowers they take extra care and compulsorily perform credit check to see borrowers past credit history. For past loan defaulters they may not willing to fund and if they agrees may charge higher interest.
Many borrowers in UK search for Payday Loans direct lenders only, Because they think that loan from direct lenders only, be fast and they will timely get loan approved. Other reason for "loan with lenders only" is that people believe that brokers will be middle man and they will make loan costly.
In UK payday loans are gaining popularity day by day. Payday loans brings fast cash relief to person trapped in cash crunch, few days prior to his payday. But he wanted to be funded from direct lender so that he can negotiate directly without and brokers, in this way he will be able to get cheap loans. Other reason forPayday Loans UK direct lenders search may be of fast loan approvals with direct lenders.
Payday loans are ultimately funded and approved by direct lenders only, so route to reach them hardly matters. With brokers approach you may get chance to compare among the direct lenders and option to choose the best for you.
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.
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