Reviews Of Reputable Uk Payday Loan Lenders
The number of payday providers in the UK in recent years has mushroomed
, how can you know which one is best for you? Several features are considered in this UK Payday Loan Providers review to determine which one suits your needs. Briefly, it identifies which are real lenders and which are just brokers. How much it costs to transfer funds on the same day and who actually does it. What to look out for when calculating the real cost of a loan. Lastly it identifies which lenders do actually check your credit file, and those that do, do not usually need you to fax in documentation like proof of identity or proof of address.
As promised, here are all the reputable payday loan lenders that I know of, these are NOT payday loan brokers: Wonga Short-Term Loans; One Month Loan; QuickQuid; Speedeloans; WageDay Advance; Cash Genie; Lending Stream; Payday Express; PaydayUK. There are other lenders that I have not mentioned here but they are not big enough to fund many loans or have had issues with their OFT Consumer Credit Licence. Stick with these and you will be fine. Be aware that some of the lenders mentioned do act as brokers if they cannot lend you money directly. In the first instance they will try to lend you money but if you do not meet their criteria they will try to find another loan company for you. Lending Stream and Wageday Advance fall into this category.
When you need cash in a flash will your lender oblige? Will they transfer the money you require on the same day, and will it also get to you on the same day, or a few days later? Well, if you apply and get accepted for a loan by the lender's same day transfer deadline, more often than not no later than 4pm, then the money will land in your bank account on that very same day. If you are a bit late then the money will get to you the following business day. The lenders outlined above all do same day transfers, with different deadlines, with the exception of Pay Day UK which only do a BACS (3 day) transfer but it is free. You have to pay for all the other same day transfer services, except with QuickQuid. In this respect Quick Quid are the best in that you get a same day transfer for free. Other lenders also offer a free BACS transfer service but it is not same day as it takes up to three days. Hint: if you have an account with the Halifax then you can get a same day transfer for free with Payday UK.
It is of paramount importance to consider the overall cost of the loan when comparing deals. Use the Typical APR as an initial indicator but ask yourself if you are a 'Typical' borrower, because if you are not then you may want to go about comparing loans in a different way. Do not be fooled into taking out a loan with the lowest finance charge, also known as interest charge. Also factor in any additional charges such as same day transfer fees or even registration fees. For example, QuickQuid may seem to cost the same as your typical lender but they do not charge for same day loan transfers. And loan duration should also be considered, for example, if you only want a 7 day loan then consider Wonga as they only charge you for 7 days and not what the others do which is charge you for thirty days.
Wage Day Advance and Cash Genie do not offer a faxless, online loan application service. The other lenders mentioned above do. But these 2 lenders will check out your credit history, the remaining ones will not.
To conclude, I have listed all the companies that are payday lenders and not brokers. I then went on to list the ones that payout the loan on the same day, how to analyse total loan costs, which ones provide a no faxing service and which ones will check your credit record.
I really hope this Pay Day Loan review will help you choose the correct solution for your needs.
by: Brian B Smith
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