Same Day Loans Reviewed - Don't Get Ripped Off
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 Pay Day 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 send funds on the same day and who actually does it. What to look out for when calculating the overall 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 any documents like proof of identity or proof of address.
First up then, this is a list of the reputable companies that are lenders and not brokers, there are possibly more payday lenders in the UK but the really small ones or the ones with a bad reputation are not listed here: 1 Month loan; Cash Genie; Lending Stream; Payday Express; Pay Day UK; QuickQuid; Speed-e-loans; Wageday Advance; Wonga Short-Term Loans. Please note, that when you apply for a loan with One Month Loan or WageDay Advance or Lending Stream and if you are not approved then they often do try and find you a loan with another lender and so in this respect they also act as a broker. Payday UK sometimes also does this practice.
Are these payday companies truly quick at lending out the money you need? This is an important characteristic to consider as it is one of the main reasons you will want to take out an online advance. In that case, avoid Payday UK if you need money straight away. They usually take 3 business days to get the money into your bank account. The lenders you want to borrow from if you need instant cash are Speedeloans and Wonga Loans. In fact, all the other ones I have listed above also provide same day loan transfers and the funds will arrive in your account on the same day too if you are approved before their deadline which is about 16:00. If you are approved after the cut-off time, or if it is a non-business day, then the funds will arrive on your account the following business day. Most loan providers will charge you between 5.50 and 25 for a same day transfer. None will charge you for BACS, or up to 3 business days, transfer. But not all offer this free service, with Wonga for instance, you can only go for the same day transfer but thankfully it is at the lower end of the same day transfer fee range coming in at 5.50 only.
Please remember that you should 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 tricked 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, Quick Quid 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 30 days regardless.
Do you have an adverse credit rating? Then you may want to consider lenders that do not credit check you such as Cash Genie, One Month Loan and Wageday Advance. But they are likely to ask you to fax in documentation such as electricity or gas bills. All other lenders mentioned in this review offer no faxing payday loans but they will credit check you. You cannot have it all, they either ask you to fax in documents to assess you or they will run a credit check on you. Some will do both.
In summary then, you have read about all direct payday lenders, all direct payday lenders that will also broker your application if they cannot satisfy it, and all payday brokers. You have seen which will transfer the cash you need same day and which will take up to 3 days as well as the costs involved with different transfer times. You have also read about how to compare loans based on true, overall costs. And lastly you have seen which lenders look at your credit file and those that do not will usually ask you to fax in documentation so that they can assess your application.
I really hope this New Payday Lender Review will help you select the right solution for your needs.
by: Brian B Smith
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