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If you are desperate for cash and have no idea where to get it then do not panic. A payday loan can provide you with fast cash straight into your account in no time at all. A payday loan is a short term loan which you can borrow for a short period of time whenever you need. Usually you can only borrow up to £1000 but in an emergency that can be very useful. The idea of these loans is to simply tide you over until your next payday so that no matter what circumstances befall you, you will be able to make it through. The interest on payday loans is often really high and that is because lenders will usually lend to you even if you only have bad credit. Since the level of interest on these loans is so high it is best to shop around and compare as many different payday loans as possible. check the APR and look out for any extra fees which you may incur. Payday lenders are notorious for expensive penalty fees for those who do not pay their loans back on time, so make sure that you avoid falling into that category

Payday Loans information

If you are applying for a payday loan you should proceed with caution. These loans are not cheap but can be useful in exceptional circumstances. If you are simply looking for money in order to go out with your mates then payday loans are probably not for you. Some lenders describe payday loans as an emergency cash solution and this is an accurate description. Only use payday loans if you are in serious need as it is likely to be an expensive way of obtaining small amounts of money. If you are sure that you have to get a payday loan you must make sure that you will be able to pay it back. Some lenders do permit loans to roll over but the interest can become extortionate. Do not use payday loans for paying off other loans as this will put you into a spiral of expensive debt. Finally be sure to read all terms and conditions carefully so that you know what you are getting yourself into.
Company Type Amount Repayable on £100 Terms & Conditions ID Required Representative APR Debit Card Bank Account More Info

Purple Payday
Bad Credit Loans

 Broker £80- £1000 £125 You must have a monthly income of over £750 and be in full time employment. Bank account details. 1286% No Yes Bad Credit Loans
Purple Payday make their decision as to whether you are eligible for a loan in no time. The application process is really simple and very fast and there is no need to send any paperwork. Purple work with a whole panel of lenders and can find loans for people with bad credit. Apply for your loan before 3pm Monday - Friday and the money could be in your account on the same day!
Representative APR: 1286%; Duration of Agreement: 31 days; Total Charge of Credit: £25; Total Amount Payable: £185

Uncle Buck
Bad Credit Loans

 Lender Up to £1000 £130 You must be employed and you will be assessed as to whether you can pay back the loan. N/A 2100.4% Yes Yes Bad Credit Loans
Uncle Buck is a lender which specialises in payday loans for people with bad credit. Their credit checks are less stringent than with other companies and if you are a repeating customer you can get up to $400 into your account. Apply online using their simple application process and get money into your account in no time.
Representative Example: Total Amount of Credit: £200; Representative APR: 2100.4%; Duration of Agreement: 31 days; Total Charge of Credit: £60; Total Amount Payable: £260 Address: Uncle Buck – Unit 451 Biggin Hill Airport, Westerham, Kent TN16 3BN.

Bonga Loans
Bad Credit Loans

 Lender Up to £100 £110 18 And Have Bank Account. Bank Account And Debit Card. 14348% Yes Yes Bad Credit Loans
Bonga Loans offer a new type of loan for which once you have applied online you can text for extra cash whenever you need it. Bonga loans can lend up to £100 but you are expected to pay the loan back within one week. Amount of credit £100 for 7 days. Total amount repayable £110. Interest £4.50. Interest rate 235% p.a fixed. Transfer fee £ 5.50.
Representative 14,348%APR *based on 1 week loan.

Payday Kong
Bad Credit Loans

 Broker £100 - £1000 £120 - £129.5 You must be over 18 years old and employed to apply for a loan. No paperwork, nothing to fax. 1286.2% No Yes Bad Credit Loans
Payday Kong loans offer just that, a fast and easy loans service which uses a panel of brokers to find you the loan which you need. Even if your credit score is less than perfect, Easy loans will do their best to find you the cash you need. The application process is easy and you will quickly know whether or not you have been accepted.
Representative APR 1286% Total Amount of Credit: £160; Representative APR: 1286%; Duration of Agreement: 31 days; Total Charge of Credit: £25; Total Amount Payable: £185

Instant Loans Direct
Bad Credit Loans

 Lender £80 - £300 £115 You must earn a minimum of £750 per month and be employed or self employed. Some ID may be required. 448% Yes Yes Bad Credit Loans
Instant Loans Direct offer some of the cheapest payday loans on the market so they are really worth applying for as their APR is unusually low. Essentially this company aims for your borrowing fee to work out at around 50p per day.
Representative 448.3 %APR. Borrow £100 for 30 days. The total charge for credit is £15 Interest is fixed at a rate of 15% p.a. The Total Amount Repayable is 1 payment of £115.00

Payday Express
Bad Credit Loans

 Lender £80 - £800 £125 You must be 18 or over, wages must be paid directly into your bank account. Generally not required – Payday Express offer instant online approval. 1737% Yes Yes Bad Credit Loans
Instant Loans Direct offer the cheapest pay day loan online - their APR of just 448.3% is far lower than any other pay day loans lender online. No admin fees - Same Day Transfer - Instant Decision. They only charge 0.50 pence per day for every £100 you borrow. Instant Loans Direct offer payday loans (no credit check is required)for up to 30 days which should be repaid in one single payment on your pay day.
Representative 448.3 %APR. Borrow £100 for 30 days. The total charge for credit is £15 Interest is fixed at a rate of 15% p.a. The Total Amount Repayable is 1 payment of £115.00.

Can anyone get a payday loan?

Payday loans are available to almost anyone. Although they will perform a basic credit check payday lenders are not as strict about whom they lend money to in comparison other types of lenders. Part of the reason for this is that the term for a payday loan is usually around one month and the maximum amount you are likely to be able to borrow is usually between £80 and £100. The interest on these loans is high and covers the costs of those who default on the loans. Different companies will charge different rates of interest so make sure you look at a few different providers.

Why Payday loans have a bad reputation?

Payday loans are considered by many to take advantage of those who are most vulnerable in our society. Because payday loan lenders often lend to people with bad credit who cannot go anywhere else for a loan the interest rates on these loans are often very high. This is partly because those who lend money in the form of payday loans take on a higher risk by lending to borrowers with a poor credit history. However, it would be impossible to charge such high levels of interest to those with a good level of credit. There are often extremely high penalty fees for those who default on payday loans and the way in which companies allow loans to roll over month by month leads to more expensive levels of interest being paid. There is a high level of concern that many payday borrowers can get into a spiral of debt very easily and the relaxed rules and regulations regarding payday loans do not help.

Should I go to a payday loan lender or payday loan broker?

Payday brokers can be useful if you are finding it hard to obtain a loan from different lenders and don’t know where else to look. However, some brokers charge a finder’s fee whether or not they find you the loan so it is worth being aware of that. Theoretically if you go directly to a lender there might be fewer costs involved. However, the truth is that the rates for different lenders and brokers vary hugely so the best thing to do is to look around to find the best rate. Brokers tend to work with a large panel of lenders so if you cannot find a loan they may be able to help you by applying on your behalf to numerous lenders.

Whatever you do be careful when taking out a payday loan!

If you must take out a loan make sure you are careful and know exactly what you are doing. Too many people get themselves into serious financial difficulty by taking out loans which they cannot afford. Read all of the terms and conditions carefully so that you are sure to avoid hidden fees and charges. Work out exactly what you need to borrow and budget accordingly for paying the money back. Pay the loan back on time to make sure you do not incur extra costs.
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