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Quick Payday Loans UK: How to get the Best

There are plenty of options to choose from when you’re looking for a reputable lender to make quick payday loans in the UK. If you are currently employed with a reliable salary, plenty of lenders will want to work with you in getting the loan that you need. When a lender sees that you are enjoying consistent paychecks from your employer and have your own bank account, they will send you the money instantly, often less than a day. Online applications are also very fast making them popular options among borrowers who are in need of quick cash.
Pay Day Loans with Direct Lenders
Not all sites that endorse payday loans are lenders and a lot of them are brokers who make their money through commissions from directing potential borrowers to the lenders. While brokers will provide you with plenty of options to choose from and relieve you from the burden of searching for a lender who will cater your needs, not all are reliable. There are those who make money by selling the information that you have provided them without considering what you really need. They bounce you from one lender to the next indiscriminately tossing your personal information around the internet like an agent handing out leaflets in the mall. If you value your privacy dearly, then dealing with a direct lender might be a better option than relying on a broker.
Applying for a Payday Loan with Bad Credit
Credit rating is an important criteria in evaluating an individual’s loan application. It paints a picture on how an individual behaves financially especially when it comes to paying off his debts. While there are plenty of lenders in the UK who advertise loans with bad credits, applicants with poor credit ratings will normally find it hard to avail for a loan. Lenders will always ensure that a borrower has the ability to repay the loan he is requesting for so if a person becomes approved for a loan despite having a bad credit history it is because the lender is convinced that he can effectively collect payments from him. This person might have a consistent salary stream and has his own bank account where the lender can directly collect the repayment funds (Yes banks have the power to withdraw money from your bank account via CPA or Continuous Payment Authority).
There is a limit to costs
Payday loans are one of the more expensive credit options with APR’s that can sometimes reach to a thousand percent. Because it is unsecured and short-term while at the same time easy and quick to get, lenders put a hefty price in availing for them. There is, however a limit, on how much lenders can price their payday loan offers through The Banking Reform Act 2013. This protects borrowers from payday loans sharks and the dangers of costly short-term loans in creating spiral debts. While it doesn’t decrease the overall cost of the loan, it does make it an even more appealing credit option.
Other Alternatives
There are other alternatives for payday loans and they come with much lower costs. You can always borrow from family members or friends who will normally lend you the money that you need without any interest rate involved. You can also make a credit card advance to make an emergency purchase. But if both alternatives are simply not available at the moment and you have an urgent need of money, payday loans can be a viable option that you can look into.
Lenders will help you solve your debt problem
It is important to note that payday loans are options worth considering for certain situations, namely if you require an infusion of cash for a short period of time to address an emergency expense. It should never be used to make unnecessary expenses and purchases and is not an ideal option to pay off another debt. Speak to your existing lenders regarding your current financial situation and they should try and help you find a solution for a more affordable loan. Work with them and give them a clear picture on how you can realistically make your repayments for a loan and you will find that having a payday loan is not a heavy financial burden after all.
Always remember that it is better to deal with a direct lender when you are considering on taking a payday loan. Avoid brokers if possible especially if you are thinking of securing your private information. Lastly, don’t forget to talk to your lender about your current financial situation to avoid getting in a deal that you simply cannot afford.