Monthly Archives: March 2012

Safe Loans – Not Just A Payday Loan Company?

I stumbled across a payday loan company called Safe Loans today and was intrigued… let me tell you why.

Safe Loans work in a slightly different way to traditional payday loan companies. Rather than restricting the loan period to one month they will actually allow you to extend it to as much as 4 months.

So for people who may otherwise struggle to repay a payday loan after a month they have a little extra time to get the money together to repay it. In fact it splits the loan repayments into 4 – so you’re effectively paying what you can afford to rather than paying it all in one go.

Safe Loans have actually been around since 1989 – longer than any other short term payday lender in the market at the moment.

I was surprised by this as payday loans have only really come about in the last 10 years or so. However, short term loans have been around for far longer so I guess these guys fall into the former category – but like any finance company they have to evolve with the changing market.

Like the majority of payday loan companies they also abide by the Consumer Credit Association and are committed to treating customers fairly.

In addition to this they are very exact with their customer requirements and who they lend to. Safe Loans state that they will only lend to people who are over the age of 18, have a UK bank account (with a debit card linked to it), earn at least £800 a month, an email address and mobile phone.

So… in the most basic sense Safe Loans are a payday lender, however, they are far more flexible when it comes to their loan term.

It is important though to try and pick the shortest loan period if possible as this will keep interest rates low. The longer the period of time you borrow the loan for – the more you will have to repay.

Interested? We advise that you compare payday loans in the market before simply applying. It’s important that you find one to suit your needs.

Payday Bank – A Loan Broker You Can Trust

Unlike the other payday loan firms on our panel Payday Bank is not a lender. They work in quite a different way.

Payday Bank is what’s known in the business as a loan broker – they try to find the best, most competitively rated payday loan to suit you and your needs.

The nice thing about going through a loan broker rather than direct through a lender is the fact that they will select a payday loan that fits your requirements. Let’s face facts – one short term loan will not necessarily suit everyone (if it did then there would probably be only one payday lender).

On average the interest rates on payday loans taken out with this broker tend to be pretty much the same – which is why the representative APR is static at around 1737%. But remember – this isn’t representative of the actual interest rate you repay as this is a measurement over a year rather than the month you take the loan out for.

This still works out that you pay around £25 for every £100 borrowed – in essence you repay a total of £125.

The majority of decent payday loan companies will only lend to you if they believe you are capable of repaying the debt. Payday Bank are probably one of the more trusted brokers in the payday business – they only work with well recognised, respected lenders in the sector.

If you choose to take out a loan with Payday Bank you are in safe hands – they are careful with who they work with and the vast majority of lenders will give you the option of deferring repayments over a period of time if you do end up struggling financially.

Compare payday loans with Creditwindow:

TXTLoan Benefits – A Quick Look

TXTLoan are a payday loan company with a difference.

Like any payday loan firm they can offer small short term loans between £100 and £500 a month. However, unlile other payday lenders they also offer the ability to apply via your mobile phone.

As strange as it sounds it is actually that simple. You register on the website then, once approved, you send the company a text message and they can transfer the payday loan into your bank account within minutes!

Incredible when you think about it… according to the company it takes around 11 minutes to apply and take out a payday loan – far quicker than any other lender in the market at the moment. However, this is a little debatable as they all claim to be fast – from Wonga to PaydayUK.

Like all payday loans it’s very important not to be fooled by the ridiculously high APR quoted on the website – trust me, this is not what you repay. APRs are based over a year – remember a payday loan is only a monthly loan.

When it comes to interest rates TXTLoan are probably one of the cheapest on the market – an example quoted on the website of £100 accumulates 17% interest – so the amount the borrower repays is simply £117.

Whilst TXTLoan are not one of the longest running payday loan firms out there at the moment they are one of the most trusted and have been featured on the BBC, The Guardian and a number of other high-profile news publications and media.

They are also licenced by the Office of Fair Trading and they operate a responsible lending and treating customers fairly policy. You could do worse than taking out a payday loan with TXTLoan.

Compare payday loans with Creditwindow.

A Review Of Payday Express

Payday Express are probably one of the longest running payday loan companies in the marketplace.

The firm sees their short-term loan solution as a way of “bridging the payday gap” between when you need the money and your next payday.

They have been offering short term loan solutions since 1999, however oddly enough, unlike Wonga, PaydayUK and QuickQuid they’re not as well known. This is undoubtedly due to their relatively low-profile in the press and media.

In spite of this it doesn’t make them any less trustworthy when it comes to borrowing payday loans. They effectively offer the same thing – a payday loan amount between £80 – £800 over a monthly period.

They have a fixed interest rate of around 25%, however, like any payday loan firm they have to state their Annual Percentage Rate (APR) which is 1737%. Again – whilst this sounds like a lot the fixed interest rate is the true measurement of the amount you repay. For example, if you borrow £100 you repay £125 on the agreed repayment date.

If you are unable to meet the repayment it’s important to tell Payday Express so that you can set-up a payment plan, however, you should try to repay this as quickly as possible as interest rates can quickly creep up on you.

Payday Express is a nice quick online process – you simply enter your details and you can be approved within minutes. That’s one of the nice and convenient things about faxless payday loans – no paperwork and no waiting for approval.

Whilst the payday lender are as trustworthy as any other well-established firm it is still important to remember – don’t borrow more than you can afford to pay back.

Not convinced? Compare payday loans with Creditwindow.

QuickQuid – A Quick Review

In much the same way as PaydayUK, QuickQuid has been around for a number of years and in this case is actually a globally established lender, operating worldwide, making them one of the most trusted payday loan firms in the UK.

QuickQuid originally started out as CashNetUSA – a US based payday loan firm back in 2004 and QuickQuid was launch shortly after in 2007.

In much the same way as PaydayUK and Wonga.com they are dedicated to responsible lending practices to ensure that they only lend to people they believe can repay the loan. This is another reason why the likes of QuickQuid are so stringent in their criteria of who they lend to.

QuickQuid will only lend to people who are employed, aged over 18, live in the UK and have a valid UK bank account.

However, like most compliant payday lenders they also state that they will only lend an amount they’re sure the borrower can repay at the end of the month. In spite of this, if the borrower is unable to repay it at month-end, they do have the option of deferring payday loan repayments so that they can repay it in manageable chunks over a few months.

It is worth bearing in mind though that, like any other loan, the sooner you repay the short term loan the less interest you will have to pay. So repaying the payday loan quickly is in your best interests.

So the question remains – should you borrow from QuickQuid? The simple answer is – it’s up to you but bear in mind that these guys have been around for as long as PaydayUK and longer than Wonga.com. They follow similar compliance processes.

Still unsure? Compare payday loans with Creditwindow.

Find out when a payday loan can be useful. Compare payday loans with Creditwindow.

Admittedly payday loans are not most people’s answer to short-term borrowing as an authorised bank overdraft or credit card tends to be the preferred short term loan of choice.

Unfortunately not everyone has access to credit cards or authorised bank overdrafts – usually because their credit score isn’t in great shape or they simply have no credit history to speak of.

Fortunately payday loans can help in these cases… as long as you have a permanent job, earn over £750 per month, have a bank account and are aged over 18.

Payday loans can be useful in many circumstances as they are a very quick source of short-term lending. Did you know that you can get money into your account within a few hours? Well with a payday loan you can, unlike other forms of unsecured loans.

But when is the right time to take out a payday loan?

That is a bit like asking “when will I need my credit card” or “when will I need my bank overdraft?”

Think about it for a minute – when would having a credit card or bank overdraft be useful? When you have a plumbing disaster to take care of or maybe your car has broken down and it’s in need of urgent repairs… whatever the emergency or unexpected cost a payday loan could help to bridge the gap until payday.

So do you need to bridge the payday gap for an unexpected bill? If so then a payday loan could be what you’re looking for.

Compare payday loans with Creditwindow and find the right one to suit you.

Creditwindow Expands Into Business Finance

Creditwindow announced their expansion into business finance today to help the millions of businesses in the UK struggling to find credit.

Creditwindow is proud to announce the launch of it’s business finance section.

“With the economy and lack of true financial support for small and medium sized businesses in the UK the decision to expand into business finance was a logical progression for the firm,” a spokesperson for the company announced today.

In recent years, following the onslaught of the 2008 / 2009 “credit crunch” small business owners have struggled to obtain valuable credit or business loans for their firms. Whilst business loans do seem to be an obvious choice for many it is a long-acknowledged fact that the British banks are still unwilling to lend – or at least lend at a reasonable interest rate.

There are of course alternatives to small business loans – such as business cash advances – which is Creditwindow’s first commercial finance product.

Unlike business loans, a business cash advance is a way of converting future credit card receivables to cash with no fixed monthly payment. In addition to this – rather than charging an interest rate as such the finance firm merely take a small percentage of the business’ credit card sales to help repay the cash advance.

Whilst Creditwindow acknowledges that this might not suit every business it could ultimately benefit those who are struggling to find an immediate source of funding.

Currently the business cash advance firm Creditwindow works with can give small businesses up to £500,000 – a considerable sum of money.

To find out more please visit our Business Loans section.

Car Finance - A Quick Guide To Car Loans

Find out more about buying a car on finance and find a car loan to suit your needs.

When you’re looking to buy a new car it’s not always easy to find the cash to help with the purchase – whatever that reason may be.

Let’s take a quick scenario – you’re current car is on it’s last legs and it breaks down whilst you’re out on the road. When your breakdown service eventually turns up to tow your car it turns out that it is simply not worth investing in the repairs. Effectively it could be more cost-effective to buy a new, more reliable car than to get your vehicle repaired.

Unfortunately many people find themselves in this type of scenario and with the economy in its current state many simply cannot afford to buy one.

If you find yourself in this state there are other options you can consider.

Buy A Second-Hand Car

Buying a second-hand car isn’t the worst choice but it’s worth bearing in mind that its life-span will be reduced when compared to a new vehicle, however, in the short-term at least you could save yourself money.

If you are struggling to find cash for a second hand car then you could consider a payday loan or even turn to your credit card. For a cheaper vehicle this option could be ideal, however, we appreciate that some people may want or even need a brand-new car.

Cars On Finance

If you are looking for a brand new car and are struggling to find the finances to fund your new purchase then consider buying one on finance.

There are a number of car on finance firms to choose from and all offer competitive APR interest rates – compare Creditwindow’s car loan companies to find a plan to suit your needs.

Image: M – Pics / FreeDigitalPhotos.net

Creditwindow's Blog

For All Your Financial Needs…