Tag Archives: compare payday loans

UK Workforce Turning To Payday Loans, According to Unite

UK Workforce Turning To Payday Loans, According to Unite According to research undertaken by Unite increasing numbers of workers are turning to payday loans since their wages run out before month-end.

According to the report London-based workers are thought to borrow the large majority of payday loans for housing.

The report suggested that two fifths of workers who take out these short term loans use the money for a variety of things – including rent / mortgage, food and utility bills.

This raises concerns that if consumers are unable to meet the cost of living through wages it’s unlikely that they will be able to repay the payday loan effectively.

It should be noted that the ridiculously high APR attached to payday loans is not an accurate measurement of the interest repaid as it’s over a yearly period. However, whilst this may be the case it’s also worth bearing in mind that, if constantly deferred over a number of months, the levels of interest mounts up – leading to spiralling debt problems.

Whilst payday loans are clearly useful if you need a quick solution to help pay emergency bills they should only be used as a last resort or if you’re absolutely sure that you can meet repayments on your next payday. Otherwise it may be worth simply calling the company you owe money to to arrange a repayment plan. Whilst this may not appeal it is a safer way of controlling your debt than turning to a short term solution.

If you do need a quick solution then compare payday loans with Creditwindow.

GetMeToPayday – A Quick Review

Whilst GetMeToPayday are not a payday loan lender they are a trusted broker in the lending industry as they have access to a number of trusted payday loan companies. Consequently they are in a good position to find the best short term loan to suit your needs.

By using a payday loan broker like GetMeToPayday usually ensures that you find at least one payday lender who will be able to lend to you. However, like any loan or credit it’s extremely important to ensure that you can repay the loan on the due date.

So what are the main benefits of obtaining a payday loan through this company?

As a broker they will obtain a loan with a reputable payday lender.

They can find the most competitive rates on payday loans.

The loan decision is extremely quick and money can be in your account the same day (in some cases mere hours).

There are obvious benefits to taking out a short term loan with a broker, however, we strongly recommend comparing payday loans and their criteria before making any decision.

CashBob Payday Loans – Don’t Let The Name Fool You

When I first came across “CashBob” I have to admit – my first thought was – “What kind of a name is CashBob?!” But, as with any payday loan firm, I decided to give them the benefit of the doubt and take a quick look at them.

On first glance I don’t mind admitting that I didn’t think much of them – the website is kind of flimsy with little information and, in a bizarre twist their opening hours are between 8am – 4pm. The majority of payday loan companies are open between 8am – 8pm (or there abouts) so that they can deal with their customer’s needs as and when they need to.

This suggests that CashBob are a predominantly digital company with little customer interaction. Whilst I personally don’t have an issue with this as I don’t necessary want to talk to a member of the customer service team it does make the company appear rather impersonal… especially to people who want that personalised service.

Having said that they are still an approved payday loan lender and they operate a responsible lending programme where they will only lend to people who they believe can repay the payday loan at the end of the month.

Like the majority of lenders they offer short term loans between £100 – £800 for the monthly term with an interest rate of £25 for every £100 borrowed. The APR is 4735%, however, as mentioned previously – this is an innacurate measurement of the amount of interest you repay as this APR is based over a 12 month period – not a single month payment.

As mentioned before – they’re very much a no-frills company but if you’re after a quick payday loan then you could do worse than using CashBob.

Sound interesting? Compare payday loans with Creditwindow to find the right one to suit your needs.

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.

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.

Compare payday loans - find the best one to suit you and your needs.

It’s easy to think that all payday loan companies offer the same product and base their lending on the same criteria.

This is a mistake that’s not worth making – it’s important to choose carefully which is why many simply compare payday loans and what different schemes have to offer.

So why should you compare payday loan companies? Well it’s simple really – there are a number of criteria they tend to differ on, including:

Compare Interest Rates

I’m not necessarily talking about the Annual Percentage Rate (APR) – APR is an inaccurate measurement of the interest you repay on a payday loan so I’m not going into this again. The actual interest rate is a measurement over the course of a month – if we look at two lenders who use a “slider” on their websites we can actually take a look at the amount you would likely repay. Payday UK – for example, have an APR of 1737%, however, if you actually calculate it properly you won’t pay anywhere near this amount of interest.

Let’s assume you want to borrow £80 over a 30 day period. In effect you’ll repay the £100 plus interest of around £29 – which makes the repayment value £129. This makes your actual interest simply 29% – cheaper than some bank overdrafts or even affordable unsecured loans.

The same applies to Wonga – however, it actually works out at slightly more expensive with an interest rate over 30%. In spite of this it’s important to bear-in-mind that not all lenders will have interest rates as closely matched as this – some will undoubtedly charge more. But this is why it’s so important to compare payday loans before simply taking one out.

The Amount You Can Borrow

The amount of money you can borrow from a payday loan company is yet another thing to consider. You won’t be able to borrow the same amount from all payday lenders. For example, did you know that Wonga have set their first time loan limit to £400 – and they’ll only loan you the maximum if they’re sure you can repay this at the end of the month.

Let’s now quickly compare this to Payday UK who seem pretty willing to lend you full £750 first time around if you need it. However, like Wonga they will only lend you the maximum if you can repay it.

When comparing payday loans it is vital that you consider the amount you want to borrow and whether you can feasibly repay it at the end of the month. It’s also important to be completely honest when applying for a payday loan. The last thing you want is a huge debt that you’re unable to repay – that interest rate will only increase the more you leave it. This is why it’s ideal to repay the loan quickly (within a month / 30 day period).

So – take a look around and browse our range of payday loans. Most importantly – find a loan to suit you and your needs.

Image: digitalart / FreeDigitalPhotos.net

Creditwindow's Blog

For All Your Financial Needs…