Tag Archives: quickquid

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.

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.

Payday Loans - When Journalists Almost Get It Right

I was reading an interesting article by Ashley Wassall – an editor for FTAdviser and specialist in retail finance.

Now this article is dated November 2011 but it’s still quite relevant even now as it touches upon the controversial subject of payday loans.

After his long-winded ramble about Field of Dreams he eventually started writing something that struck a chord with me.

In typical journalist fashion he starts off by giving payday loan companies a hard time over the size of their APR whilst purposely ignoring the fact that APR is a measurement over a year where payday loan interest is a measurement over a month (i.e. 25% as oppose to 1,125%). I’m not going to enter this debate yet again however as politicians and journalists alike seem to enjoy rubbing payday loan APR in everyone’s faces.

But I’ve digressed. What I liked about the article was his opinion that, like any other financial service (including IFAs), payday loans should be regulated. Currently, unlike most financial services, payday loans are not regulated by the Financial Services Authority (FSA) (at least when this article was written).

What is interesting though is that he calls for the principles of treating customers fairly (TCF) to be tightly applied not only to IFAs but also to payday lenders in an effort to improve the way companies treat their customers.

However, what he does leave out is the fact that many payday loan firms are members of the Consumer Finance Association (CFA) and under their terms the fair treatment of customers is absolutely essentially, as is being honest and up-front with people looking to take out a payday loan. In addition it’s worth noting that all CFA members are licenced and regulated by the Office of Fair Trading (OFT).

So is Payday lending poorly regulated? Maybe but probably no more so than any other financial product or service that is regulated by the FSA.

Wonga Payday Loans – What Makes Them Different?

With the growth of the payday loan market in the UK Wonga is probably the best known out of all the major players – thanks largely to their television advertising.

In truth Wonga’s television advertising and Viral marketing campaigns are probably the only things that really set them apart from other payday lenders.

If you look at the average payday loan television advert out there by the likes of QuickQuid and PaydayUk, as just two examples, the advertising campaigns tend to be pretty dire, only matched by the likes of those Cash 4 Gold adverts.

Ok, I’m probably being a little unfair to Wonga – there are aspects that do set them apart from other payday loan firms. Let’s take a look at a few:

Wonga are probably one of the only payday lenders that really are up-front about the amount they charge people. It’s fair to say they were ground-breaking in introducing people to their “slide-bar calculator” that effectively tells you how much you will need to pay back if you choose to borrow the amount you specify.

Wonga will only lend smaller amounts up-front – for instance they publicly state that the maximum amount you can borrow (as long as you can repay it) is £400. In comparison some payday loan firms actually state that they lend up to £1,000 – grossly misleading, especially since many lenders will not actually lend this amount the first time round. Wonga is at least transparent in this regard.

Wonga’s interest rates are lower if you borrow a payday loan over a shorter period of time – the lower the interest rate will be. For example, most payday loan companies fix the length of time over a monthly period so you are obliged to repay the loan with the full month’s interest. With Wonga you can actually specify the loan period – pretty flexible if you ask me.

So are Wonga the same as every other payday loan firm? Well – they are still a payday loan company – whatever else they claim to be, however, they do have a number of differences that make them stand out. Would I borrow from Wonga if I needed to? Probably.

Payday Loans On The Cards For Millions Of Brits

Insolvency experts are expecting to see an increase in British consumers taking out payday loans over the next six months or so.

With the impact of high inflation, low income and high unemployment, many British consumers are expected to turn to payday loans to last them until payday, insolvency experts have claimed.

Insolvency experts, R3 have reported that they expect the number of people taking out payday loans to increase based on the responses of 2,000 people.

The survey by R3 showed that 60% surveyed were concerned about their level of debt and, probably more worryingly, 45% struggled to make their money last until payday. This actually increased to 62% for 24 – 44 year olds.

The £2 billion-a-year payday loan industry is thought to be a cheaper alternative to than going overdrawn or facing a credit card charge, hence why they are becoming more popular than ever.

However, consumers are urged to ensure they re-pay the short term loans back as quickly as possible, otherwise they could end up facing more expensive roll-over, monthly charges – known as deferrals in the industry.

With the increasing number of people turning to payday loans, otherwise known as payday advances, both politicians and insolvency practicioners are becoming increasing concerned about the number of people falling into debt. As a result they have called for a standardised industry code of practice to be introduced to help ensure that customers are treated fairly.

In spite of this the majority of authorised payday lenders, such as Wonga.com, PaydayUK and QuickQuid, are members of the consumer finance organisation, an authority that strives to regulate payday loan firms and other financial organisations that are not necessarily controlled by the Financial Services Authority (FSA).

This writer has a feeling that 2012 will prove to be a very interesting year for payday loan firms, especially now tighter regulations are being called for from all sides…

Could A Payday Loan Make Or Break Your Credit Rating?

Find out how a payday loan could help or hinder your credit score.

Did you know that a short term loan or payday loan could make or unmake your financial future? Well maybe not… but it could help.

It’s incredible when you think about it – did you know that a payday loan can actually benefit your credit score? Well… as long as you pay it back in time and don’t default on your payments.

Payday loans are useful if you need money quickly as you never really know when you might have a financial emergency and need cash fast.

The problem is – it’s not really your money, it’s the lender’s money and, like anything you are lent – you have to give it back. In the case of a loan – that’s paid back with interest. An important point but funnily enough it’s not something that’s touched upon by credit or loan companies enough.

I guess the real question you need to ask yourself before taking out a payday loan is – “can I pay it back?” If the answer is an unquestionable “yes” – then great, however, if it’s a maybe or a flat no then my advice is – really don’t risk it. the likelihood is you’ll just end up getting in debt and harming your credit rating even more than it already is.

If you harm your credit score you will only end up harming your chances of taking out a mortgage (if you want to buy a house) or getting credit for that car you want or, in some instances simply paying for your shopping with that credit card when you’re low on funds.

This author recommends that you sit down and have a long hard think before you make a decision on whether you should consider a short-term loan or not. You have to decide whether the risk is worth it or not – the lender can’t give you that advice.

Check out these top ten reasons why payday loans could be the right short term loan for you.

Okay – no doubt you’ve come across payday loans before, and even if you haven’t – you’ve probably heard of them.

They’ve been around for quite a few years now and, whether you know them through Wonga, PaydayUK or QuickQuid, their adverts are all over the place, be it on TV, billboards or even on the London tube!

But have you ever considered taking one out? Well, if not then check out Creditwindow’s top ten reasons why payday loans could be the right short term loan for you:

1. Payday loans are fast

Did you know that, once you apply, you could be approved within minutes? With the majority of payday lenders, such as PaydayUK and Wonga, you simply need to enter your bank account details and voila! Simple.

2. Safe and Secure

Creditwindow’s list of approved payday loan companies all have a completely secure application process using the likes of SSL security to ensure your sensitive details cannot be accessed by anyone other than the payday lender processing your payday loan.

3. Get up to £1,000 payday loan

You can get a payday loan from as little as £80 to as much as £1,000, depending on your circumstances. It’s easy – just click on one of Creditwindow’s approved payday loan lenders and find one today!

4. No credit checks

Most payday loan companies understand that everyone needs a hand now and again – even those with poor credit scores. Let’s face it – if you’re looking for a payday loan then the chances are your credit score isn’t looking so hot… payday loan companies will not run a credit history checl but will process your application based on other information such as income, employment status and a valid bank account with debit card.

5. Same day payday loan deposit

The top payday loan lenders out there can offer a faster payment service that allows customer to get a loan within hours rather then having to wait a day or two for the money.

6. Payday loan in a hurry – emergency situations

A payday loan could be the perfect solution to all sorts of cash issues that may arise, from car or house repairs to unexpected utility bills or even travel expenses. Whatever your reason – a payday loan could be ideal to help meet some of those unexpected problems that may arise.

7. Improve a poor credit rating

Did you know that everytime your pay off a payday loan this is reported to a credit referencing agency, such as Experian or Equifax? Well – this goes towards rebuilding your credit score and could go towards helping you secure other forms of credit such as credit cards, mortgages or unsecured loans.

8. Straight-forward, affordable interest rates

It’s true – believe it or not. Most lenders charge between £20 – £25 per £100 borrowed. So – you borrow £100 at the begining of the month – you only pay back £120 on your payday. Remember – the high APRs splashed across payday loan sites are really not representative of the actual amount you pay back. APRs tend to be a measurement over a twelve month period – a payday loan only lasts a month, therefore you don’t come anywhere close to paying as much as this in reality!

9. Responsible lending

Creditwindow’s panel of payday loan lenders have been carefully selected to ensure they are legitimate, compliant and adhere to responsible lending. The payday loan lenders on Creditwindow will not let you pile up debt and get into financial difficulties but will work with you to ensure any debt is controlled appropriately.

10. Payday loans are an easy option

Payday loans are a straight-forward, no nonsense option that bypasses a lot of red-tape that you would normally need to go through to obtain a regular unsecured loan or credit card. Whilst we appreciate it’s not the best option for everybody it’s certainly worth considering if you need funds quickly.

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