Tag Archives: short term loans

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.

How Do Payday Loans Work?

If you’ve read any of the other posts on this website by now the reason you may want to consider a payday loan is probably pretty obvious, however, let’s take a quick look at why they could prove useful.

Whether you are having car problems, facing an unexpected bill or some other expense – a payday loan could potentially get you out of a fix.

I suppose the nice thing about a payday loan, as oppose to any other form of short-term loan, such as a credit card balance, is the fact that it can be made available to almost everyone – poor or good credit scores.

In fact a payday loan can be made available almost instantly (well at least within 24 hours really).

Applying For A Payday Loan

It’s really easy and quick to apply for a payday loan – far easier than a standard unsecured loan as the lenders don’t need to have quite as much information.

In the case of most payday lenders it tends to be a page of information you need to fill in. The payday loan company can then tell you within seconds whether or not you’re approved.

As long as you’ve been approved the company will simply ask you to enter your bank account details (so the loan can be paid in) and your debit card details (so you can repay the company).

The agreement then appears on the screen and you simply need to agree it – once agreed the money could be in your account the same working day. Pretty impressive if you think about it – it far outstrips the speed of an unsecured loan.

But are payday loans right for you?

It’s down to you really – if you have access to a credit card with a decent credit balance then you probably don’t need a payday loan. However, there may be instances where you may prefer to turn to a payday loan over a credit card, including:

Emergency childcare
Unexpected Bills
Paying for your MOT
Car repairs
and more…

How much money are you able to borrow?

Most payday loan firms will offer between £80 – £750 (£1,000 in some cases), however, don’t be fooled. Whilst you may be able to eventually borrow the larger amounts most payday loan firms will only lend what you can afford to repay. For example, you may be able to borrow £120 the first time around and then take out a larger amount once you’ve repaid the balance on this loan… but even then it still depends on your personal circumstances.

What if you can’t repay your payday loan?

This is something worth thinking about. Payday loans can mount up over time if you don’t pay them off quickly. However, most payday lenders will offer something known as a loan deferral. This simply means that you can defer the loan repayment for another month… however it does incur interest. This is why it’s absolutely essential to try and repay the payday loan as quickly as possible. The last thing you want is to descend into debt if you can avoid it.

Are payday loans legal? Find out for yourself...

The question over the legal nature of payday loans has been passed to-and-fro between politicians and financial regulators ever since this form of short term loan hit the UK, back in the early Millenium.

Payday loans have been called into question largely due to their large Annual Percentage Rate (APR) and the fact that most payday loan firms are willing to lend to people with poor credit, previously unheard of in the unsecured loan market.

Payday Loan APR – Why It’s Misleading To Customers

It’s important to remember that a payday loan APR is subjective – it’s essentially a short term loan that’s taken out over the course of a month. This means that the APR (which is measured over a 12 month period) is actually misleading to customers.

Payday loan regulations state that an APR needs to be clearly displayed on the company’s website. The only real problem with this is down to the fact that a customer will usually repay the loan by the end of the month… so the interest accumulated will be a fraction of what the actual APR is.

For example, you will end up repaying £125 back – this is only at interest rate of 25%. This is a minor amount compared to what you would repay on a yearly loan. In fact it’s equivalent to a standard unsecured loan with a 25% APR.

Payday Loans – For People With Poor Credit

Payday loan companies can and do lend to people with a poor credit history. Let’s face it – many people go through a tough time and it’s not always their fault. They may have lost their job or had unforseen expenses they may not have been able to meet. Payday lenders don’t believe these people should be discriminated against because of a mistake or an unfortunate circumstance.

This is why payday loan firms will lend to customers with poor credit scores. They will accept a customer’s word that they will repay the loan at the end of the month and will make concessions if the customer struggles to repay it in one go. This is usually referred to as a deferral – where the payday loan repayments are split down into monthly manageable repayments.

Payday lenders are not demons – they’re not there to charge you bucket loads of interest at the end of the month. Essentially, as long as you’re honest and up-front with them, payday loan firms can be very understanding – or at least as understanding as a lender can be.

Mortgage holders and tenants are turning to payday loans, credit cards and short term loans to help meet the monthly costs.

A survey by homeless charity Shelter has revealed that almost 1 million mortgage holders took out payday loans to help meet mortgage repayments last year.

The survey went on to reveal that a whopping 7 million people in total were dependent on some form of short term loan, credit card or unauthorised overdrafts to help meet the costs of their mortgage or rent.

Shelter have suggested that by turning to the likes of payday loans or credit cards could well see more and more people spiralling into debt.

The Charity’s CEO, Campbell Robb, commented:

“Every two minutes someone in Britain faces the nightmare of losing their home. We urge every single one of these people now relying on credit to urgently seek advice.”

Creditwindow suggests turning to the likes of the Consumer Credit Counselling Service or Money Advice Service to seek advice on managing debt and to look into new ways of controlling spending to meet monthly needs.

If you are looking for a debt management programme it may be worth looking at what the likes of MoneyExpert have to offer.

Image: Idea go / FreeDigitalPhotos.net

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…

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