Short-Term Loan Lender Reviews
It’s decision day. You have to select from an array of payday loans, but how do you know which one to choose? You do not want to screw up and pay the consequences so you need some free information such as the one contained in this UK Payday Loan Provider Review. You are better off securing a loan with direct lenders so as to avoid middle-men, or broker, costs and below we list these direct payday lenders.
24/7 Moneybox, Purple Pay Day and Payday Bank are brokers and not lenders. They may be able to find you a loan but bear in mind that your personal details will end up on several direct lender systems that you have never even heard of. So stick to the direct lenders, namely: Quick Quid; Speedeloans; Wage Day Advance; Wonga Short-Term Loans; One Month Loan; Cash Genie Loans; Lending Stream; Pay Day Express; Pay Day UK. Note though, that Wageday Advance, Lending Stream and sometimes Pay Day UK try to initially lend you the advance you have applied for but if you do not meet their requirements then they will pass your application on to other lenders to try to secure you a loan with them. Now you know.
Are these payday companies truly quick at lending out the money you need? This is an important characteristic to consider as it is one of the main reasons you will want to take out an online advance. In that case, avoid Payday UK if you need money instantly. They usually take 3 business days to get the money into your account. The lenders you want to go with if you need instant cash are Speed-e-Loans and Wonga. In fact, all the other ones I have listed above also provide same day loan transfers and the funds will arrive in your account on the same day too if you are approved before their deadline which is about 15:30. If you are approved after the cut-off time, or if it is a non-business day, then the funds will arrive on your account the following business day. Most loan providers will charge you between 5.50 and 25 for a same day transfer. None will charge you for BACS, or up to 3 business days, transfer. But not all offer this free service, with Wonga for instance, you can only go for the same day transfer but thankfully it is at the lower end of the same day transfer fee range coming in at 5.50 only.
It is of paramount importance to consider the overall cost of the loan when comparing deals. Use the Typical APR as an initial indicator but ask yourself if you are a “Typical” borrower, because if you are not then you may want to go about comparing loans in a different way. Do not be fooled into taking out a loan with the lowest finance charge, also known as interest charge. Also factor in any additional charges such as same day transfer fees or even registration fees. For example, QuickQuid may seem to cost the same as your typical lender but they do not charge for same day loan transfers. And loan duration should also be considered, for example, if you only want a 7 day loan then consider Wonga as they only charge you for 7 days and not what the others do which is charge you for thirty days regardless.
All the loan companies mentioned in this review claim to offer a no fax service except for Wageday Advance and occasionally Cash Genie Loans. They will also all carry out credit checks on you with the exception of Wageday Advance, 1 Month loan and Cash Genie Loans.
To conclude, I have listed all the companies that are payday lenders and not brokers. I then went on to list the ones that payout the loan on the same day, how to analyse total loan costs, which ones provide a no fax service and which ones will check your credit history.
This free UK Online Cash Loan Company review is brought to you by www.whichpaydaylender.co.uk. All the best in comparing and choosing your next payday loan.
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