Borrow £250 to £3,000
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Short Term Loans
£250 – £3,000
Online decision
Responsible lenders
Rates from 278% to 1576% APR
3 – 12 month repayment
Personal Loans
£1,050 – £3,000
Whole of Market panel
Trusted panel of lenders
Rates from 5.7% to 278% APR
3 – 36 month repayment
Representative 481.6% APR.
Representative example: £500 borrowed for 5 months. Total amount repayable is £991.85 in 5 monthly instalments of £198.37. Interest charged is £491.85, interest rate 236.1% pa (variable).
Unsecured Loans and Guaranteed Payouts on Loans – Payday
Key Features
- Also know as Wage Day loans they are small loans, instant loans or lending designed to last until your next wage comes in.
- They can be approved instantly and even take into account bad credit, though eligibility checks are still made.
- These types of loan or lending can be used for any purpose, carry a short loan duration and typically have higher interest rates than other forms of lending.
Payday loans offer borrowers up to £10,000 to pay off immediate expenses and tide them over until the end of the month. The application process of the loan like payday is usually very fast, with successful customers able to receive funds on the same day when applying loans. Provided that they meet the relevant checks and criteria, funds of the loan such as payday can sometimes be transferred instantly or within just 1 hour of approval of loans.
A payday loan is used for short-term purposes and then repaid on your next ‘payday’ which is the usually the last working day of the month. Recently, payday loans have evolved into a more instalment loan product repaid over 3 to 12 months, giving customers the added flexibility and breathing space to pay off their loans.
UnsecuredLoans4U works with a number of trusted payday loans lender in the UK, allowing you to get the finance you need in your loan like payday in a safe and secure way. There are no upfront fees for applying a lending or loans such as payday and if successful, you can receive funds in one lump sum and on the same day of applying your loans.
Borrow anything from £100 to £25,000 today.
Quick online loans application takes minutes.
Benefits of Payday Loan or Loans
| Fast | The application process lending, and funding of payday loans is very fast and customers can receive funds in 1 hour or the same day when the loans applied. This is very useful to pay off pressing bills and emergencies, such as broker boilers, car repairs, home flooding, medical bills and outstanding rent.
The idea is that instead of waiting for your loan until your payday for the emergency to be fixed, you can borrow the money today through pay day loans and then pay back the loan or lending when your next payday comes in. However, you must always weigh up the cost of borrowing a loans like payday and whether you can afford to repay. |
| Clear payment terms | Payday lenders must clearly display their representative examples before funding or lending your payday loan and present to you in a loan agreement how much you are going to repay and how long for you are going to pay your loans such as payday. With most payday loans repaid in equal monthly instalments, you know how much you are paying for your loans like payday each month and how much you have to budget. Simple. |
| Repay early | All payday loans in the UK allow you to repay your payday loan early if you would like to. So whilst you have the option to borrow for up to 12 months, you may decide that you have the means to repay sooner your loans. In which case, you can contact the lender directly or log in and pay off your payday loan. It will always be cheaper to pay off your loan or lending like payday earlier and you will save money because less interest is being accrued. |
| Improved market confidence | With the introduction of FCA regulation in 2014, the industry has become significantly better regulated, clearly and safer for consumer. A price cap was introduced in January 2015 to ensure that the cost of a payday loan is no more than 0.8% per day and there are new rules to prevent rollovers, extensions and to limit default charges on loans such as payday. Also, every broker and lender must be fully authorised by the FCA to provide their services like payday loans, which creates a higher standard and benchmark in the loans industry. |
How to Apply for a Payday Loan Online
Our application form is 100% online and can be completed by desktop, mobile or tablet, 24 hours a day and 7 days a week. Whilst your application for payday loan will usually be processed immediately, if you apply for payday loans on weekends or bank holidays, it will just be processed the next day.
You will be asked to fill in a few basic details about your lending like payday including your name, age, residence, employment, monthly income, expenses, and bank details. This information is sufficient for the payday lenders to run their series of checks and if successful, funds can be transferred to your debit account shortly after. Depending on your criteria, some money lenders may request proof of income or a quick phone call to confirm your details – however, some can process your payday loan immediately.
What is The Criteria For Payday – Loan
- Over 18 years of age
- UK resident
- Full-time or part-time employed earning min. £500 per month
- Valid UK debit account
- Valid UK phone number and working email address
- Able to make monthly repayments of loans
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What Payday Loans Alternatives Are Available?
Traditionally, payday loans would last for 14 to 30 days, but this would put a lot of pressure on borrowers to repay the full loan or lending such as payday and interest at the end of the month – and often cause an unhealthy spiral of debt.
Fortunately, there are a lot of payday loans alternatives now available, and most lender offers installment loans for 3 to 12 months to provide some added flexibility.
If you have a bad credit rating, there are other options available, such as using a guarantor loan to add an extra person to your loan agreement and provide some more security.
There are also logbook loans, which allow you to borrow money secured against your car, bike or van – or any vehicle that you own.
How is UnsecuredLoans4U Different?
At UnsecuredLoans4U, we are a credit broker and not a direct lender. We have spent years finding the best partners across the loans or lending industry in the UK. Our quality matching tool aims to match borrowers with the lender most likely to accept their loan such as payday loan and offer the best rate.
Our service is completely free to use and all our customer’s data is kept safely on our secure website. We will not pass on your information to any other companies without your permission – and will always try find the most suitable and responsible lender for you. For more information, read our policy on treating customers fairly.
How Do Repayments Work in Lending?
Payday loans are repaid in monthly instalments, and you can choose the day you would like to pay your loans like payday by confirming this with the lender beforehand. Most borrowers will choose the last working day of the month because this is when they are most likely to be paid and have money in their account available to the loans such as payday. Some like to choose a specific date, or the date just after payday, so they can get their finances in order.
Repayments are collected through a process known as continuous payment authority, which is very similar to a standing order. It is set up during the application process of the loans like payday where the lender tokenises your debit card. Then, when your repayment date comes, you will receive a reminder by email and SMS and the money will be automatically collected from your account. There is no need to call up, send money or make a manual repayment of your loans, this is all taken care of. If you want to cancel your continuous payment, you can do so any time.
What Should You Consider Before Applying – Payday?
Before you apply for a payday loan, it is important to consider whether you can afford to pay your loans. It is one of the more expensive forms of borrowing, mostly because of the speed and convenience. It is important to consider other alternatives such as cheaper loan offers available or borrowing money from family or friends.
What is the Loan Application Process for Payday?
Secure Payout
Leadbrain’s secure technology platform will present your application of your loans to a panel of lenders to help find the best financing option for your personal situation.
Paid Into Your Account
Once your application for payday loans has been accepted by one of Leadbrain’s lenders, in most circumstances you will receive your funds within 24 hours.*
Credit Problems*
Leadbrain’s panel of lenders can usually help applicants no matter what their credit history is, as all histories are considered, and they cater to a wide spectrum of customers.
