Payday loans have become the easiest means of getting your hands on quick cash to deal with emergencies. While there may be many other cheaper options of borrowing that you can look at, they will certainly not reach you as fast, and they may require you to keep something as collateral, and will, therefore, involve many formalities. This is why short-term loans may be seen as a more favorable option.
Always compare payday loans
Given the popularity of payday loans, there are now plenty of online lenders. The need to compare payday loans arises because different lenders offer different rates of interest. At the same time, the terms of the loan may differ from one lender to another. While some payday loans last for 7, 14 or 21 days, in some cases, you may find lenders who are willing to extend them for up to 45 days or even allow you to repay the loan amount in monthly installments.
There are many online tools that make it easy for you to compare payday loans. However, if you are not familiar with these, you can always check out the daily interest rate of these loans, which is capped at 0.8% by the FCA.
The good news is you can compare payday loans while sitting in your home. The allthelenders website, which is the UK’s first comparison website for the short-term loan industry, lets you compare offers and deals from direct payday loan lenders. The site is authorised and regulated by the FCA, and it provides 100 per cent independent results. As a result, when you compare payday loans, you get unbiased results, which helps you make an informed borrowing decision.
Find a reliable lender
When choosing a lender, go through the terms and conditions to make sure everything is as you discussed. Analyse the affordability of the loans and the process of repayment. You don’t want a lender who denies you the loan but still withdraws money from your account.
By doing some research using the allthelenders website, you will be able to make a more informed choice when you compare payday loans.