Payday loans have become very popular when it comes to tackling sudden financial emergencies. However, when choosing to borrow money, you should always make sure you borrow from the right sources. Given the number of fraudulent companies out there, if you don’t research well, you may end up getting duped in the process.
Cost of payday loans
Payday loans can be quite expensive. On average, a lender will charge a borrower about £24 as interest for every £100 borrowed. However, this varies from lender to lender. It is important to do some research to find a lender who offers a good deal that includes a reasonable rate of interest and a low APR.
Research lenders online
The best place to start looking for payday loan lenders in the UK is the internet. The allthelenders website is the UK’s first loan comparison site dedicated to the short-term loan industry. Here, you can compare direct payday loan lenders to check their terms and conditions and interest rates.
allthelenders is authorised and regulated by the FCA. The site lets you use different parameters to compare payday loan lenders, and the results are 100 per cent independent. The site offers access only to lenders who are licensed and registered, so you can check the security policies and lenders’ data protection policies from the comfort of your home. Remember to check the security measures that payday loan lenders provide as well as the charges.
Finding a reliable and flexible online lender can be quite a challenge. However, by being cautious and using the allthelenders website, you will manage to find the right one to help you in your time of need.