How our price comparison website works
How are you independent, fair and impartial?
Unlike some other short-term and payday loan comparison sites, we are not owned by a lender therefore we will always have the best interests of our customers at heart.
We follow the strict guidelines set out by the FCA and the CMA in the Payday Lending Order (2015) which means that all of our short-term loan comparison results must be shown with the cheapest option first down to the most expensive. Where lenders have the same pricing, we randomise the listing order for those lenders so not to favour one lender over another. We do not cover whole of market, however, we believe that we compare more payday lenders than most other sites in the UK.
Our commercial arrangements will never influence how we present our payday loan comparison results to you and they never affect the price. In fact, in some circumstances, we can often bring customers of allthelenders better rates than you would get by going direct to the lender.
We do not display adverts or promotions within our short-term loan comparison results table.
Why are the amounts displayed on allthelenders different to what I was offered from the lender?
There are many reasons why the amounts we display on allthelenders may vary to what you have been offered from a lender and we’d like to look a little closer at some of these reasons now. The most important thing to remember is that our results are accurate for the periods we compare, however the following needs to be considered:
– When we compare Instalment Loans (weekly or monthly) we base our comparisons on a 30 day month for all lenders. We assume your first repayment will be due in exactly 30 days from today. Typically your first repayment would be much sooner than this (many people apply for credit in the middle of the month) therefore if a lender offers you a loan, the amount may be less than we have displayed due to the first repayment being within just a few days or weeks. As interest is typically charged daily, the shorter you have the loan for, the cheaper the loan will be.
– The assumption we make is the same for every lender, so the results are always relative and fair.
– Many lenders on their websites use sliders to give example repayment amounts. Each company has different ways to display their rates and some compare their monthly loans on the basis of there being just 30 days in each month (as we do), some lenders sliders presume your next payday and some work on 31 day months. With this in mind, sometimes the amounts we display will vary from lender websites. You should always remember, the results displayed on lender websites are not always actual rates and the rate you are offered and the repayments may vary dependent on your circumstances and the term of the loan.
There are also other things to consider when comparing rates, there are many other factors taken into consideration when a lender underwrites a loan application – these could include:
– The amount you would like to borrow and over how long (some lenders may reduce their rates for longer term loans)
– Your existing relationship with the lender – our rates are typical for first time customers. If you have borrowed from a lender before, you may be eligible for preferential rates
– Your risk – a lender may be willing to lend to you, however, if you are considered a higher risk borrower then they may offer you a loan at a higher rate than we have displayed – this however should never exceed the legal interest rate cap of 0.8% per day (292% interest per year).
– Whilst we check lender rates very regularly, there may be occasions where a lender changes a rate before informing us or us finding out. We cannot be held responsible for loan offers that do not match our comparison results – it is your responsibility to check the loan amount, repayment schedule and the total amount repayable before signing your loan agreement.
– The APR shown in the comparison results is a representative APR and is not the APR of the loan compared, the actual APR of your loan will be given to you by the lender. We do not use the APR to calculate the cost of your loan, as the APR is an annual rate and most of the loans we compare are for under 12 months. For short term loans, the APR is not a reliable indicator for the cost of your loan as the rate is annualised, to understand the cost of your loan, please refer to the Total Amount Payable, the Cost of Credit and the Monthly Instalments.
allthelenders is one of the most accurate payday and short-term loan comparison sites in the UK, we go to extreme lengths to ensure the results we display are correct in order to give our visitors the best information available. However, lenders may change their loan rates without telling us and there may be a cross-over period where our rates may not be accurate. You should use our comparison results as a guide only, your loan rate would typically be dependent on your personal circumstances so could change from what we show you. We accept no responsibility for customers that are not offered the rates displayed on our website, it is your responsibility to check your loan is affordable before agreeing to the loan.
If you have any questions or queries about our comparison services, please do not hesitate to Contact Us.