List of payday lenders in UK keeps increasing just as their prospective customer’s rise daily. Lending is not only a lucrative business but also a risky venture. A lender could lose money if he was careless to lend to the wrong people. This article will give you a list of payday lenders in UK so that you can visit any lender you choose and get that urgent loan you want.
However, to give you all the facts, we shall tell you what payday lenders do, how you can get a loan from them, repayment terms and discuss safety and regulation concerns before giving you the list of payday lenders in Uk. Let us start immediately.
List of Payday lenders in UK
Who is a Payday Lender?
This is a type of loan that you can get to solve any emergencies you may face at any time. The list of payday lenders in the UK will allow you to make the right choice out of the numbers operating this business. Also, with a payday credit facility, you can borrow loans as small as £50 pounds to £2,500.
Furthermore, if you borrow from these direct lenders of short term loans, they have flexible repayment terms. So, you can either pay it off at once or in small tranches on a monthly basis. Most loans are short term but repayment terms vary depending on the lender.
Safety and Regulation Concern
According to the Consumer Credit Act 1974, all lenders must get a license from the Uk Office of Fair Trading to sell consumer loans. Also, the recent Under the Consumer Credit Act 2006, demand that the Office of Fair Trading should evaluate all lenders to know if they are fit to continue to offer lending business or not.
Presently, the interest rate for the best payday loans direct lender floats without any limits on interest rate any time a borrower rolls over unpaid loans. Also, there may be new laws from the government that could place a ceiling on payday loans.
In addition, you are may choose to borrow from any direct payday lenders who meet all the official requirements set by the regulator for getting an operational license and are still a going concern.
What is the Interest Charge for Payday Loan?
Average amount borrowers collect range between £50 to £2,500 with terms of 2 weeks. Many loans could cost you about 400% percent annually or more. Also, they have other charges like finance charges ranging from £12 to £40 when you borrow £130.
The highest annual percentage rate (APR) as at now is about 1330% with a fixed interest rate of 292% while the lowest range of rates is about 1293% with fixed rate either going higher or lower depending on the amount you borrow from the payday lender you choose.
However, you should note that these interest rates are not fixed and could change subject to the cost of funds in the market, inflation rate, and regulators rules, and more.
Related: How To Get Instant Loans For Students That Are Unemployed
What are the Requirements for Payday Loans?
Before you apply, make sure you meet the minimum requirements for the loans by going through Websites that show list of payday loans lenders in the UK. In addition, if you had any existing loans, make sure you pay them off before applying for a fresh one. The requirement for payday loans include:
- Satisfying the basic requirement of the lender you choose
- Pass the requirement that shows that you can afford the loan
- Showing that they can count on you when it is time for repayment.
- Filling the form and passing checks – like, identity, credit and fraud checks
Repayment Terms
Repayment terms are flexible but vary from one lender to another so look out for the terms and conditions of any short term loan you take from the available list of payday loans lenders. Furthermore, note that the lender may penalize you if you fail to follow terms of the facility strictly. This will increase the burden of loan repayment.
Here is a List of Payday Lenders in UK
Now that you have good information and requirements that all the lenders usually ask for before they start processing your loan application, here is a list of payday lenders in the UK and a short brief about them. Similarly, you should note that this list is not final.
Peachy
Peachy is in the list of payday lenders in UK and it comes first here because of the ease of borrowing from this lender. You can get loans with terms ranging from 15 days to 12 months from peachy. You can borrow amounts ranging from £50 to £700 pounds. Visit this lenders website to check other offers you can get. Here is the website address to learn more.
Satsuma
This lender can lend you up to £1000. You have the option to repay the loan in small tranches as long as you satisfy the requirement to borrow and meet all its lending criteria. Here is their official website.
Lending Stream
Lending stream gives direct loans and is also in this list of payday lenders in UK. They have loans that start from £100 up to £1000. In addition, the term of their loans is up to 6 months. The borrower has an option of paying off the loan any time during the term of the loan. Check out other facts from their website.
Quick Quid
This lender offers £1000 to fresh customers while old customers can get £1,500. Quick Quid will not charge you for making repayment earlier that the term of the loan and you can repay from 1 to 3 times. Learn more about this lender here
Ferratum
This firm lends between 7 to 37 days. They offer to lend you £50 to £300. This company is big and has branches in Australia, Nigeria and Canada, and more than 20 countries. It also makes the list of the list of payday lenders in UK due to its size. However, you can also get other loans with other terms and conditions when you visit their UK website.
Pixie
You can get short term facility ranging from £150 to £1000 between 1 to 3 months. This company gives you other loans too when you need it. Just study the requirements and make sure you qualify before you apply. Visit the website now.
SafetyNet Credit
SafetyNet can lend you a maximum short term loan of £500. You can collect another one as soon as you pay up the former loan. They also help their borrowers by making sure their accounts do not go into the red. To do this they top up your account if it gets to a fixed level. You can visit their website to learn more.
Conclusion
The List of payday lenders in the UK is long but we have given you a few good ones out of the list of loan companies. You may wish to visit their sites to compare the price of their loans and how efficient their services are. Our opinion is that payday loans are attractive because you get it immediately to solve a pressing problem. But, when you consider their interest rates which are high and the tight repayment terms it becomes unattractive. So, you may consider taking a long term loan facility from a normal bank with more favorable repayment terms.
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