Short Term Loan Lenders Not Brokers
The short term lenders market has grown so much because of changing customer’s needs. Even if we budget down to the last penny every month, an unexpected expense can crop up and we may need a short term loan to tide us over until our next payday.
Short term lenders like Wonga and QuickQuid are now household names so the good news is that with so many short term lenders on the market, there are lots of options and you can shop around for the best deal. Comparison sites such as Money, The Lenders List, and All Payday Lenders allow you to view all the top lenders in this sector. Compare interest charges and fees and click on the link to their website so you can make an informed decision.
Some useful tips for comparing short term lenders;
Don’t let the big numbers scare you
Short term lenders have a reputation for charging high levels of interest and some of them do! However, this isn’t always the case at all. For legal reasons, short term lenders have to display something called a representative APR on their websites. For example, the representative APR of 1270% is a legal requirement set out by the Financial Conduct Authority (FCA) and the Consumer Credit Act.
Be sure to do your homework
It’s very easy to see adverts for short term lenders and to just go with them because they’re the first lender you’ve seen. Lots of short term lenders, mean lots of choices for you so find one that gives you a competitive interest rate and gets your money to you quickly and has great customer service. There may also be additional services that some lenders offer which you may benefit from. Without doing your research you may not know which is best for you.
If they’re responsible, make sure you are too
Responsible lenders will:
- Never encourage you to borrow more than you can afford. Getting free impartial advice is encouraged, so visit The Money Advice Service at www.moneyadviceservice.org.uk before you make any decisions.
- Show exactly what you should expect to pay in terms of interest and fees before you take out your short term loan.
- Run a full set of credit checks to ensure that they are happy you can afford the amount of money you’re asking for.
It’s really important you choose a short term lender who is being responsible. It gives you peace of mind that you’re not going to be given a cash loan you can’tafford or be charged big fees without knowing. Always give the absolute truth about what you earn and can afford. It is in your best interests and will ensure you are not falling into financial hardship.
Why Choose Us?
- Direct Lender
- No Payout Fee
- No Hidden Costs
- Fast Online Application
- Multiple Repayment Options
- 100% UK Based
- Fully Authorised by the Financial Conduct Authority