Payday loans are nefarious little things that enable those needing short term cash to obtain what is effectively an advance of salary. You can generally borrow between £80 & £1500 with the advance being repaid as soon as you receive your salary that same month.

Key Points:

  • Borrow between £75-£1500
  • Apply Online
  • Immediate Decision
  • Same Day Money Transfer to your bank
  • Bad Credit History requests considered
  • No Credit Checks undertaken
  • Horrendous APR

What We Think:

It is difficult to find anything positive to say about pay day loans when a quick check of the market at the time of writing revealed lenders charging APRs of 1700%.  As an example this means you are likely to repay an additional £20 for each £80 borrowed every 30 days.  There maybe some circumstances where they are useful but if you need one the chances are your finances are in a very poor state.

In all honesty a payday loan is an option of last resort and should only be considered for immediate needs where you can be certain of repaying the loan on the agreed date. Typically those attracted to these type of deals are facing serious financial challenges and payday loans allow them to dig their “financial hole” a little deeper. In such circumstances it would be better to seek relief from debts and get help from a voluntary/charitable organisation such as the Citizens Advice Bureau.

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Filed under: Loans

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