Instant payday loan UK services range from such popular online services as Kwik Cash and Wonga to PaydayUK and Payday Express.
When taking an instant loan from one of the payday lenders, you should consider the possible expenses related to using speed as the main decision making tool on these loans.
For one, many of the faster payday lending organizations have higher interest rates on their loans, so you pay extra to get a fast decision.
This difference may also be due to that the lender forgoes some checks on your creditworthiness, and to counterbalance this include in risk, the loan costs are higher for the borrower.
Because there are tens of companies competing for your business in the UK payday loans market, you should consider spending a time comparing the loan prices, to minimize the costs associated with getting a quick loan decision.
Similarly, there are many alternatives to payday loans, and you might get much lower borrowing costs by using some of these alternatives.
These alternatives include getting a cash loan from a friend or a family member, taking a cash advance from a credit card, and negotiating a salary advance from your employer.
Over the internet, the loan application process in UK payday lending is typically very fast.
For example, Wonga, one of the most popular online payday lenders, says under their Q&A section that:
"We usually provide an answer in seconds and, if approved, we send the cash to your bank within 15 minutes. That makes us the fastest and only genuine 24/7 lender in the land."
Wonga has been in business since 2007, when they launched their first payday lending website from London.
In addition to providing fast loan decisions, they have also been one of the leading innovators in this field, being one of the top companies in the Sunday Times Tech Track 100, thanks to their fresh approach to consumer finance.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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