Popular payday loan lenders UK range from Wonga, Payday Express, and LoanExtra to PaydayUK and QuickQuid.
In the UK,
payday loans are short-term, small amount loans (typically for sums
between £80 - £1,000), typically taken with the idea to be paid back on
the borrower's next payday from regular employment.
These are NOT, however, intended to be used as solutions for long-term money problems, partly because of the high borrowing costs, high annual percentage rates (APRs) of interest on the loans.
Typical uses for payday loans include emergencies (such as bills from medical emergencies) and many types of unexpected expenses.
In addition, according to industry research, some customers use these loans to avoid late payment fees, overdraft charges, and expenses related to disconnected services.
Because of the high costs of borrowing, you should not only compare payday loan interest rates between lenders, but also consider using some of the alternatives to payday advances.
These alternatives typically include getting a salary advance from your employer, using a cash advance from a credit card, and taking a small consumer loan from a local bank.
Often, taking a payday loan might be an indicator of more profound financial problems than just those on the short-term.
One of the possible helping hands in that case is your nearest Citizens Advice Bureau, that may be able to help you figure a way to manage your day-to-day finances better.
Among the more popular payday loan lenders providing loans in the UK are Wonga, Payday Express, and LoanExtra to PaydayUK and QuickQuid.
When researching for payday lending services in the country, you'll quickly find out that most of the available services are credit brokers, which will search an available loan for you from the direct lenders.
However, that service comes with added costs, and most of the time, you can save money by dealing solely with the direct lenders, without any financial intermediaries.
If you want fast payments and quick loan application processing, one of the top choices is Wonga, which has been names one of the top tech companies in the UK, thanks to pioneering a fully automated system, from loan application processing to fund payments to your bank account.
Another popular choice is QuickQuid, owned by US-based CashNetUSA, which in turn is owned by one of the world's largest payday lenders, Cash America.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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