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Need Loans Till Payday?

Loans till payday

If you're living on a tight budget, you're bound to hit times when you're short on cash. Whether a big unexpected bill wipes out a huge chunk of your monthly income or you've been forced out of work through illness, it can be frustrating when you can't quite stretch to the next month.

Some people will probably think about turning to family and friends for a cash boost, but this isn't always an option as borrowing from loved ones has its own problems. Credit card, loan and overdraft applications can all take time, which is no good when you're in an emergency – but this is where loans till payday can help. 

There are millions of borrowers out there that have realised the benefits of payday loans. Although they get a lot of negative press about high interest rates, they are a great way to manage unforseen expenses and can help people avoid the long-winded process of more traditional forms of credit. 

How do they work?

Payday loans differ from personal loans in that they are only meant to last for a few weeks, typically up to 30 days. The repayments are not broken down into monthly instalments. Instead, the capital plus any interest charges and fees is due on the agreed date.

When people apply for these loans they'll have the option of choosing the length of the borrowing, up to a maximum of 30 days. This way, you can only borrow for as long as you need, so if your payday is just a couple of days away, you won't have to pay the interest charged over an entire month. 

Borrowers can keep the cost of the debt to a minimum and ensure that they only request what they can afford. If you're struggling to repay the loan within the scheduled time frame, the majority of lenders will allow you to roll over to the next month – easing the squeeze on your finances once again. 

Where to get them 

There are a number of payday lenders around in the UK, some with physical stores, but many are now available online. You'll just have to do a quick search online to find the most popular providers. When searching for loans till payday, it's important to compare the interest rates and the amount charged per £100 of borrowing, as both should be taken into consideration. 

As it's an unregulated market at the moment, it's absolutely essential that you take out a loan with a reputable lender. Unfortunately, the market is open to abuse, with some providers ripping off customers. To be on the safe side, check the reviews from previous borrowers and only going with a lender you recognise. 

Media hype

Payday loans have attracted a lot of hype about people getting into debt and charging too much money, but it's all about context. Research by Consumer Focus shows that borrowers tend to have a positive experience when using payday loans and are unlikely to suffer long-term difficulties. 

However, it's still worth searching around for the best deals as the APR can vary from 500% to 5000%. Obtaining a lower APR can help keep the cost down, but as has been claimed by payday lenders for a long time, Annual Percentage Rate is an unfair way to advertise short-term borrowing.

As loans till payday might only last for a couple of days up to a month, APR blows the interest rate out of the window. The loans aren't designed to last for 12 months or more, so the value is practically meaningless. One of the better ways to compare cash loans is by the amount it will cost to borrow £100 over 30 days. 

Who are they for?

Payday loans are most commonly associated with people on low incomes and with bad credit scores. The majority of payday lenders don't hold poor credit history against applicants, making them a viable option for people. 

Most credit cards, overdrafts and loans are only available to those with good or excellent scores, ruling them out for people on lower incomes. If you've got a poor credit rating, but are unable to borrow, it makes it practically impossible to improve.

However, short term loans are not only popular with people that have a poor credit history, they'll also good if you need to get your hands on cash quickly. Although the time it takes to receive the funds varies between providers, the vast majority will have the money in your account within 24 hours, but sometimes it can take just 15 minutes. 

Applications are made online, so there's no need to provide documentation or complete reams of paperwork, speeding up the process. Then, while most lenders would need to carry out a credit check, payday lenders will just check your income details quickly. 

Why you might need one

There are lots of reasons that you might need loans till payday at some point. Although they're not designed to help solve financial difficulties, they can help plug the gap temporarily when cash isn't flowing in. 

Sometimes large unexpected expenses, such as car repairs, can completely wipe out a month's income, leaving you with no cash to pay the bills. Instead of having to fall behind, a payday can give you the bit of extra money needed to keep your head above water.

Short-term borrowing is a very useful form of credit for people that don't have the luxury of spending on a credit card or dipping into an overdraft. It's important to remember that people with poor credit histories have the same financial needs as everyone else and a payday loan can often be the solution. 

It's a quick and convenient method of borrowing to help pay the bills, buy that new suit for work, cover medical expenses or anything else you need to pay out. As long as borrowers are aware of the cost of payday loans and can repay the balance on time, they're a viable way to get cash quickly. 

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APR Explained

Rates between 45.3% ARR to maximum 1575% APR

Representative 277.6% APR

Representative Example:

Amount of credit: £850 for 11 months at £146.30 per month.

Total repayment of £1,609.25. Interest: £759.25.

Interest rate: 150% pa (fixed). 277.6% APR Representative.

APR rates range from 45.3% APR to 1575% Max APR. Your APR rate will be based on your circumstances.

FCA Reference Number: 747184

Data Protection Act 2018: Z3565851