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Payday Lenders

Payday Lenders

Are you looking for new payday lenders 2018? The good news is there’s a constant new supply of payday loan companies coming onto the market. It’s an industry in demand and you are spoilt for choice when you’re trying to choose between lenders. The question is can you trust these new lenders or should you err on the side of caution?

Things to consider

As there are a lot of new lenders constantly entering the market, it’s important to do your research. You need to look at the following factors:

•Interest rates

•Sales pitch

•Website information

•Consumer reviews

The interest rates are the first thing you should look at. Newer lenders will often offer lower interest rates. After all, they need to compete with the more established lenders so they can’t afford to charge more. While you want to save as much money as possible, it’s important to be wary of extremely low interest rates. There are a lot of loan sharks out there and they entice you in with really low rates. Then they happily use scare tactics to make you pay up and they even add on additional charges.

The sales pitch is another thing you should look out for. Do they come across as too good to be true? If so they likely are. New payday lenders 2018 need to sell themselves, but the respectable companies won’t go over the top. Don’t fall for a clever sales pitch; focus on all of the mentioned factors before you decide which lender to go with.

The information on the website is something else you should pay attention to. Responsible lenders will provide information on what payday loans are and the potential risks. They will be honest and informative. If there isn’t much information printed other than the facts of the loan you’ll be borrowing, aim to find another lender. You want to go with a lender you can trust and who seems like they genuinely care about your finances and not just their own financial gain.

Finally if you can find them, consumer reviews are an excellent tool to use. They tell you everything you need to know about the lender from how quickly they received their money to how easy it was to pay back. You’ll discover any bad points as well as good, which helps to give you an idea of whether it’s worth applying to these companies.

Choosing the best lender

In order to choose the best new payday lenders 2018, you need to ensure you read the small print. There are often many hidden fees and other terms and conditions hidden within the fine print that most people don’t read. Let’s face it, who has the time to sit and read through the long tiny writing? 

The thing is, if you don’t read it and you take out the loan, you could end up seriously regretting it. You need to make sure you know everything there is to know about the loan and you can’t do that when you haven’t read the terms and conditions.

One thing many people don’t realise is that many payday loan sites are actually brokers, not lenders. This means that they don’t actually provide the loan themselves. Instead you type in your details and they match them to relevant payday lenders who can help you. By dealing directly with a lender you could save money as there’s no middle man to deal with.

Another thing to look at is the loan requirements. Does the lender make it clear what you need in order to apply? By checking the requirements first, you eliminate the chance that you’ll be rejected. If you apply for numerous payday loans and you get rejected, it may be marked on your credit report. This then affects your chances of getting approved by other lenders. The lender should always be really clear when it comes to who can and who can’t apply for a loan.

How much money do you need to borrow? Each lender is different and they don’t all offer the same amount of money. When you open an account with any of the new payday lenders 2013, you could be set a maximum borrowing limit. Usually you have to build up trust before you can borrow large sums of money. However, there will be some lenders who let you borrow up to £1,000 straight away. You’ll just need to prove that you earn enough to pay it back at the end of the month.

These are some of the things you need to think about when choosing a lender. It’s always recommended that you compare as many different companies as you can before you submit an application.

How a poor credit rating can affect your application

It’s possible that your application could be turned down if you have a poor credit rating. This is something that many people don’t know. 

If you do have a poor credit rating it would be worth trying to repair it before you find a lender. There are several ways you can do this. Firstly you can make sure any debts you have outstanding are paid off. Then you can check your credit report for any errors. It’s surprising how many people have found errors in their report that shouldn’t be there.

When it comes to new payday lenders 2018, it’s important not to rush into an application. Compare your options and take your time. Even when you’re in desperate need of the money, you still need to look at your options so you don’t end up making your financial situation even worse.

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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