Payday Loans

Instant Money Payday Loans

Payday Loans With No Credit Check

Payday loans with no credit check are widely available. One of the reasons why payday loans are so popular is because you can get them without a credit check. It’s also one of the reason though why payday loans are more expensive, plus why it’s also popular with persons looking for loans while having bad credit ratings. Without payday loans it would be difficult securing a loan. It’s good to ask yourself though if you would really need a payday loan and if it’s not safer to go for an alternative.

You should only get a payday loan if you can pay it back comfortably, on time and still afford all your other outgoings. You need to ensure that you don’t fall into a regular cycle of borrowing and repaying (source).

Many payday lenders out there will give you a loan for a couple of weeks or a month or two. These loans are therefore often called Short Term Payday Loans. Often all you need to do to apply is to fill in a form. You must give your personal details and often supply information on your financial situation such as regular income and source of income. Some also ask for prove of income and personal details. You can send in a photo or screenshot of such. Next you’ll find your loan approved, you will receive an offer by e-mail and after you accepting the offer, you will get the money transferred to your bank-account.

Payday Loans Direct Lenders No Credit

This easy process of obtaining loans with no credit check help you getting money fast and without much trouble. However since a loan is just a few clicks away this easiness leads to many problems of people not being able to pay back their loans. Especially since the costs of a payday loan isn’t really low. It’s pretty high in fact. Often to get a loan of 200 pounds you end up paying 40 to 60 extra cost. Most of the lenders typically charge you 30 pounds per 100 pounds borrowed. You will then need to payback 130 pounds.

There are even direct lenders who will borrow you amounts up to one thousand pounds. Obviously you will need to give some prove of income to secure such a loan but really, going for a such a loan means you will end up paying back shit-loads of money, like 1300 pounds. That’s why you should for sure ask yourself if such a loan is really worth it and if your risk is not too high.

Easy Payday Loans No Credit Check

Payday Loans are really easy to get. It’s often just a few clicks away. One well-known instant payday loan lender in the UK literally says on their website

Our payday loans no credit check really are as easy to get as they sound. We lend to people with all kinds of financial history and accept close to 100% of applicants.

It’s actually quite funny how payday lenders are advertising their loans. They make it sound really easy and in fact it is really easy to obtain such a loan. It’s therefore not a surprise that especially youngsters are likely to fall into their trap.

Payday Loan Lenders no Checks

A lot of young persons who just started in their adult lives discover the easiness of getting money through a loan such as these ones and then find themselves not being able to pay back their loans including the costs. Then you’ll find yourself in a difficult situation of having to pay back money to these companies and still trying to live a decent living.

It’s also a good question of who’s responsibility this is. Ultimately it’s the one who takes out the loan. But the lenders of instant paydays easy access are not helping the situation either. That’s also why there is a ongoing debate about regulating the lenders.

Do you find yourself in the situations that if you would like an instant payday loan without credit check or not, think good about your situation and if you really would need one. Also, be sure that you can pay back the loan. There is always something unforeseen that can happen between now and having to pay back the loan, so be sure you know what you’re getting yourself into.

If you find yourself doubting what to do, you can also visit, a debt charity organisation.

New regulation reduces payday loan lenders

A new regulation is likely to reduce to number of payday loan lenders. The new regulation due for 2015 sets stricter regulations for payday loan lenders in order to protect consumers. It is said that the regulation will put an end to extra costs of payday loans. Payday loan lenders will only be allowed to set a maximum amount of cost of 20 to 30 percent of the loan.

This total cost includes the maximum interest cost as well as other extra costs such as ‘administration costs’ or other types of costs that payday loan lenders tend to raise to their customers. According to the FT,

The cap is one part of efforts to clean up the sector with tougher regulation. Lenders are already subject to rules, which came into force this month, that limit their ability to extend, or “roll over”, loans and to access customers’ bank accounts directly to take missed payments.

According to the lobby associated with payday loan lenders, the Consumer Finance Association, this will most definitely result in much less payday loans offered to consumers. It expects the market to shrink about half in the coming years. According to the FT:

The association said its members, nine of the UK’s biggest payday lenders, had lent 50 per cent less in the past three months than in the same period last year.


Finding the Right Payday Loan Lender For You

It’s not so hard to find a payday loan lender that can offer direct payday loans. But which lenders can you really trust? And which ones are not so expensive?

The field of payday loan lenders is a large one. A quick search won’t make you find the right payday loan provider instantly. There are many lenders around and it’s not always clear upfront of what is the real cost of the payday loan you are about to take.

Thankfully there are some guidelines you can take into account. First of all, don’t just take the first one you find on the internet. Spend some time finding at least three pay day loan lenders. Then take a look at the cost of the loan. Best is to go through the procedure of the obtaining the loan, but skip the last step. Only like this you know the full cost.

Have you done this, then you can more easily compare the lenders.

Another thing to take into account are the number of days you need to pay back the loan and its costs. Best option is always to pay back the loan as soon as you can, so that you won’t get any surprises of extra costs when not paying back in time.

Finally, it’s often a good option to choose a pay day loan provider that is transparent about costs and the amount of time you get to pay back the loan. There are providers who have very easy to understand costs and payback periods. These providers are often not so sketchy as other lenders that are more weary about showing their real teeth.

In sum: be aware to search well and choose a couple of different payday lenders. Take a good look at the real cost of the loan. Are there any hidden details? What is the deal in terms of number of days to pay back the loan? Follow these guidelines to better choose a payday loan provider.

What Do Payday Loans Really Cost?

Not all lenders of payday loans are always very clear about the costs of Payday Loans and they will always find new ways to increase their profit and your loss.

In the best situations you will be seeing a clear overview of what a payday loan will cost to you upfront. In the worst situation there may be some ‘hidden’ costs that are only known when you read the loancontract at full lenght.

When choosing a Payday Loan provider it is best to compare up to three lenders. Even in the case you may want to have the money right away it is best to wait a little bit and do a little bit of research.

Most payday loan providers will deposit the money on your bank account the same day as you apply for the loan. They have scheduled several moments a day when they deposit the loans, and some lenders even have a fully automated process.

Most payday lenders offer this kind of information on their website but not all are as accurate as they could be.

Comparing Pay Day Lenders

When comparing the different loan providers, it may be very smart to pay attention to exactly what amount you will have to pay back at what due date. Are you sure you are able to pay back this amount by that date?

It is a good advice to check the costs of up to three lenders before deciding which pay day loan provider you would like to apply with for your short term loan.

The cost of most payday loans tend to go up from 20% to 50% of the total sum you borrow. If you lend 200 pounds, this typically means you will have to pay back up to 240 up to 300 pounds within the agreed period (typically 2 to 5 weeks).

Think very well to know sure if this is really worth your money and be sure to know what are the exact cost and the total amount you need to repay.

Interest Rates Payday Loans

Many payday loan providers will lure you into a payday loan by advertising with low interest rates. Some payday lenders even advertise that their loans come with no interest at all. This is a smart marketing trick by which you can see that payday lenders are not always honest about their costs.

Payday loans should never be used to pay off existing debt (source).

Instead of interest, these lenders come with fees that you have to pay for the loan. They make it appear the loans come without interest costs but cover these up with other sort of costs, such as lending-fees or administration costs.

Costs of Overdue repayment

There may also be extra costs in case you are late with repaying your loan. In this case it is always advisable to inform the lender right away. There may be special rules in place so you have some extra time to pay back the loan without extra fees and costs.

In most cases though lenders tend to come up with quite some extra costs in case you’re late with repaying the loan. But you also have your rights and lenders cannot keep on charging you more and more for every day you’re late with repaying the loan. See for more information Repaying your Payday Loan.

Payday Loans

A payday loan is a popular choice to get access to money quick. Which are the options you can choose from if you need money fast? And what are the things to pay attention to?

There are many payday loan lenders in the UK. There is at least twenty or thirty known providers of these fast access loans. Some bigger players are even active with multiple brand names, creating the false idea that you have a choice between different offers.

How payday loans work

Payday loan providers transfer the requested loan to your bank account often within a day. The loan repayment, plus the interest or the extra fee is taken directly from your bank account on the due date.

“The typical charge is about £25 per month for every £100 borrowed. Advertised interest rates (APRs) are typically around 1,750%.” (source)

According to Wikipedia, most payday loan lenders charge quite a lot of money: 25% for an advance repayable at the end of the month.

A few charge 30%, which is equivalent to an APR of over 2000%. If you keep failing to repay your payday loan, this enormous APR could become a reality in a few months.

Risky Payday Loans

These pay-day loans are not risk free. The costs are high and many people get stuck for not being able to repay the loans. They often start hopping from one short-term loan provider to another.

Many payday loan providers are also known for aggressive marketing and other tricks they may use to make people use their services. They screen adds not only to people looking for loans but also advertise on tv and on billboards, to trick people with little cash to opt for a payday loan. These adds often do not inform you of real costs.

Costs Payday Loans

Payday loan lenders often advertise with false information. Most people look for the interest cost, but many times these costs are low or even non-existent. The real cost come as a “service-fee”, for paying out your loans fast, even instantly. Or they come with high costs if you’re overdue with repaying the loans.

You can find payday loan providers online, but there are also many lenders with actual shops where you can get cash in your hands straight away. You need to sign some papers and most likely bring some sort of identifaction, proof of address as well as some prove of income. They will inform you in some way of the cost of the fast loans, but they will probably not inform you more than what you will ask for.

Popularity of Payday Loans

Payday loans are very popular nevertheless. According to Wikipedia in one year “1.2 million people took out 4.1 million loans”. That’s almost 2 out of 100 persons in the UK.”