There are several Payday Lenders that operate in the UK market and you need to work out which is the most suitable lender for you, right? Well you have come to the right place. This Payday Providers Review will firstly highlight which are true lenders and not brokers. It will reveal which lenders actually transfer funds on the same day and also help you to work out the true cost of a loan. The last couple of points will touch on which lenders operate fully online and so do no require documents to be faxed in and also which of those carry out credit checks.
Swiftly moving on to the first point then, this is a list of the reputable companies that are lenders and not brokers, there are possibly more payday lenders in the UK but the really small ones or the ones with a no reputation are not listed here: One Month Loan; Cash Genie; Lending Stream; Payday Express; PaydayUK; QuickQuid; Speed-e-loans; Wageday Advance; Wonga. Please note, that when you apply for a loan with 1 Month Loan or WageDay Advance or Lending Stream and if you are not approved then they often do try and find you a loan with another lender and so in this respect they also act as a broker. Payday UK sometimes also carries out this practice.
Next up, and especially if you are in a dash for cash, is whether or not these lenders actually payout the loan on the same day. All the ones I have just mentioned do this, assuming you adhere to certain transfer cut off times. If you do then the loan will drop in to your bank account on the same day (the fastest is within 2 hours), otherwise it will be the next working day. You usually pay a premium for this same day service. The exception is Payday UK which does not charge and can payout on the same day you apply for the loan but note, it takes 3 working days for the funds to actually land in your account. You can get free transfers with most lenders but then it will take up to 3 business days for the cash to land in your account.
Another feature to analyse is the overall cost of the loan. You may opt for one that has a low interest charge, sometimes called a finance charge, but once you factor in same day transfer fees the cost of the loan can rise. So look at the APR rate to compare. But even this can be misleading as some lenders charge you for a fixed loan term of 1 month while others, notably Wonga, charge from anywhere between 1 day and 30 days – whatever is best for you.
Cash Genie and Wage Day Advance do not offer a faxless, online loan application service. The other lenders mentioned above do. But these two lenders will check out your credit record, the remaining ones will not.
To conclude, I have listed all the companies that are payday lenders and not brokers. I then went on to list the ones that transfer the loan on the same day, how to analyse total loan costs, which ones provide a no faxing service and which ones will check your credit record.
This free Payday Loan review is brought to you by www.whichpaydaylender.co.uk. Best of luck in comparing and choosing your next payday loan.
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