NOTE: This posting is due to be re-done soon.

Payday loans UK is the next subprime lending alternative. The first thing worth noting is just how very popular payday loans are in the UK today. That’s not just taking into consideration the demand from consumers, yet there is a huge cluster of payday loan lenders in operation; within the subprime market payday loans seem to be as popular as any other financial solution. This short term loan till payday will typically range between £80 and £750. There should be no faxing required and the funds can be quickly transferred (some payday lenders provide same day payments). As I mentioned, there are many payday loan lenders and so I will pick out some of my favourites today that can be found listed below and I will also add my best payday loan broker suggestion…

PaydayUK and QuickQuid are the two most popular payday loan lenders operating in the UK market today. Payday Express are also quite popular, they provide same day Express payments free of charge. Wage Day Advance is the only no credit check payday loan lender in the UK, problem being that they usually ask for documents to be faxed over. All of the other mentioned payday lenders provide faxless payday loans and each are regarded as the top payday loan lenders across the UK. I have recently added TxtLoan, which is a fantastic fast cash advance service where you can receive a £100 loan to your account in minutes; they currently offer a more speedy service than any other payday lender today. Finally, I have also added Payday Bank who do a great job of matching you up with their panel of lenders.

The problems that seem to have surfaced in recent times with payday loans is when the customer is not being fully responsible, typically taking payday loans out with several companies at once and these debts soon spiral. In the UK, there is no prohibition on “rolling over” lending – this is when debts and interest rates start to mount up and this is why we tend to hear so much negative press regarding payday loans. It is easy to gain these very quick loans and it is very easy to soon lose control! You just have to be responsible and remember that these payday loans can help to raise your credit profile and so they can be very useful. Banks like to say no, payday loan companies like to say yes and give you a chance.

If we move to payday loan interest rates, you may notice some lenders offering typical APR rates of anything above the 2000% APR mark. A common APR rate amongst the major lenders is 1286.10% APR. These APR rates can be confusing to look at as the rates include compounding, but we can summarise that a typical short term loan of £100 would usually require a total repayment of around £125 over a period of 31 days (= 25% interest). Just remember that APR is an annual figure as well, payday loans are monthly loans and so it is ridiculous to use such that calculation for a small term loan product. It is these APR rates that have equated to payday loans being banned in certain states across Canada and the United States; there have been no such major issues here in the UK thus far.

If you want a large unsecured loan amount then payday loans will probably not be of much use to you. This money needs to be paid back fast and you are usually limited to the amount that you can borrow at once. Taking out a payday loan isn’t really the step you should take if you want to raise plenty of capital, but you can repair bad credit since the lenders report to the major credit agencies. The payday lenders see these loans as useful options for members of the public who need cash to tie them over for perhaps clearing extremely urgent debts – or maybe they could be useful to those that wish to (with some urgency) take a holiday break or buy some birthday gifts etc. I think what appeals to the public is how efficient these loans are with the whole process being extremely swift whereby you can usually receive loan funds within 24 hours; 24 hour loans are usually hard to come back and so this is certainly highly notable.

These instant online payday loans in the UK are useful options to those in need of fast credit. Most payday loan lenders will credit check you, but don’t worry as they are very lenient and the actual payday loan product has been designed to target those who have had difficulties obtaining cash from elsewhere. Some common requirements would be that you must have a UK bank account, you must be above the age of 18 and be in full time employment. If you want a cash advance then go ahead and check out a payday loan, but if you want more cash and wish to spread out the payments then you should look elsewhere. As always, much will depend on your own personal circumstances.

Edit: A more thorough resource to study Payday Loan Lenders.

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