Warning: Late repayments can cause you serious money problems. For help, go to moneyhelper.org.uk. We are a broker not a lender.

Jun 25, 2018

Learn Everything about a Lender before Approving Payday Loans

Your application for payday loans on Payday Pug will be forwarded to many lenders across the country. All lenders will assess your application and those who find your profile acceptable will send you their respective quotes. Unless there is something amiss in your application or you don’t have a sufficient income, most lenders will send you quotes. You can compare these quotes and take it forward. You would have to approve the quotes and convey it in writing before your chosen lender will proceed with the remaining formalities. While you can always compare lenders on the basis of their quotes, you should not go ahead to choose one before you learn everything there is to know about the company.

Unsecured short term loans are rarely offered by banks or traditional financial institutions. These are mostly in the domain of private lending. You may come across lenders that are nonbanking financial institutions. You may have quotes from private businesses that are registered as lenders of unsecured short term loans. Usually, a quote will have the basic information of a lender. You would find its name, contact details and perhaps also the website address. You should visit the website and study it thoroughly. You should go beyond the details provided and do some research on your own to find out all relevant information.

You should know a fair bit about the track record of the lender. You can read online reviews. You can check its ratings on various platforms. You can even get to know if the lender has had some issues with its borrowers in the recent past. Payday loans are simple but they can get complicated when you fail to repay. You need to be sure that a lender will be easy to deal with in untoward scenarios throughout the term.

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Representative example: if you borrow £550 over 18 months at a flat rate of 180% per annum (fixed) with a representative 770% APR you will make 18 monthly payments of £113.06, repaying £2,035.08 in total. Rates from 45.3% APR to 1721% APR. A short term high cost loan should not be used as a long term solution. We are a broker not a lender. We don't charge fees. We don't sell your personal information. We may receive a commission from the lender.

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