What Makes Online Loans Different from Bank Loans?
Traditional bank loans are often restricted to a tiny percentage of the public. They also have incredibly high-interest rates and an intent to sell you additional services that may or may not be necessary to complete your loan request. Banks can take anywhere from one to three days to process a loan; however, online direct lenders can do the same in as little as 24 hours. The best part of working with an online lender is that you will never have to leave your home. Everything is conducted through the internet, from application forms to payments.
Why Choose a Loan with Us?
By opting to use PaydayLoansUK, you can rest assured that you will be offered a range of best offers.
- You can expect the best possible loan deals from us. We only work with the best and most reputable loan companies in the UK.
- We make sure to match you with competitive deals. We work with various lenders, so we can make sure you get the best offer.
- Even if you have bad credit, we can help you. We work with many lenders who extend their services to customers with bad credit histories.
- You'll receive your funds fast. It doesn't take long for our lenders to review your application and release your funds once approved.
How Does Payday Loans UK Compare?
 | Why Use Us? | |
|---|---|---|
| What is the maximum amount I can borrow? | Up to £5000 | Instant approval |
| Will I be considered if I have bad credit? | Yes | Bad Credit Considered |
| Interest rates (variable) | 49.7% | Zero paperwork |
| Loan repayment terms | 1-36 months | Flexible repayment |
| Will I be credit checked? | Yes | Will perform credit checks as for financial regulations |
| How do I apply? | Apply online | Simple application form |
Common Types of Loans Online
To get started, let’s review the basic definitions of the six main types of loans online:
Personal Loans
A personal loan does not have a specific purpose. Personal loans can be secured or unsecured. Secured personal loans require collateral as an asset such as a house or car, and unsecured loans are not backed by any collateral.
Bad credit loans
A bad credit loan is extended to people with bad or limited credit histories. A bad credit loan can be a lifesaver for someone who has had financial difficulties but is now ready to get back on track.
Guarantor loans
A guarantor loan is a loan that requires another person to co-sign and guarantee the loan. The person signing as guarantor is responsible for paying off the debt if the borrower cannot repay it.
Payday Loans
Payday loans offer small amounts of cash to be repaid within a short term. Regardless of your credit score, you should be able to get a payday loan if you can prove that you receive regular paychecks.
Online installment loans
If you are looking for a loan that you can repay throughout the weeks or months, an online instalment loan may be your best option. Pay off the loan in instalments or pay it off all at once, whichever is convenient.
Cash advance loans
Cash advance loans are designed specifically to help you get the cash you need in an emergency. These loans allow easy access to funds that can be used to pay off bills, repairs, or rents.
How to Get a Loan Online?
Finding an online loan option is quick and easy with PaydayLoansUK. Fill out the application form on our website. Be sure to include all relevant details. This is to ensure the process goes smoothly.
Once you've submitted the application form, our network of lenders will then come up with irresistible offers for you to choose from, including loan details and rates. You should check that all of this information is correct before signing any documents. Once complete, the money will be sent to you, so that you can access it straight away. It's as simple as that!
Want to Get a Loan?
Representative Example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
What Can I Take Out a Loan For?
If you've ever needed urgent cash but don't have the time to wait to save up what you need, an online loan could be the right solution. Online loans are an easy way to get your hands on some cash quickly, and you can use them for just about anything. Here are some ideas of how to use your online loan:
- Debt Consolidation
- Home Repair
- Education
- Medical Expenses
- To start or grow your business
- To buy real estate
- To pay for school
- Vehicle repairs (to avoid the risk of being stranded)
- A wedding or funeral
- A memorable getaway vacation or trip
Frequently Asked Questions (FAQs)
1. Should I borrow from my bank?
While a bank is an option for people with good credit, those with poor credit should consider alternative options. With PaydayLoansUK, you'll be able to choose from a range of lenders offering competitive rates.
2. How Much Can I Borrow Online?
The amount is determined by a few factors: your income, how much you need, loan type and lender. Each of these factors may vary depending on the lender you choose.
3. Will you consider me if I have a bad credit score?
A poor credit score can hinder applications, but it doesn't mean all hope is lost. As long as you have the means to pay off your debt, PaydayLoansUK can match you with possible lenders.
4. What are the requirements for UK loans online?
You'll need to be at least 18 years old, employed with a regular income and a UK resident with a UK bank account. The requirements may vary slightly depending on which lender you apply with.
