What Are Instant Payday Loans?
Instant payday loans are loans taken out against the borrower’s next paycheck. In other words, they are short-term loans borrowed and to be repaid by the next payday. By instant, it’s implied that the loans are disbursed only a few hours after application.
Payday loans like other online loans are also so incredibly easy to get. People neither have to deal with multiple paperwork nor stand in line for several hours to access cash. Everything is done online.
Although the interest rates are relatively higher than bank loans, payday loans are still pretty attractive because people with low credit scores can access them. When paid on time, instant payday loans can also help boost one’s credit ratings.
Your chances of landing a loan, especially one with comparatively lower interest rates, are improved when you go via PaydayLoansUK.
When To Apply For An Instant Payday Loan?
A lot of salary earners live only on their salaries. This means that when commitments outside their priority list or budget come up, they have little to nothing to take care of them. Entrepreneurs and business owners are not any different.
Thanks to instant payday loans, you can still take care of emergency expenses and needs outside your budget. Aside from unexpected delays in payment of salaries, people take out instant payday loans to take care of the following:
- Funeral costs
- Emergency car fixes
- Urgent medical interventions
- Home remodeling
- Mortgage payments
- Utility bills
- House rent
Can PaydayLoansUK Help Me Get Instant Payday Loans from Direct Lenders?
Yes! We offer the best brokerage services there are. We have at our disposition carefully vetted direct lenders. We are aware of the risks associated with taking out payday loans, including very high-interest rates and potentially playing into the hands of scammers. We, therefore, ensure to work with only FCA-accredited and vetted lenders. Our partner lenders also charge pretty fair and competitive interest rates.
Here’s how to apply for a loan with PaydayLoansUK.
Provide us with the necessary details
Fill out the application form and supply all necessary documentation to help us match you with the best lender for your loan needs.
Since everything is now online, you won't have to wait for long to get any updates. Once you done submitting your information through our online form, you should expect to receive an instant decision from our panel of lenders within minutes.
Sign the quote
Sign the quote to seal the agreement. There is no contractual agreement with the lender if it’s not put into writing and signed appropriately.
What’s left? Nothing! In an hour or two, your cash should be available for withdrawal.
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 Are The Requirements to Get An Instant Payday Loan?
To get an instant payday loan, the applicants must:
- Be at least 18 years old and beyond.
- Be a resident of the UK.
- Have a verifiable source of income.
- Have a checking account.
These are the eligibility requirements for obtaining an instant payday loan. The requirements for approving and processing a loan application include:
- Mobile number
- Work address
- Employer details
- Bank account details
How Quickly Can I Obtain the Instant Loan?
Very quickly. Obtaining an instant loan can be as fast as the next hour. It is highly dependent on the lender you choose.
Typically, each lender intimates the prospective borrower with their payment processing time, so they have an idea of how long it takes to have their cash in their account.
However, we understand that most of our clients seeking instant payday loans need them for emergencies. Therefore, at PaydayLoansUK, we have a payment policy. This applies regardless of the lender and how much time it takes to process their loans. All of our instant loan lenders disburse payments within 24 hours after the application has been approved.
Instant Payday Loans Top Tips
Instant payday loans are quite handy. They can be lifesavers even. There are however even more ways to maximize the benefits. Like with every lump sum, they can also put you in some trouble if handled badly. Here are some things to note when next you are applying for an instant payday loan:
Use them only for emergencies
It is important to note that instant payday loans are best reserved for emergencies. They are designed for that purpose. Borrowers are therefore not advised to take these loans for frivolities or to satisfy mere cravings and wants.
Have a solid payback plan
This is pretty simple; have a solid payback plan. Ensure that you have a solid payback plan before taking out any loan, moreso a payday loan. Without a repayment plan in place, your chances of defaulting on payment are high. In most cases, and with most lenders, defaulting on a loan means extra fees, charges and increasing loan costs.
You may have plans to pay directly from your next salary or add some profits from a business venture to pay back. Whichever the case and whatever plan you may have set rolling, the rule of thumb is not to borrow more than you can afford to pay back.
Pick a reputable brokerage service
A reputable brokerage service like PaydayLoansUK saves you time and effort. We do all the groundwork for you and place excellent lenders at your fingertips. We also ensure to pick lenders with the highest approval rates. That way, you are most certain that you will get the loan. It also saves you from possible scammers booking to extort people.
Select your direct lender only after a carefully detailed comparison.
After submitting your application, kindly take your time in selecting a lender. Consider the amount you need, your payback plan, the interest rates, etc. Only pick a lender after carefully assessing for the lender that suits you best.
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|
Does PaydayLoansUK Offer Direct Lending or Brokerage Services?
PaydayLoansUK offers brokerage services. We act as middlemen between clients and direct lenders. We ensure to vet our lenders thoroughly and only offer up the best to our clients seeking payday loans.
Do I Need a Guarantor to Apply?
No, you do not need a guarantor to apply. Having one will however increase your chances of getting approved for bigger loans.
It is important to note that your guarantor is held liable to pay should you defer payment.
Can Bad Credit Stop Me from Getting an Instant Payday Loan?
No. Bad credit cannot stop you from getting an instant payday loan. It might however affect the amount of money you are offered by direct lenders. The maximum amount you can get may depend on the lender and what your debt-to-income ratio and spending history say.
How Much Can I Possibly Get?
PaydayLoansUK will connect you with lenders who provide clients with up to £5000. However, the specific amount each lender gets depends on how much the lender thinks you can afford. This is arrived at on assessment of your employment history, income level, debt-to-income ratio and spending history.