Applying for a PayDay loan is usually a better option than paying late fees on bills, bounced checks,
and having to deal with your bank's overdraft protection service. As an example, each time you bounce
a check, typically your bank and the merchant will charge a fee. With a PayDay loan, there are no hidden
fees or set up administrative fees. The charge for taking out a PayDay loan is in the representative APR
of 1734% but this is an annual percentage rate. Usually the duration of a PayDay loan is short term - PayDay to PayDay - not annual.
To view other alternatives to PayDay loans, look at our comparison table below:
| Other Loan Options |
Type |
Term |
Representative APR (fixed) |
|
 |
Installment Loan
|
12 Months
|
278%
|
 |
|
Representative Example: Borrow £500 over 12 months.
|
|
Interest rate: 140%.
|
Total amount repayable: £949.01
|
Interest: £449.01
|
|
Additional Details:
These quick cash loans are always up to £2000 and are usually paid over a 12 month period -
gradually over time. NowPayday gives you access to fast and simple unsecured personal loans
through their network of lenders. Application approval rates for all lenders are higher than
high street lenders. With a simple online application, there is no need for paperwork, faxing, or phone calls.
|
 |
Doorstep Loan
|
12 Months
|
272.2%
|
|
|
Representative Example: £300 loan repayable over 52 weeks
|
|
52 weekly payments of £10.50
|
Rate of interest 82.0% p.a. fixed
|
Total Amount Payable is £546
|
|
Additional Details:
£50 - £500 Cash Loans could be delivered direct to your door. No hidden charges, no catches and no fuss. Choose from
23, 31 or 52 week options to repay your loan. Manageable and fixed weekly repayments.
|
 |
Short Term Loan Secured against Valuables
|
6 Months
|
68.8%
|
|
|
Representative Example:
|
|
Loan Amount: Up to £9,999
|
Monthly Interest: 4.99%
|
APR Equivalent: 68.8%
|
|
Additional Details:
Borro offers short-term loans of £100 - £1,000,000 secured against valuables including, luxury watches, jewellery, fine art, antiques, prestige & classic cars, yachts and more.
|
 |
Guarantor Loan
|
12-60 months
|
63.5%
|
|
|
Representative Example: Loan Amount: £3,000
|
|
Monthly Repayment: £162.64
|
Term of Loan: 36 months
|
Total Repayable: £5,858.16
|
|
Additional Details:
Get a cash advance of £1,000 - £5,000. A guarantor loan is an option for people who may have been refused by other lenders. Evolution Guarantor Loans does not rely on your credit rating, they ask someone who trusts you to guarantor your loan, this could be anyone such as a family member, friend or even a work colleague. Some clients choose to take a guarantor loan simply to help improve their credit rating.
|
 |
Credit Card
|
12 months
|
39.9%
|
|
|
Representative Example:
|
|
Purchase annual interest rate 39.94% (variable)
|
Amount of credit £1000
|
Representative 39.9% APR (variable)
|
|
Additional Details:
Vanquis has helped over 1 million people get the credit they deserve. So, if you are new to credit or have a poor credit rating, Vanquis can help you too. Start with an easy to manage credit limit between £150 and £1,000. You could get a credit limit increase on your 4th statement and further increases every 4 months, up to £3,000.
|
