3 Best Payday Loans Direct Lenders: For Short Term Expenses in the UK

By | March 30, 2019

3 Best Payday Loans for Short-Term Expenses in the UK

When looking for short-term emergency cash, the payday loan is the first option for many borrowers. Choosing the best payday loan lender is very important to avoid hefty expenses on hidden fees, late payments and mostly the interests. At times, borrowers end up paying double amount during the repayment. If you are not considering alternative options, here in this Payday Loans Review, we have listed the top 3 payday lenders in the UK alongside some crucial aspects to consider before borrowing the required amount. So, let’s check high acceptance payday loans direct lenders.

3 Best Payday Loans Direct Lenders

1. PiggyBank Payday Loans

You can borrow short-term or instalment loan of any amount from £100 to £1000 at the PiggyBank (FCA authorized Finanace Company). The bank offers flexible repayment options depending on the loan amount from 7 days to 5 months. There is Faster Payment facility for the customers free of cost wherein the bank pays the loan amount within an hour of application approval.

Representative: 1270% APR

Interest Rate: 292% pa fixed

Ratings: The finance company has been rated 4.7out of 5 by Feefo based on the verified reviews by 600+ customers.

Essential Application Criteria

  • Loan applicant must be the UK citizen
  • Must be 18 years old or above
  • Must have a debit card and bank account in the UK

2. MYJAR Short Term Loans

MYJAR is FCA authorized finance company offering a range of short-term payday loans and instalment monthly loan products. The MYJAR short-term loans are suitable for borrowers looking for very high amount loans from £100 to £3600. There is the facility to borrow large sums with the extended repayment period of 3 to 12 months at minimal daily interest rates. If you repay the entire amount early, it is beneficial to reduce the amount levying interest for the period you have used the money. The customers to can apply online for the loan for quick approval and fund transfer.

Representative: The Company implements variable Representative from 788% to 1326% APR.

Annual Interest Rate: 238% (variable)

Ratings: Based on the reviews by 3,516 customers, the company has received the 5/5 Excellent ratings by Trustpilot.

Essential Application Criteria

  • Loan applicant must be the UK citizen
  • Must be 18 years old or above
  • Must have a debit card and bank account in the UK
  • Must have a regular source of income
  • The applicant must provide a valid email id and phone number to receive the loan agreement and the PIN

3. Lending Stream Short Term Loans

The only barrier to avail loan at the Lending Stream finance company is that you must be in regular employment. The loan products are not suitable for self-employed people. You can borrow instalment or short-term loan £100 to £800. The company has a unique loan approval process wherein the authorities consider several factors beyond the credit score to grant emergency cash to the applicants.

Representative: Variable Representative 1325%-1698.1 (Maximum) APR

Interest Rate: 292% pa fixed

Ratings: The finance company has received 5 out of 5 ratings by Trustpilot based on the verified reviews by 3,213 customers.

Essential Application Criteria

  • Loan applicant must be the UK citizen
  • Must be 18 years old or above
  • Must have a debit card and bank account in the UK
  • The applicant must have a minimum income of £400 working under regular employment

Things to Remember When Borrowing Payday Loans

  • Payday loans are available at high interest rates
  • Some loan products come with additional costs for the late payment
  • There are several financing alternatives to payday loans to meet the emergency expenses
  • Borrowing money from direct payday lenders help to avoid cost of paying broker’s commission
  • You can calculate the costs properly when applying for direct payday loans
  • The finance company offers a secure online platform to apply, get loan and repay the amount

The loan product you choose completely depends on your choice, company’s regulations and approval norms.

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