Why Should I Apply for Payday Loans with Lending Expert?
If you are looking for payday loans, Lending Expert can help you compare rates and get funds as soon as possible.
We work with the whole market of payday lenders in the UK – who we regularly review to ensure they uphold the highest level of responsible lending.
Payday loans can be very useful for an emergency expense if you are looking to borrow £50 to £1,000 – and our online application is completely free of charge and will not impact your credit score.
Simply click on ‘Get Started Now’ and complete our online application in less than 5 minutes and you will receive an instant decision on the screen. Subject to final checks, your loan can be approved and funds sent to your bank account in 1 hour or the same working day.
What is a Payday Loan?
A payday loan allows you to borrow money until your next payday – helping you get money upfront in one lump sum and then you can pay the full loan amount and interest on your next payday from work.
Payday loans are commonly used to pay for emergencies such as car repairs, broken boilers and any other pressing bills.
The money is paid into your bank account and collected automatically at the end of the month or your next pay date from work.
A typical payday loan lasts for 14 to 30 days, but today, they can extend to as long as 12 or 24 month, known as instalment loans.
Key Features
- Borrow £50 to £1,000
- Repaid over 1 to 12 months
- Equal monthly repayments
- Working with direct lenders
- Repaid on your pay date
- 1 hour or same day funding available
What is the Eligibility Criteria for Payday Loans?
- Must be over 18 years of age
- UK residents only
- Must be able to afford repayments
- Valid UK bank account
- Valid UK mobile number and email address
- No recent CCJs, IVAs or bankruptcy
Do I Need a Payday Loan? What Are They Used For?
Payday loans are a short-term financial solution and can be effective if you need a couple of hundred pounds to see you through the month. This type of finance is usually quite expensive because it is fast and unsecured – and therefore it should not be used long-term.
Around 3 million Britons use payday loans every year and this is mostly to cover emergencies such as home repairs or other unexpected bills. We all try to save money and have funds put away for a rainy day, but if we run into a large and unsuspected bill, we sometimes just need a little extra cash to see us through.
How Do Repayments Work?
The repayments are collected at the end of the month or on your pay date, which is the day you get paid from work. Most people get paid on the last Friday of the month, with others getting paid on a specific date (e.g 15th or 30th) or on a four weekly cycle. The collections are automatically taken from your bank account through continuous payment authority.
If you are repaying your loan over 6 or 12 monthly instalments, you will usually repay an equal amount from your bank account each month – although always check this with your direct lender.
Plus, you should always have the option to repay your loan early and you will often save on any interest accrued by doing so.
Can I Apply with Payday Loans Direct Lenders?
Yes, at Lending Expert, we work with payday loans direct lenders only so once you have applied and received a loan decision, you will continue to work with the same lender from start to finish. From the application stage, to funding and repayments, you will work with the same payday loans provider throughout and there are no other parties involved.
Can I Get a Payday Loan with Bad Credit?
Yes, you can apply for a bad credit payday loan – since the lenders we work with are willing to take a view on adverse credit histories.
Although you may have a poor credit score, our lenders will consider your loan application if there are other strong factors involved such as a stable income, regular employment and a recent history of repaying loans on time.
If you can demonstrate your willingness to repay your loan and have a stable income to do so, you can still be eligible for a payday loan, even with bad credit or a CCJ.
What Payday Loan Alternatives Are Available?
At Lending Expert, we work with over 250 lenders and may be able to offer some viable payday loan alternatives – including credit cards, guarantor loans or secured loans.
Our goal is to help customers to find the best loan products for them, at the best terms and most reasonable rates.
You can start by checking your eligibility today via our website. Simply click on ‘Get Started Now’ – and you can get a decision in minutes!
