scare If you express the typical charges payday lenders make as APRs most work out as over 1,000%. This is a useful warning against what can be dangerous products, but these APRs are mostly meaningless. That's because if you borrow over a very short term, even a small fee can become an astronomical APR.
An on-screen decision will immediately appear and you will then have the money in your account within 2 hours. It’s that simple.
Applications take just 5 minutes to complete and using our sophisticated and advanced technology, it takes just seconds to assess an application.
A payday loan can provide you with the quick cash you need to make it to your next paycheck, but it's a very expensive option due to its exorbitant interest rates and fees.
The interest charged on a short term loan is typically lower than on a payday loan, although both types can carry penalties and charges if you don’t keep on top of your repayments.
As the name suggests, a payday loan is an amount of money advanced by a lender until the borrower’s next payday. The lenders make a profit by charging a high rate of interest and having the borrower repay the loan in one go. With a payday loan, you can’t pay the money back in instalments.
Short-term loans are named as such because they require quick repayment. The way short-term business loans are repaid differs from typical loans for small businesses.
Because short-term loans often have higher interest rates than mainstream credit products, borrowers with a poor credit history may have a greater chance of being approved by UK lenders.