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Representative 49.9% APR.
Representative example: Amount of credit: £750 for 12 months at £77.29 per month.
Total amount repayable is £927.48.
Interest charged is £177.48, interest rate 49.9% pa (variable).
Rates from 11.8% APR to 1575% APR – your Free, No obligation quote and APR will be based on your personal circumstances, and Finance is subject to availability and status. Authorised and regulated by the Financial Conduct Authority.
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What Are Payday Loans
What Are Payday Loans and When Should They be Used?
We have all seen the television commercials for payday loans. If like many people, you are confused about what they are and when they can be used, this article explains all you need to know.
Payday loans are short-term unsecured loans for between £50 and £1,000 that are offered to individuals in need of emergency cash. Payday loans are intended to be repaid by the next payday. A typical payday loan has a term of 30 days. However, some lenders offer longer repayment terms.
Payday loans are often taken out to cover emergency expenses such as:
- Medical and dental bills
- Funeral expenses
- Car repairs
- Home repairs
- Unexpected travel costs
- Domestic appliance repairs
Payday loans can help cover emergency expenses, but these situations are rare. You shouldn’t take payday loans frequently as they are a very expensive way of long-term borrowing. Ensure you repay the loan on the due date to avoid being charged additional fees as these can greatly increase the amount you will have to repay. Furthermore, your credit score will be harmed if you don’t repay your loan on time. It is also unwise to use a payday loan to service an existing debt.
Are Payday loans Safe?
As a general rule as with any online transactions one needs to be vigilant and pay attention , on what page they are, is the page secures, is the company regulated and legit, and are they safe in general.
Online banking, surfing, shopping and loans are a new thing people need to be accustomed to. As before the applications were very timely and you needed to fill many forms, and now with Pounds4U.com super technology we offers a very fast application and a loan process from start to finish that people are impressed and think its sometimes too good to be true.
Pounds4U.com have over half a million happy customers who are safe and secured with us. We use the latest encryption and other methods to protect our clients from web hazards. We are so technology driven all of out lenders, brokers and products know that we put our clients first and will always protect them.
With GDPR rules in place, we enforce them actively and we are in the front line of regulations. All clients data remains complete private and as with many of the payday loans direct lenders now supper enforce clients privacy to the highest standards.
As innovation in data security and open banking etc online loans are supper trusted and secured and the reputation is just growing as high as the traditional ways to apply for a loan, just much more user friendly.
Pounds4U will only accept the most and demand for highest standards, trust-wordiness from all the loans direct lenders on our panel. We periodically check and examine all applications, all lenders and products, to make sure all is at the highest standards.
Other options to using a payday loan
Payday loans are intended to cover a short-term requirement for extra cash. Consider these options if you need a longer-term loan:
Personal loans are ideal if you want to borrow more than £1,000 over a term longer than 30 days, and you have a good credit rating. However, lending criteria are stricter, and you may need a guarantor for the loan. It usually takes several days to arrange a personal loan, which makes them unsuitable for paying urgent expenses. On the plus side, the interest rate is a lot lower.
Borrowing from friends and family
This option is ideal if you only need to borrow a small amount of money as interest is unlikely to be charged. However, your friends and family might not be able to help if you need a larger sum immediately. If they do lend you money, family relationships could be damaged, or friendships lost if you fail to pay the debt as promised.
A salary advance is not a loan, you are taking an advance on next month’s salary. Come next payday you will have less money than normal to see you through the following month. Your employer may not offer this facility, which is entirely at their discretion. Many employers who do offer a salary advance limit the amount you can have advanced, and often only permit one such advance a year or restrict it to the Christmas holiday season. Because there is no interest to repay, a salary advance may be a more attractive way to cover emergency expenses than a payday loan. However, but there is no guarantee that an advance will be made.
Borrowing from your pension fund
You can draw down money from your pension fund. However, the process is time-consuming, which makes it unsuitable to cover emergency expenses. The real cost of taking money from your pension fund is that you will have less money to retire on. Because of the way in which pension investments work this cost can be far greater than the cost of a payday loan, which is much easier and quicker to obtain.
If you have a credit card and enough credit available, you can use it to cover an emergency expense. This is not an option if you have insufficient credit available or do not have a credit card. However, even if this option is open to you, many credit card companies charge higher rates of interest on cash advances, especially if it is not repaid in full by the next payment date. These charges will be even higher if you miss a payment or exceed your credit limit. A payday loan may be a more cost-effective solution to raising short-term emergency funds than using your credit card.
We at Pounds4U are here to help you and offer a quick, no fuss solution to help you overcome a tricky and unexpected cash emergency that life can often throw at you.
Pounds4U is the UK’s people partner to help with the loan you need
For more information about loans and money problems please visit Money Helper
How Cash Loans Online Work?
Why Pounds4U ?
Our mission is to help and protect all consumers when they are in need of a Short Term Loan online in the UK.
We offer a state of the art quick technological solution to help you getting a short term loan online, easily, securely, and Totally Free with no obligation and no commission.
Our advanced state of the art technology allows us to get all the lenders* in to our platform making the customer in the front therefore, the top lenders compete to lend you the money you need.
Pounds4U provide fully transparent service to find you the best** responsible and trusted lender with the cheapest interest rate (APR) possible and terms according to your own special circumstances.
It doesn’t matter if you have bad credit or poor credit, at Pounds4U.com all credit types are considered. We will use our innovative technology to find you a suitable solution quickly with an user friendly easy form.
Pounds4U is fully registered with the ICO and regulated by the UK Financial Conduct Authority (FCA).
*Carfully Selected and FCA Approved panel of Lenders
** According to the amount you want to borrow, and your ability to repay the loan among other factors.
Who can apply?
To be eligible to get a loan, you need to:
Be a Legal UK resident
Be 18 years of age or older
Have a valid UK bank account, working phone and email
Have a regular source of income (min £700 per month)