There are many situations which can leave us short of cash in the run-up to payday, from emergency expenses to car repairs and home improvements. If you need cash quickly and can’t wait until payday, there are payday loans available which are designed to bridge the gap. These loans tend to be popular options for those who have been turned down for traditional loans in the past and there are many potential lenders available.
Taking the time to compare payday loans could help you find the most competitive interest rates and ensure you get the best deal possible. Taking out a loan is a major financial commitment and with many lenders offering various deals, it is important to ensure you find the ideal option for your unique situation.
With so many payday lenders offering various interest rates and fees, comparing loans could help you find the ideal loan with the lowest possible charges. Although payday loans are designed to be short term, the interest rates are higher than standard short-term loans. This means that over the course of the loan term the amount of interest charged can vary drastically between lenders.
The more time you spend considering the options available to you, the easier it will be to find a loan which provides the exact terms you require. Payday loans are usually borrowed by those with a poor credit rating, as borrowing from traditional lenders can often be difficult with an adverse credit history. By comparing interest rates and loan terms, it is more likely you will find the most affordable loan available for your situation.
Rushing into an application with a lender which doesn’t offer competitive interest rates could lead to unaffordable repayments and further financial issues. When you compare loan options it is important to always consider the affordability of the available loans, as missed payments could negatively impact your credit rating and you are likely to incur extra charges.
In addition to comparing the interest rate, charges and loan terms, you should also check whether the company is authorised and regulated by the Financial Conduct Authority (FCA). These lenders will have a commitment to responsible lending, so you will need to pass various affordability checks before your application is considered for approval. With so many lenders available, borrowing from an authorised and regulated lender will ensure you benefit from fair and transparent terms.
When you compare payday loans it is possible to compare loans from direct lenders or through the services of a broker. The ideal comparison option for you will depend on your unique situation and the factors which are important to you. If speed is important to you and you want to compare loans from a wide variety of lenders, the services of a broker may be useful. A broker partners with a panel of lenders so will have quick access to a range of potential loans.
If you are short on time, a broker will use the details you provide to match you to potential lenders, instead of completing multiple direct lender applications. If you have more time available, it may be possible to compare the variety of available loans yourself. Many payday lenders offer online loan applications, which means you can compare interest rates, charges and terms online at your own pace. To compare payday loans through direct lenders you will need to visit the website of each payday lender.
You will need to enter how much you are looking to borrow and for how long to receive your loan quote, although the interest rate will not be confirmed until your application is processed and a credit search is completed. It is important to enter your loan requirements and personal details accurately, as the interest rate available may depend on the information you provide.
To speed up the comparison process, you should have your financial details to hand, including your income and outgoings. It is important to provide accurate information, as the lender will complete their affordability checks based on the details you provide. Regardless of whether you choose to apply direct through a lender or a broker, you should always ensure you can afford to make the loan repayments. It is also important to remember that each application made to a lender will result in a hard search of your credit file, which will have a negative impact on your credit score. The checks conducted are a key part of responsible lending and will prevent you from borrowing more than you can comfortably afford to repay.
Here at CashFlex we act as a loan broker and have partnered with a panel of short-term lenders. Although it is not possible to apply for a payday loan through our website, our panel of lenders does offer loans starting from as little as £100 up to a maximum of £5,000, with flexible repayment terms. In general, the amount borrowed through payday lenders tends to be smaller amounts, with repayments required on your next payday. Instead, our lenders make it possible to spread the repayments over a number of months.
For example, through our lenders a loan of less than £1,000 will be available with repayment periods of 3, 6 or 12 months. If you need to borrow more than £1,000, the repayment terms can be extended to 18, 24 or 36 months. Our innovative application process is designed to compare potential loans, so you are matched to the lender which is the best fit for your specific requirements. Simply enter how much you need to borrow, the ideal loan length and a few key personal details into our online application form and we will send your details across to up to 40 lenders. The lenders will then carry out a soft search of your credit file and will let us know whether they are likely to consider your application.
This whole process is designed to be as quick as possible and we aim to redirect you to a lender which is an ideal fit for your unique requirements. The chosen lender will then carry out their final checks, which will include a hard check of your credit report. If your application is approved the funds could be released in just minutes*, although the final availability of the funds will depend on your banks processing speeds. A loan will have a serious impact on your finances, so it is important to take the time to consider whether you can comfortably afford the repayments.
If you are finding it difficult to manage your finances, there are several organisations which can offer free and impartial advice, including The Money Advice Service, Step Change, PayPlan, National Debtline, the Debt Advice Foundation and Citizens Advice.
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You are age 18 and a UK resident
You have a regular income
You have a valid UK bank account with an active debt card
Why choose us
Sometimes, the unexpected happens that means you need money fast. Here at Cashflex we offer a user friendly process to help you find same day loans in a responsible and affordable way.
The exact amount you can borrow depends on your personal circumstances and can differ by lender. You can apply for a loan between £100 and £5,000
This is dependent on the amount that you wish to borrow. The repayment terms can be: 3 months, 6 months and 12 months to name a few, ranging right up to 36 months.
Yes. If you are unsure you can use our FastCheck tool to find out your loan eligibility.
Representative Example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28. Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative.
We’re a fully regulated and authorised credit broker and not a lender.