Payday Lenders Provide UK Loan Alternatives
Your paycheck ideally covers all your monthly spending obligations, with money left over for savings and investments. From your rent payment to your grocery shop, steady earnings are the grease that keeps your financial wheels turning. Yet despite your best efforts to plan and prepare for each spending obligation, occasional obstacles can slow your progress making ends meet. Proper budgeting and spending discipline can help you avoid cash flow problems, but when you do fall short, payday lenders are prepared to offer short-term loans that carry you to your next payday.
Are Payday Lenders Just Like Banks?
Banks, building societies, and credit unions offer various types of financing, aimed at diverse spending needs. When you need money to purchase a car or house, these traditional resources may be able to provide the financing required to close the deal. Payday lenders also offer funding, but they specialise in short-term loans, rather than mortgages and other long-term finance.
Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).
Among the many finance options available to UK borrowers, payday lenders furnish online access to quick cash. The resource has several advantages, compared to traditional lending pathways, including a straightforward approval process and speedy funding. When you need money in a hurry, payday loans provide the fast access required to address your most urgent spending demands.
In addition to quick cash from payday lenders, the following opportunities may provide the cash you need for pressing financial obligations.
- Additional Earnings – Occasional shortfalls are easily addressed with online loans, but consistently coming up short may require a long-term solution. A second job, expanding your income, is one possibility for balancing your finances. Or, you may be able to leverage your current employer for a higher salary. To justify a pay raise, prove your value by taking-on additional tasks at work, pointing-up your worth on the job. And if additional training is all that stands between you and higher take-home pay, earn the credentials and experience necessary to elevate your income.
- Friends and Family Loans – Formal lending institutions offer various financial products that help bad credit consumers meet spending obligations. Would-be borrowers naturally turn to local bank branches and online payday lenders for relief, but they are not the only places to find fast cash; friends and family loans also serve people looking for a rapid financial boost. Like other types of finance, securing loans from friends and family members has pros and cons. On one hand, the informal process can provide needed cash, but there is also potential for friends and family deals to fall apart. Before accepting money from a willing friend or relative, it’s important to clearly outline repayment terms – including interest, and to put the deal in writing, so there’s no future conflict about the loan.
- Payment Plans – When your monthly cash flow doesn’t quite measure up to the spending obligations on your plate, payday lenders can help with small short-term loans to keep your accounts current. Alternatively, depending upon who and how much you owe, it may be possible to arrange payment plans. There are no guarantees – creditors can call money due when it’s owed, but some providers may be willing to extend a courtesy, allowing you to make multiple payments, in order to catch up.
- Credit Cards – UK consumers are not strangers to the convenience of credit cards for handling immediate spending concerns. Unfortunately, the practice also puts some users in jeopardy, when credit card balances grow to unmanageable levels. Used with discretion, credit cards are a convenient resource, but carrying balances from one month to the next results in interest and fees that can dramatically increase the cost of credit. Before reaching for plastic, it pays to consider other short-term finance alternatives, which may be more cost-effective.
- Cost-Cutting Measures – With spending demands on the horizon, it may be possible to cut costs, in order to free-up cash for approaching obligations. Cancelling unnecessary subscriptions, reducing wasteful food spending, and minding discretionary purchases are three proven practices UK consumers use to cut costs.
How Does Omacl Compare?
How much can I borrow?
Up to £5,000
No hidden fees
Chance of getting approved?
What are the repayment terms?
1 - 36 Months
How do I apply?
2 min Application
Do I need to pay back a lump sum?
Who is Eligible for Payday Loans?
UK applicants meeting several basic eligibility requirements may qualify with a payday lender. In order to be considered for a fast online loan, you must
- reside in the UK,
- be at least 18 years old when you apply,
- have a current account,
- prove you have enough money coming in to repay the loan.
In addition to basic eligibility requirements, you must meet criteria set forth by the lender of your choice. Like other loan providers, payday lenders are required to evaluate your creditworthiness, before extending finance offers. Your credit score and other factors may be considered, but a history of poor credit doesn’t necessarily mean you are ineligible.
Though your credit history is an important concern when applying for bank loans and other types of financing, payday lenders typically emphasise employment and earnings when assessing applicants. In many cases, a steady paycheck and consistent employment record provide adequate assurance you’ll pay back your loan on time.
What Are the Benefits of Borrowing Online?
Payday lenders offer an alternative resource, complementing other credit opportunities. Credit cards and conventional loans funded by banks and credit unions are also available when you need outside help meeting spending demands. By comparison, UK payday loans online offer multiple benefits, which may provide the short-term financial relief required to correct cash flow shortfalls.
- Quick and Convenient Application – Urgent spending demands require fast solutions, so there’s no time to waste when a cash crunch creates a financial crisis. Payday lenders aptly serve this niche, frequently utilised by UK consumers needing quick access to cash, without a long, drawn-out approval process. To secure fast financing, applicants submit their requests online, by way of a simplified application taking only minutes to complete. Funding conventional loans, on the other hand, may require visits to local bank branches and substantial supporting documentation. This traditional approval process may add days you can’t spare when timely finance is the only suitable solution.
- Fast Turnaround Times – Payday lenders typically don’t drag their feet funding loans. Once submitted, your short-term loan application is rapidly reviewed. You won’t wait long for answers – whether you’re approved or not. And if your request is granted, a matched member of Omacl’s payday lender network quickly transfers money directly to your current account.
- Flexible Loans – There’s no reason to borrow more than you need online. Payday lenders fund flexible loan amounts from £50 to £2,500. As you compare Omacl lending options, start by working out exactly how much money you need, and then complete the simplified online application, designating the exact amount of cash required to address urgent spending demands. That way, your needs are covered, without overextending your repayment obligation.
- Unrestricted Spending – Various loans directly address specific spending needs such as education expense, property purchases, and funding for buying cars. In contrast to these targeted funding resources, financing from payday lenders is not restricted to particular spending areas. Instead, you decide how to allocate the proceeds of your payday loan, directing the money to cover your most pressing finance concerns.
- Loan Brokers – Payday lenders put forth funding through loan brokers such as Omacl. Rather than applying directly to a single lender, the service allows you to seek funding from multiple providers, without independently contacting each finance company. The process not only saves time, compared to vetting lenders one-by-one, but it also provides a precise lender match, pairing you with sources prepared to transfer money to your account, without delays.
- Straightforward Repayment Terms – Hidden fees, service charges, and variable interest rates can result in surprises during conventional loan repayment. Short-term online loans offer straightforward terms, clearly outlined when you strike a deal with Omacl’s preferred providers. Payday lenders offer assorted repayment periods, allowing you to integrate the obligation with your other financial responsibilities. Most payday loans are repaid within weeks or months, depending upon the amount of the loan and your personal payday schedule.
How Do I Get Started?
Completing an easy online application is your first step toward rapid funding. You can expect to provide the following information on your short-term loan application.
- Full Legal Name – Your legal name provides a starting point for lenders evaluating your application.
- Current Address – If you’re a long term resident at your present address, lenders can use the information to help corroborate your application. If you’ve occupied the dwelling for less than two years, expect to provide past addresses, as well.
- Income Information – Payday lenders’ top concern is timely repayment, so accurate income information is essential, helping providers determine how much money to lend you, within your ability to repay the loan on time.
- Work History – A steady employment history assures payday lenders you’re in a position to pay them back. Basic eligibility requires that you are employed, with a payday pending.
Payday lenders offer flexible assistance, providing short-term loans for UK workers. When circumstances call for a financial boost between paydays, the alternative resource may provide access to the quick cash you need.