Whether you are planning on applying for a payday loan now or you are just considering your options at this time, there are several tips and tricks that you can use to aid you when applying for a payday loan.
Struggling financially is nothing new for the majority of the UK as many people up and down the country are continuing to live paycheck to paycheck. However, it is possible to gain access to alternative finance if you need to in a financial emergency. To help you get started with your application, we are providing you with our list of tips on how to find the perfect payday loan lender.
Consider How Much You Need To Borrow
When applying for a loan, you will often find that the amount you are allowed to borrow is completely dependant on the lender that you choose. Though it can depend on the lender, the max amount is typical £1000 to be paid back at the next payday. When you have determined how much you need to borrow, you can then begin to look at the interest and the total amount you will have to pay back.
Shop Around For The Best Deal
Every different lender allows you to benefit from payday loans online in a few simple clicks, however, it is not as simple as one size fits all. With the annual percentage rate changing depending on the lender, you may find that the annual rate of interest is higher depending on the amount you are borrowing. This APR is shown as a percentage and is used to represent the actual yearly cost over the length of the loan as well as the income earned on investment to give an accurate representation to the lender.
Look At The Reviews Online
Another way that you can make sure you are getting the best of online loan providers is to look at the reviews online. With several Google My Business profiles and websites such as Trustpilot providing you access to reviews from past customers, you can determine which of your chosen services is the right one for you. With information on their customer service as well as the ability to look at past interactions they have had with customers, this can be a huge benefit when it comes to finding your ideal online lender with an affordable APR. Couple this with the licencing that they have from the FCA and you can ensure that you are borrowing from a regulated lender.
Read The Fine Print
The final element is reading the fine print. With several hidden charges in the fine print, you must read this as well as all the other information provided to make sure that the lender is right for you. When you have read the fine print, you are then able to ask the lender any questions that you may have or visit their FAQ page for more clarity on this matter. From here, you can then determine if the APR is affordable and continue with your application.
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