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Many people, who are in urgent need of cash, look for easy payday UK loans online. Doing a bit of online research will help such people to get low cost payday loans. Google or Bing can be used to compare and grab lowest possible interest rate short term loans.
How to compare Payday Loans in UK?
Salaried class people in the UK generally depend on payday loans as a last resort to get some quick cash for urgent needs. Many people in the UK usually look and sign up for the first lender they find online. It makes payday loans expensive. They should compare interest rates of various payday UK lenders before deciding to apply for short term loans.
Online Research for locating low cost payday loan lenders
Google or Bing can be used to search for payday loan lenders in the UK. All they need to do is key in the words “Payday loans UK” in the search bar and press on the Go button. The search engine brings out a list of lenders that offer payday loans. People need to compare the interest rates of each lender. They also need to read terms and conditions of various lenders online. Otherwise, you may end up paying higher interests.
Some of the lenders that offer payday UK loans online are not actually lenders but brokers. They will speed up your loan application by sending to over 100 lenders instantly. It helps to get lot of quotes for your payday loan. You can compare the loan terms/ conditions and interest rates and choose the low cost payday loan. The brokers may charge their fees on the loan. It doesn’t matter. They will make sure to get the desired amount as quickly as possible to meet your urgent cash needs.
People, who can wait a day or two for getting payday loans, can get loan quotes directly from various lenders online. It helps to choose the low cost loan. Competition among lenders will help to get cheaper payday loans. You need to negotiate through calling them over phone. You can tell them that another lender is ready to offer for lowest rate. This lender will automatically agree to offer loan at reduced interest rate.
The lenders in the UK do not look at your credit score for offering short term loans. They simply look at your earnings every month to offer a loan. Therefore, people with bad credit can easily get short term loans for their urgent needs.
Some of the lenders are generous to offer higher amounts of up to GBP1000 initially. They generally look at your monthly salary. Few lenders may initially offer up to GBP 150 only. They may offer higher sums on the next payday loan, if you can make the payments successfully on the agreed date. Therefore, people can get higher payday loans irrespective of credit score if they have higher monthly salary and established good relation with the lender by making payments promptly on the next payday.
Example on a loan of £200 for 30 days:
Amount payable - £258
Interest - £58
Interest rate - 352.8% p.a.
*repaid on your next payday
Amount you pay* - £258