Why do we let you compare loans? Can you find the best deal on your own? We explain exactly why we're useful for you to help you get the best deals.
We set up ComparePaydayLoans.co.uk to help ordinary people get informed choices about the products on the market, be able to research who's out there and then choose what's best for their circumstances.
The proliferation of quick and easy to get loans online has ensured the growth of lenders, not all of whom are as they seem. Whether they are breaking the law or not, regulation has until now allowed payday lenders and brokers to get away with less than fair practises like not clearly presenting the rates for loans, the payback periods and the penalties for not paying back the full amount of the loan on time.
So Why Are We Here?
As stated above, we want to help provide you, the user, with a way to get the best loan for you knowing all the facts about what it is you're getting into. That way you can make an informed decision knowing all the facts!
We offer an easy way for you to compare the leading companies and their charges, alongside a simpler option where we take your information and do the comparison for you and find the best lender for you.
How Do We Compare?
We allow you to compare a number of the UK’s leading lenders based on the same criteria so that you are comparing apples with apples. We have no gimmicks and definitely no puppets or fancy illustrated old people!
With so much choice out there from Wonga to QuickQuid and a number of other pretenders between, it’s our job to find you the best rates on the money you want to borrow. We don’t want to offer the cheapest payday loan, if the period you want to borrow the money for is too long and vice versa. If you want to borrow £100 for 7 days then we’ll find you someone that will do just that!
You'll have heard so much about the high interest rates, dubious lending criteria and the need for more regulation. So why should you trust us if you want to borrow money?
ComparePaydayLoans.co.uk is Not a Lender
That's right, we don't lend you any money. Because we are not a lender we can be more objective in our advice on who to choose from all the lenders out there vying for your business!
We do take a small fee from some providers, if and only once you have taken out a loan from them. However, this payment does not influence who we suggest you borrow from.
Comparing Financial Products is a Must
Doesn't matter what kind of financial product you want, you should always compare prices to get the best deal with conditions that suit you. Whether you want a loan, car insurance, ISA or to change your utility provider, comparing prices and rates will help to save you money as well as get you exactly what you want. It's is madness to pay for a product that includes features you don't want, if you have a choice of another product that doesn't and is cheaper.
We've chosen the simplest option for our site. You can choose your own payday lender from the ones we feature. We earn a small commssion from that lender if you take out a loan, but we do not order the providers in order of the amount of money we would get.
What You Will Pay for a Payday Loan
So here's the thing - borrowing money for whatever reason means you need to pay it back. Given that you need it fast (for whatever reason), the lender may be taking a bit more of a risk with you as they will not have the time to check your recent history, run a proper credit check or ensure you have the job you say you do!
This is partly why the rates seem so high for the loan you're asking for. But is £17 on a £100 loan for a week really that bad? Why not check out our FAQs section to see what we mean.
The payday loans lenders have a made a bad name for themselves thanks to rolling costs over, the APR system and from the lack of regulation. This is all changing and this can only be good for you, for us, for the industry as a whole. We have covered this in our new page on the new lending rules being driven by the FCA.