What does payday loan actually mean?
The Payday loan companies actually lend loan to its creditors for a short term. These loan are not backed by any security but in-lieu they charge a very high interest rate .Companies only lends money to those who have high salaries and good bank records in past, these are known as salary loan also because the loan is provided based on the salary of borrower. This type of loan is prevalent in UK mostly.
How to Get Payday Loan?
On browsing, you will get a list of payday loan companies. Subsequently you can directly approach the companies who are indulging in this business, they will get the details of your employer, salary statements from your bank account, some personal information and you can make a loan. In case you don’t have interest in running up directly to the company, you can also with referral. There are various referral companies which are acting like middlemen, taking all the information from the borrowers which are required by the payday loan companies and then forward the loan application to such a company where the chances of the loan processing are more.
Condemnation of Payday Loan
There is a long list of UK payday loan companies which are being criticized for harming the poor, as rate of interest are very high and mostly poor people require these loan, in order to pay their debt they have to sell their property sometimes, which can leads to the concentration of resources with rich people.
Find payday loan companies list below which can help in case you are interested in borrowing such loan.
1. Lending stream
It’s a leading company for providing payday loan, founded in 2008, UK. You can borrow up to $1500 for a term of six month with an annual percentage rate(APR) of 1325%. 3,671 reviews on the Trust pilot website shows its popularity. For more information you can visit https://www.lendingstream.co.uk
2 Sunny Loans
Looking for an instant approval to your payday loan for a span time of 1-6 month, sunny loans could be a better choice for you. They are lending you up to $2500 with an annual percentage rate of 1277%. It is counted as one of the top payday loan company in UK with 2,219 reviews on trust pilot. For your inquisitiveness you can go with website https://sunny.co.uk
3. Quick Quid
Need a small amount of money quickly for short time period? You are suggested to visit quick quid payday loan company. They generally lend for 1-3 month period with flexible amount according to your requirement .You can borrow as less as $100, highest limit is $1000 and their APR is 1295.5 %. Here is the link for you https://www.quickquid.co.uk
4. Wage Day Advance
As the name indicate, it is based upon your salary, more the salary, more you can borrow. Maximum limit is set to $1000 for a duration up to 6 month. Their APR is 1201.4% which is comparatively low. Website- https://www.wagedayadvance.co.uk
5. My Jar
My Jar was found in 2008 are currently having 3,640 reviews on trust pilot. It is best suited for those who want big amount of money to borrow and thats too for a long time . With My Jar you can borrow up to $3600 for maximum duration of 1 year. Borrower have to pay the loan in monthly installments .Go to website for more details https://www.myjar.com
Again $1000 borrowing limit for up to 1 year with APR 991% which is less than other payday loan companies, what makes it different from others is its payback policies, you can pay monthly or even weekly, which could save you from a sudden pressure to pay a huge amount in one blow. If interested can visit the Website https://www.satsumaloans.co.uk
7. Pounds to Pocket
Company is found in 2008 and like other payday-loan companies they are also offering a loan for 6-12 month . Maximum limit to borrow the amount is $2000. Their APR is quite similar to others I.e 1325%. If your loan is approved you can get the money within 10 minutes in your account. Have a sight on their website https://www.poundstopocket.co.uk
With highest APR of 1,445.3% you can borrow up to $600 for six month. Wonga has 1,154 reviews on trust pilot. One things which is unique about wonga is their three days grace on missed payment fee, I.e if you fail to deposit your monthly payment to wonga on due date, no late fee would be charged for three days. Website https://www.wonga.com
9. Mr. Lender
One of the major benefit of this company is that they do not charge late fees when you fail to meet the deadlines of due date to monthly payment. They lend money for six month duration and there is a limit of $1000 with 1,256.5% APR. It is rated as 5 star with customer reviews 18,500. https://www.mrlender.com
10. Swift Money
This is best payday loan company for those who want to have small amount of borrowing for a short duration. Loans are approved in maximum cases as maximum limit of borrowing is up to $250 only . APR of Swift Money is 1,255.66%. https://swiftmoney.com