Payday loans are ideal for you when you need a modest loan quickly, generally from £100 to £2,000. They are intended to provide consumers with funding to cover unforeseen bills. Today, you can quickly get various UK payday loan lenders through the internet. What’s more, you can select between a payday guarantor loan and a payday loan without a guarantor. In other words, your options are unlimited! So, which are the best UK payday loan matching services?
Best Payday Loan Matching Services in the UK
- Viva Loans
Viva Loans is among the top payday loan programs in the UK. On this site, you can get various payday loans from $200 to $5,000, with repayment terms ranging from 12 to 24 months. The application process is quick, which you can efficiently complete in a maximum of two minutes and obtain feedback in a similarly short time.
After approval, the Viva Loans system directs you to a lender who will disburse the money in your bank account. Nevertheless, you may be required to avail extra details to the operator to expedite the processing of your loan. These may include evidence of your address, financial statement, and bank statements.
A lender then sends your loan to your bank account. However, before they deposit the funds, you must submit your credentials, and if they are accepted, the lender will provide you with a contract to sign, stating that you agree to the terms and conditions. Remember that you’ll repay your loan with a monthly debit.
When in need of financial support at any time, feel free to reach out to payday loans at Viva Loans.
Pros
- Once approved, you’ll get your money within 24 hours
- The loans are available in amounts ranging from $200 to $5,000
- Application and approval are completed promptly
Cons
- The lending service is only accessible in some states
- Mr Lender
Mr Lender is a reputable lending service licensed and monitored by the Financial Conduct Authority. Its short-term loans are meant for customers who have unexpected expenses. The program places a premium on flexibility, allowing you to choose the payback dates and terms of the loan.
Like other payday loan matching services, Mr Lender requires some of your information to do eligibility assessments. If approved, you’ll receive your money quickly, possibly in an hour.
Your payback dates will be set in advance, and your lender will withdraw the money through a Continuous Payment Authority.
Pros
- The application process is quick; taking only a maximum of two minutes
- Service with a personal touch
- Regulated by the Financial Conduct Authority
- There are no penalties for late repayments
- The loan application procedure is transparent and straightforward
- There are no upfront costs
- It has many repayment options
Cons
- The service offers low loan limits
- Before you are accepted, they conduct a thorough review
- Lending Stream
A conventional payday loan allows you to borrow money for a short period and pay it back all at once on your next payday. According to Lending Stream, when an applicant needs to acquire hundreds of pounds at once, they may find it difficult to repay it in a few weeks. Therefore, they allow their clients to stretch the repayment term to six months.
Lending Stream provides loans ranging from £50 to £1,500. Their annual percentage rate (APR) can reach 1,721 %. But, new applicants are only eligible for loans of up to £800.
Although Lending Stream has some of the highest interest rates, you can still make early payments to save money on interest.
Pros
- The application process is simple
- Payouts take a short time
Cons
- Charges a fee for late payments
- Offers limited loan terms
- QuidMarket
QuidMarket is an online loan service authorised and managed by the Financial Conduct Authority. It provides loans to individuals who need quick financial assistance but cannot receive funds from traditional lenders or banks. The program doesn’t base financing selections only on credit history and the economic situation but also on your capacity to pay back the loan.
Fortunately, even those with bad credit scores can make an online application and receive instant feedback. Once your application is authorised, you’ll get your loan the same day. As you consider a payday loan, always remember to repay your debts on schedule to improve your credit record. This can provide you with additional financing possibilities in the future.
Pros
- Short-term loans ranging from £300 to £1,500 are available
- Loan periods range from three to six months
- Financing is usually done on the same day
- You can complete the application process online and very fast
- There are no application charges or late repayment costs
Cons
- The interest rate is quite expensive
- You can’t apply with a light credit check.
- Fund Ourselves
Fund Ourselves is an online loan service fully registered and authorised by the FCA. Its goal is to provide users with more versatile and affordable short-term loans. As a peer-to-peer lender, Fund Ourselves essentially assists with financial intermediation while funnelling short-term loan earnings back into the community. The system provides greater returns for lenders by allowing for short-term economic mobility and temporary fund protection.
The Fund Ourselves online application process takes a maximum of 15 minutes to complete. If approved, consumers can get money wired in their bank account in as little as one hour or within 24 hours of application and approval. Fortunately, Fund Ourselves does not have application charges, and applying will never affect your credit history. To be eligible for a Fund Ourselves loan, you must meet the following criteria:
- Must be 18 years old and above
- Has to be a legal citizen of the United Kingdom
- Have a steady source of income
- Posses an operational UK bank account and be able to show a good credit rating
Pros
- The application process is straightforward
- After submitting an application form, the approval takes a few minutes.
- Your payout is done the same day.
Cons
- The lending service offers high-interest rates.
Bottom Line
Payday lending firms provide short-term finance options for people who want modest sums of money between paychecks. They are designed to meet urgent expenditure needs, allowing you to quickly access a flexible financial option when your expenses exceed your income.
