Will the payday loan have to be repaid on my next payday?
More questions? We’ve got you covered
If you want to clear your payday loan in full on your next payday, you can. However, the term for a payday loan is usually 3-months or more. The term payday loan shows the origins of this type of credit, which was when employees would sub money from their wages in advance. However, this was often insufficient and left their pay packet too lite the following month, so payday loans with slightly longer repayment periods make borrowing a small amount more manageable for most people.
How long you repay the loan over will depend on the repayment period you select when applying. People usually try to pay the loan as soon as they can, without causing them more financial difficulty. This means shorter loans are often taken over a shorter period, while larger loans are more likely to be taken with a longer repayment period.
Can I use my smartphone to apply for a payday loan?
Smartphones are one of the largest growing sectors for carrying out many tasks, including applying for payday loans online. Over the past decade, they have grown increasingly capable, secure, and user-friendly. You can complete the Payday UK application process on your smartphone. Our website is even designed to ensure it’s as easy to use on a mobile device as it is on a tablet or computer.
All reputable payday loan lenders are now regulated by the FCA (Financial Conduct Authority), which provides rules, regulation, and guidelines they must follow to stay compliant. They must be upfront about all interest and charges that will be applied to your loan. With an increasing number of customers turning to this type of borrowing to help with short-term financial difficulty, it’s not surprising the FCA felt the need to act. Our lender panel only includes regulated reputable direct lenders.
The APR rates for Payday Loans are high, but this is often a reflection of the short-term nature of the loan. The FCA regulation also means all payday loan lenders must include their rates on advertising, which has led to increased competition between them, which can only be good news for the average borrower.
What regulation is there for payday loans?
The FCA (Financial Conduct Authority) have been responsible for regulating payday loan lenders since 2014. Before the FCA started implementing specific guidelines for payday loans, all direct lenders were already required to hold a valid consumer credit licence. The FCA now issue these licences and consider irresponsible online payday loans Cleveland bad credit lending and unethical practices as part of the application process.
Is there a best payday lender?
There is no such thing as the best payday lender, just the one that is best for you at any given time. In most cases, this will be the payday loan companies that’s offering the best interest rate and most preferable terms. The terms each payday lender offers, and their rates vary quite often. Some run special offers for payday loans or change their position permanently to remain competitive or attract new business. When you use Payday UK, you’ll know you’re being offered the best rate from our industry-leading panel of lenders, and that they are all registered and regulated by the FCA (Financial Conduct Authority). We’ll always try to match you with the best lender in our panel for your situation.