PayDay Loans UK – How to Spot The Bad Eggs!

The PayDay Loans UK market has grown massively over the last few years, thanks in part due to how the internet has become essential to everyday life. Years ago the internet was more used to provide factual information, which was not readily available and to provide entertain to the masses. Now however the internet is used to provide the basic functions of everyday living. This includes things such as shopping; you can literally buy everything on the internet today, to gaming and of course banking.

It is therefore no big surprise that with the management of our bank accounts being simply a click away that the online world of borrowing has expanded at a rapid rate also. In fact it would be fair to say there is now a huge number of lenders available to borrow a small amount of cash over a small period of time. This is wonderful in many respects because it gives consumers a wealth of choice and variety in terms of the products that are on offer, however, it is important to understand the negatives associated with this type of lending. The PayDay Loans UK market is vast and the products which exist within it differ but the fundamentals of the product proposition are the same. Therefore knowing how to ensure you choose to borrow from the best company can prove somewhat difficult.

That said there are key features you should look for when deciding upon a short term loans provider, and more importantly features to avoid:

·         FEES – In the current market there is absolutely no reason why a lender should be charging you a fee simply to lend you the money; that is what the interest is for. If they charge for depositing or extending the term you may as well rule them out.

·         UP FRONT INTEREST – The Reputable PayDay LoansUK lenders will offer a daily rate of interest instead of charging a fixed amount regardless of when repayment is made. This is something important to consider if you are thinking you may be able to repay the money earlier than the agreed date; every penny saved counts.

·         FLEXIBLE REPAYMENT TERMS – In the current market you will find a mixture of repayment terms from simply a month to up to a year. It is therefore important to consider which repayment option realistically suits you best, just because the term is shorter, it may be the repayment isn’t affordable so pick wisely.

·         LENDER NOT BROKER – It is vastly important you are clear to whom you are providing your details to at the point of the application. Within the PayDay Loans UK market there are a massive number of brokers who will look to use your information to find you a loan with a different company, separate to themselves. These Companies often also charge fees so be sure to investigate fully.

·         TERMS AND CONDITIONS – It is also important when deciding to enter into a short term lending contract that you are happy with the Terms and Conditions of the loan. Ensure you read these and if you’re not sure of any of the information, call the company and ask them to explain further.

If you are able to consider all of the above when investigating the PayDay Loans UK market I am confident you will find a product which is tailored to your individual needs; happy hunting.