Types Of Payday Short Term Loans Offered In UK
Payday short-term loans are loans for a small-time which can be paid back with upcoming future earnings. They can easily be applied online. It can be received by contacting direct lenders or through loan brokers.
There are many modes of receiving payday loans in the UK and one of them is via an online platform such as LoanPig. They differentiate themselves from other lenders in the market by being both the direct payday lender and well as a loan broker. To have detailed information about their rate of interest, policies, and online procedures you can visit LoanPig.
Types of short term loans available in the UK
- Wonga Loans
They are loans issued by UK loan giant, Wonga which has 30-40% market shares in the UK loan industry. Wonga loans are given for £50 to £400 sum which is dispensed within 5 minutes of loan approval with 1,509% of APR. They have spread across the world since its introduction in 2006.
- Online Loans
Online loans are applied and issued via an online platform. It is a convenient method for the borrowers resulting in significant popularity recently. The funds are transferred online as well. However, make sure to choose a certified online lender with FCA authorization.
- Bad credit
Usually, payday short term loans do not check on your credit but even if some companies do, this type of loan offered to borrowers with bad credit. There are chances that it may come with higher interest rates.
- Instant loans
Instant loan is applicable for the urgent need of money where the application process and its approval are comparatively fast-tracked than other loans. The funds will immediately be credited and you will have instant cash on hand.
- 1-hour loans
Unlike instant loans, it takes one hour for your loan to process and funds to be disbursed. Thus, it will have a lower interest rate than instant loans.
- Same day loan
The interest rate will further be decreased if you apply for the same day loan than 1-hour loans. It takes a few hours to process the application but the funds will be transferred the same day.
- No fax loan
No fax loan as the name itself suggests does not require you to send any form of fax or mails to the lenders. The entire process is done online so it is most convenient for the borrowers.
Simple steps to receive instant short term loans
- Research well and find a suitable online lender.
- Fill the online application form with the only required information. You do not need to submit too many documents.
- You will receive an approval letter from the satisfied lender on your email.
Applying online for payday short term loans are the easiest way of getting the loan. You can get them for an affordable interest rate with no need for the collateral pledge. There are very low chances of your loan application getting denied this way. Your choice of loan type depends on how urgently you want the funds.