Compare Payday Loans
What to look for when comparing payday loans lenders
Lenders and brokers need to display their APR (Annual Percentage Rate) on their main page or on any promotions. This rate will take into the fact of all charges from making an application to the charge of the loan. Looking and comparing these rates with other lenders and brokers is essential for which of them are the cheapest and most expensive. There are many new and existing payday lenders in the current market and offer many products with different loan amounts and terms.
How much and How long?
You can filter and compare loans and terms in order to give you a good insight of the lenders capability when funding loans. Loans can be from as little as £20 to £2,000 with a term from 5 days to 6, to 12 months. Check out the lenders example for a good insight of the costs of borrowing.
The example should consist of the following:
- Example loan amount
- Interest
- Repayment
- Loan Term
- Interest Rate(%)
- APR
For example, at WageMe, our representative example is: Representative 96.2% APR (variable) Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable). Rates from 45.3% APR to 1721% APR - we provide a no obligation quote, your APR will be based on your personal circumstances. Loans between £100 and £5000 over a 3 month to 36 month term.
Which Product to choose
You can compare several short-term loan products, Payday and Instalment loans.
| PayDay Loans: | Instalment Loans | |
|---|---|---|
| Term: | 5 to 45 Days | 3,6,9,12 Months |
| APR: | Higher | Lower |
| Daily Int.Rate: | Capped up to 0.8% | Capped up to 0.8% |
| Early Settlements: | Yes | Yes |