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Representative APR of 79.5% (fixed) .

Payday Loans Examples

If you have bad credit and need quick access to cash, payday loans may seem like an appealing option. However, not all payday loans are created equal, and some lenders may take advantage of borrowers in difficult financial situations. To help you make an informed decision, we’ve researched and compiled a list of the best payday loans for bad credit.

A few examples to consider

Here are some examples of payday loans available in the UK:

  1. Wonga: Wonga is one of the best-known payday loan lenders in the UK. They offer short-term loans of up to £600 for new customers and up to £1,000 for existing customers. Wonga charges a daily interest rate of 0.8% and allows borrowers to repay the loan in up to six instalments.

  2. QuickQuid: QuickQuid is another popular payday loan lender in the UK, offering loans of up to £1,000. They charge a daily interest rate of 0.8% and allow borrowers to repay the loan in up to three instalments.

  3. Sunny: Sunny is a payday loan lender that offers loans of up to £2,500. They charge a daily interest rate of 0.8% and allow borrowers to repay the loan in up to six instalments. Sunny also offers a 5-day grace period if borrowers need extra time to make their repayment.

  4. Satsuma: Satsuma is a payday loan lender that offers loans of up to £1,000. They charge a fixed interest rate of 0.8% per day and allow borrowers to repay the loan in up to 12 instalments.

  5. The Money Shop: The Money Shop is a payday loan lender that offers loans of up to £2,000. They charge a daily interest rate of 0.8% and allow borrowers to repay the loan in up to 12 instalments.

It is important to note that payday loans should only be used as a last resort and should be repaid as soon as possible to avoid high fees and commissions. Before applying for a payday loan, consider other options such as: B. borrowing from friends or family, using a credit card, or checking government grant programs for financial assistance.

How to choose which loan to go for

The APR, or APR, is a useful tool for comparing the cost of different loans, including personal loans, personal loans, and credit cards. It not only takes into account the interest rate, but also all the fees and charges associated with the loan.

When choosing a loan, it's important to compare the APR of different lenders to get a clear picture of the total cost of the loan. Here are some steps you can take to use APR effectively when choosing a loan:

  1. Look at the APR: The APR will be listed prominently in loan offers, and it represents the total cost of the loan over one year. The higher the APR, the more expensive the loan will be.

  2. Compare the APR of different lenders: Look at the APR of several lenders to see how they compare. Remember to take into account any fees or charges associated with the loan.

  3. Consider the loan term: The loan term, or the length of time over which the loan is repaid, will affect the total cost of the loan. A shorter loan term will generally have a higher monthly payment but a lower total cost.

  4. Look for loans with fixed APR's: Fixed APR's will not change over the life of the loan, which can make it easier to budget for repayment.

  5. Use an online loan calculator: Online loan calculators can help you compare the costs of different loans and see how changes in the loan term or APR will affect the total cost of the loan.

By following these steps, you can use the APR to compare loans and choose the right loan for you. Read the loan agreement carefully and make sure you fully understand all the terms before accepting the loan.