Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk

Short-Term Loans

Borrow up to £995

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3-12 month repayment
Rates from 278% to 1576%
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Personal Loans

Borrow up to £25K

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2-Min Application
3-36 month repayment
Rates from 4.7% to 278%
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Vamoola Payday Lenders

Financial mistakes such as missed payments, arrears, or defaults are horrible. It’s like a chain reaction, affecting a lot of things like your budget and creating a new line of credit. The negative remark stays for a long time and getting payday lenders is almost impossible. But does this mean that you cannot get a loan unless you have a good credit remark?

The answer is no.

Thanks to payday lenders, you can borrow money in an instant! The short-term loan is quick and easy to acquire by nature, thus making it a popular option for every individual.  This is best used when someone needs help tide over the next month, attend an urgent bill, rush a family member to the hospital, etc. However, critics are warning everyone about the loan because of its interest rate.

Why Are Payday Loans Costly?

With payday loans, no credit check is conducted. In case the payday lenders ask for one, the credit score will be used to decide the amount of loan and the interest rate to be charged. Every lender knows how important doing a background check is since this gives them a glimpse of the borrower’s past behavior when repaying the loan. A good credit score implies that the debtor is responsible – repaying the loan on time and not missing any payments. A bad credit score, on the other hand, shows financial mistakes such as late payments, arrears, or worse – defaults. So, a higher amount of interest rate is applied to compensate the risks of default. This is usual for all bad credit loans.

Nevertheless, many borrowers are tempted to get the loan. It is fast, easy, and very accessible. Some loan seekers can even get it just by sending a text or downloading an app.

payday lenders, Vamoola Payday Lenders

How To Get The Loan From Payday Lenders?

To acquire the loan, you need to meet the payday lender’s prerequisites, such as a postdated check. This is usual when borrowing money from payday lenders.

Otherwise, you have to give the lender an access to your bank account so that on the loan’s due date, the company will automatically debit the money from your account.

On the loan’s due date, the total loan amount is settled in one lump-sum consists of the principal rate, interest, and fees. This is usually done on your next payday, within two to three weeks. In case you’re not ready to give the money back, you can ask the lender to extend the loan. Rollover or loan extension is possible as long as you’d agree to handle the additional charge. Be careful though because this might lead to a vicious cycle of debt.

Nevertheless, its accessibility is promising especially when you’re constantly rejected and/or have limited time. There’s no need to visit a loan office or a bank since you can get it online. All you have to do is fill out an application form and wait for its approval. Once the lender granted your loan application, you can wait for them to transfer your money to your bank account. The loan only offers a small amount though and can be used to settle minor expenses. It’s helpful when you have no one to turn to and you need quick cash the soonest possible time. Payday loans are instant — can be given in a matter of hours, or even 30 minutes, as long as you can comply with all the requirements.

It is known for its versatility and you don’t need to state your purpose for borrowing the loan. It has no restrictions, unlike mortgages. But then again, it is expensive and it’s best used as a last resort or if you are in an emergency. Some people use it for leisure purposes, traveling or buying a new item. There’s nothing wrong with that as long as your income should be enough to cover the debt, and you’re willing to shed extra cash to settle the interest.

How To Find An Affordable Payday Lenders?

There are hundreds of lenders online and the only way to find out who’s worth it to compare each. Do not just focus on the numbers but the lender’s terms and conditions and repayment terms as well. Find out any hidden charges or vague policies and ask the lender about it. If they’re hesitant to explain the loan agreement, look for another payday lenders. Read the feedback from their previous clients to know if the payday lenders can be trusted or not.

Do You Need Guarantor Or Collateral To Get Payday Loan?

When you have a bad credit, providing a guarantor almost guarantee a successful loan application. However, it’s finding that another person who will handle the loan in case of default is not as easy as it sounds.

The role of the guarantor is difficult: it goes more than just cosigning the loan contract. He will vouch for the borrower’s ability to settle the loan, verify his identification and most importantly, shoulder the outstanding debt including its additional charges. It’s as complicated as providing collateral because when things went south, the property will be repossessed by the payday lenders legally, put it in the market, and use the proceeds to settle the debt.

Luckily for payday loans, there’s no need to provide any form of security – whether collateral or a guarantor. This is ideal for employed individuals who want to borrow discreetly or want to keep things private; for tenants who have no property to yield or homeowners who don’t want to risk their properties; for borrowers who want to have quick access with an extra fund. Meanwhile, jobless individuals have a slight chance of acquiring the loan.

There are payday lenders willing to extend their help to people who have an alternative source of funds. Although they are limited, the good news is that you can find one online when you’re receiving benefits, pension, or alimony. You may even apply when you’re working on a part-time or freelance basis. As long as you can prove your capability to repay the loan on time, you may still have your loan application approved.

payday lenders, Vamoola Payday Lenders



Representative Example

Representative example of the total cost of the loan, including all applicable fees – Typical loan size of £25,000 over 120 months = £275.82 pm, 4.35% Variable APR – 6% (including £1800 in interest) total repayable £33,098Maximum Annual Percentage Rate (APR) – approx. 24% (lender starting rate 18%) – Typical Apr will be around 8%

*We are not a lender, we provide a free credit brokering service. We will never charge you a fee for using our application.
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Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk