21st March 2015
Finding the best payday loans lender can be very tough and challenging. If you have done a simple search online for terms such as “payday loans”, “direct payday loans” or even “best payday loans lender” you will find hundreds of payday loan companies and brokers who introduce you to lenders offering their services.
When looking for the best payday loans in the UK always check to see if they are a direct lender or a broker. A direct lender is a company that has funds available to lend you if you are approved, a broker is a company that introduces you to a lender while charging a fee at times to use their service or a commission paid by the lender for the introduction. At The Lenders List we believe no fees should ever be charged unless you have been fully approved a loan so avoid these types of companies where possible.
There will be tons of payday loan companies in the UK claiming they are the best but this is a tag that payday lenders may use to reel you in to apply for a payday loan. To be honest payday loans may not be the best option because of the interest they charge but if this is the last option then look to do some research if they truly are the best payday loan lender in the UK. From our own research the best payday loan lenders in the UK tend to be the ones that charge below the £24 for every £100 borrowed in a 30 day period as this is what is set by the Financial Conduct Authority as a maximum a lender can charge for borrowing £100 in a one month period. If a payday lender is charging more than this then they are breaking the law and will be caught sooner or later. Some lenders are now getting more competitive charging about £20 for every £100 borrowed but always look at the rates on the lenders sites to get an accurate figure what will be charged on how much you have requested.
Using The Lenders List means that you can compare over 25 payday and instalment lenders and compare the rates charged and the type of loan they offer then you can determine who the best payday lenders are. If you choose to apply with one lender over another because of the rates it can save you money instead of over-paying with another lender. Also check if you want to borrow for 30 days or for a few months as some lenders offer both options making it more flexible to repay. We will never suggest who is the best as we stay impartial as we are a directory but what we do make sure is that all payday loan companies have an FCA license, are a direct loan lender and UK registered business, as long as these guidelines are met we are more than happy to list a lender. We pride ourselves on listing only direct payday lenders and no brokers and we hope that comparing lenders through our site means you do not have to scour the internet wondering if the website I have landed on is a direct lender or a broker stay safe and apply with a lender listed on our site.