Online Loans With Loanload
Getting you the very best doorstep loan rates on the market.
We are an Introducer Appointed Representative of Quint Group Limited, who are a credit broker not a lender. LoanLoad Introduces customers to Monevo Ltd who are an Appointed Representative of Quint Group Ltd. for the purposes of obtaining a loan. LoanLoad does not provide any loan or consumer credit products directly.
Representative 305.9% APR. Representative example: £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
Loanload is a licensed credit broker and not a lender.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadvice.org.uk
Compare Payday Loans and Save Money
You’re in a tough financial situation. There a few important bills that you need to cover but your short of cash and your next payday is still a week away. You go to banks and other traditional lending institutions but you’re not so perfect credit score has prevented you from taking on a reliable loan. Even your family and friends can’t help you out and your running out of places and people to turn to. In this time of dire need, payday loans might just be the solution that you are looking for.
How does a payday loan work?
Basically, this loan is designed to provide you with instant cash in an emergency. You can avail for as little as £50 and as much £2,500 that is due to be paid off in a few weeks or months, depending on the amount and length of the loan. They are normally short-term loans with short grace periods but many lenders provide extensions on repayment dates by another month if you need to. This gives you the time that you need to pay off the loan. However, it is important to remember that opting for a repayment extension would typically mean you would have to pay more in interest rates.
You can choose to apply in-store in one of the lender’s branches near you or apply online through your computer or mobile phone as long as you are connected in the internet. But whether it is offline through walk-in application or online, availing for a payday loan is relatively quick and easy. Requirements are minimal and often it takes just a day or two to complete the application process and receive the money that you availed for.
Compare Payday Loans
If you want to save a lot of money when taking out a payday loan, then you need to compare each product effectively. The reason for this lies in the fact that every lender in the payday loan industry offers different rates of interest and terms in their products. A recent study carried out by Competition Market Authority reveals that borrowers would normally apply with the same lender over and over again without even considering the fact that there are other companies in the market that offer cheaper services. Furthermore, the study points out that by finding a cheaper option, customers could save more than £100 a year.
How to Compare Payday Loans
Now we know that conducting comparisons on different payday loan offers would save us some money. The question now is how do we effectively compare each? How would we know that this product is cheaper than the other one? There are several ways to go about it.
APR – The Annual Percentage Rate or APR measures the cost you would incur in a year when taking out a loan. Simply put, the higher the APR the more expensive the loan would be for you. Thus, choose those loans that offer lesser APRs. This way you will be able to get a better deal.
Daily Interest – Another good way to compare payday loans is by looking at their respective daily interest rates. A 0.8% interest per day would cost a £100 loan £124 in total payment. For a short term loan like a payday loan which have short payment periods, looking at daily interest rates when comparing costs would certainly be more accurate and effective than relying on its APR.
Repayment Terms – Other lenders might provide lesser interest rates in their services but they may have huge charges when you miss out on your payment. This is something that you might also want to consider because you can never really predict that another financially emergency might arise and prevent you from making your loan payments. When this happens, you might just be glad that you have taken out a payday loan that does not put a hefty price tag for missed payments.
Comparison Tools – There are also sites that provide free comparison tools that you can use to compare different payday loans from a variety of lenders. This might just be the most effective means of finding the most affordable option available for you. It would save you the time and energy in doing the researching yourself. Just be sure that the website providing the tool is an independent site and not merely a front created by the lenders themselves to advertise their services. Normally, you would know that a comparison site is legit if it includes new payday lenders that have just entered the market in their comparisons.
So don’t forget to take your time when deciding to take out a payday loan. Compare the prices and the rates and you will save a lot of money in the long run. Comparing lenders and their respective services would also ensure that you get the kind of deal that you deserve.