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Payday Loans!

the UKs #1 Payday Loans resource

PaydayLoan.co.uk is the UKs #1 independent payday loans resource site. Our goal is to help provide as much information as transparently as possible on the UK payday loans sector to assist you in finding the best lender for your needs. We cover everything from the short payday loan right up to 3 month payday loans and 12 month payday loans. So if you’re looking to find the best online payday lender, or just want to compare all UK payday lenders and their rates to help find the best payday loans then you have come to the right place.

We also do more than just compare payday loan direct lenders. As the UKs #1 independent resource site we also provide resource guides that help explain things like: the facts about payday loans, how to work with your payday lender if you are having a problem, what the law and regulation around payday lending is and general articles on the UK payday loan industry.  If you’re researching an article on payday loans we also have a section dedicated to all the statistics, data and published reports on the sector.

Well you get the idea...

Why You can TRUST us

While we began life as the first online lender in 1998, we are no longer active in any direct lending activities. We felt there was far too much misinformation about how loans are calculated and the best lenders so we decided to do indepth reviews of the lending practices, consumer complaints and transparency to the costs of payday loans so better informed decisions about loans and the industry can be made. We believe in complete transparency and target to bring you a balanced view about everything happening in payday loans; exposing the positive and negative aspects of this prolific industry.

As the main independent resource site in the UK for anything to do with payday loans and as you would probably expect over the years we have collaborated with or had articles featured on some very prestigious websites. Some of the most notable are shown below.

forbes National Geographic Wired Discovery

If you are a Journalist or Researcher and you would like to have a point of contact in the payday loans sector to help with your articles we would love to hear from you.

Who's this site for?

As we state above our site has the goal of been the most comprehensive, impartial and FREE resource site for anything and everything to do with payday loans in the UK. To help us achieve this goal we have specifically focused on three types of user of the site.

We've seen hundreds of thousands of people in your shoes; you need money and you want it now. Well, you’re in the right place, but before you rush in we would like to ask you to stop - and like with all financial products -ask you to make sure you fully understand the product you are looking to take out.

 

what is A payday loan?

Payday loans are a relatively small amount of money (£100 to £1,000) borrowed over a short-term (15 to 90 days). Sometimes a payday loan is also referred to as a cash advance, wage day advance, term loan or 3 month loan. In essence they are all terms classed as High Cost Short Term Credit (HCSTC) and in essence all offer easily accessible unsecured loan. A fast line of credit (AKA, Instant Payday Loans) that costs more than a traditional line of credit due to its shorter loan term. Effectively, a payday loan is a cash advance against an amount you can afford to pay back from your next pay day wage packet.

If you're looking for a Payday Loans Direct Lender list with the key lenders typical fees and costs included.

Finally, if major debt is plaguing you and the reason you are looking for a payday loan is so that you can buy some more time or kick the problem into the grass for a little longer, then we urge you NOT to take out a payday loan. Instead we have a section of the site that is dedicated to helping you. We also recommend a number of FREE debt charities on that page (Click here to visit it). 

For a much more comprehensive set of guides on what lenders can and can’t do we recommend looking at our Loan Issues and Law and Regulation section.

 

how the payday loans industry works

In essence the payday loans sector is made up of three core sectors. You have the payday lenders, the brokers and then the networks. We ourselves are technically a broker (although most likely the most honest and transparent in the sector). Brokers tend to allow users to directly connect with a lot of lenders all in one go. Networks on the other hand work with both the broker and lenders to facilitate the transaction of the data and keep the users data safe. We then have the lenders who directly issue the loan.

So to recap the business types have different advantages and disadvantages.

Payday Loans Direct Lenders - They provide the loan money

Payday Loan Brokers - They work like a money supermarket and allow a consumer to apply for a loan across a range of lenders, with the broker choosing the most suitable in terms of likelihood of the loan being granted and preferred rates

Networks - They work at matching lenders with brokers.

So What's going on

We have covered quite a bit on this page so far. This section contains a feed of a very small selection of the latest articles we have done that cover the general payday loans sector, the law, regulation and trade associations within the sector along with news articles that we have seen in the press that we think our readers might like.

 
BCCA Consumer Code of Practice

BCCA Consumer Code of Practice

Law & Regulation Jim Cook - avatar Jim Cook

The following report is a quick summary of the BCCA Consumer Code of Practice. We have summarized the golden nuggets to save you some time and keep you informed. If you would like to read the full rep...

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Summary of 2014 FCA legislation

Summary of 2014 FCA legislation

Law & Regulation Jim Cook - avatar Jim Cook

There are many aspects of the 1st April, 2014, (effective 1st July, 2014) updated legislation, that are designed to help the consumer, but some ‘help’ has resulted in other potential problems. The ov...

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Finance and Leasing Association (FLA)

Finance and Leasing Association (FLA)

Law & Regulation Jim Cook - avatar Jim Cook

The FLA trade association confirms that its members provided almost £90 billion of new finance in 2013, but it would be misleading to regard this as payday loan business, as only one member, Wonga Gro...

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Consumer Credit Trade Association (CCTA)

Consumer Credit Trade Association (CCTA)

Law & Regulation Jim Cook - avatar Jim Cook

As one of the earliest trade associations recorded in history, they have been in operation since 1891, but obviously payday loans only become part of their members’ products and services, within the l...

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Consumer Finance Association (CFA)

Consumer Finance Association (CFA)

Law & Regulation Jim Cook - avatar Jim Cook

“Responsible lenders don’t lend to those unable to pay back ,” is how the Consumer Finance Association website opens on their homepage. They also suggest that you “should pause and think before you bo...

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That’s all folks... OK so what we really mean is that’s all for the latest articles we have done that cover the payday loan industry, law and regulation within the industry and relevant news articles on payday loans we think you will have found of interest. Go and take a look around the site and let us know if you feel we have missed anything.

Data Protection Reg No: Z3508710 - Consumer Credit License Number: 655622