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Need a quick injection of cash to get through something, or until your next paycheck? Then you’re not alone. A report from The New York Fed shows that in 2017 alone, the total debt of U.S households reached $13 trillion.

For most Americans, things are not affordable – especially college. Thus loans are one of the best options to get funds to spend on things such as a car, and house.

Places to Find Direct Lenders

However, taking out a loan is risky, tedious, and it you’ll be worrying about it for a while.

But if you really are decided in taking out a loan, then here are a few lenders that you can get a loan from.

Places to get a loan.

  1. Banks – I’m sure all of you are familiar with banks and their constant advertisements of their loans. And when you’re a member of a bank already, it makes it even more appealing for you to take out a loan from then since you trust them with your money.

Pros: Trusted and known banks gives you a plethora of options. With all the different rates, terms, fees, and payment plans, you’re bound to find the right loan for you. It’s best to apply for big name banks as they are much convenient when it comes to repayment as they accept online billing.

Cons: A big-name bank will generally deal with a lot of customers, which means service might be slow or you tend to get outright ignored. Banks can also be pretty uptight about their rules and would refuse to work with you when you’re having trouble repaying.

  1. Credit Unions – Credit-Unions are the 2nd best option for you when you’re denied getting a loan from a bank. A credit-union is community driven and will have no problems in helping you if you’re from their community.

Pros: Being a non-profit organization means having pretty low interest rates. And on top of that, you can easily stop by your credit-union if you have any concerns.

Cons: Unions are generally limited to giving only a small amount of loan as other members may need it. Keeping track of your loan is also hard as most unions are behind on the technology.

  1. Online Lenders – Taking out a loan through online lenders can be very easy, as long as you meet the lenders requirements, you won’t have any problems – receiving the cash the next day.

Pros: Fast, Easy, and is the process is pretty straight forward. Once you’ve submitted your application, all that’s left is to wait for your approval.

Cons: You may be charged with insanely high APRs up to 400%. Especially if you have a not so desirable credit score.

  1. Peer-to-peer Lenders – A peer-to-peer loan funding is different as you are borrowing money directly from the different investors.

Pros: Interest rates are manageable and terms are also reasonable, usually ranging from 3 to 5 years.

Cons: Fairly hard to get the funding, especially if one or two investors doesn’t back your funding. You’re then back to square one.

  1. Retirement Plans: These are only applicable to those who has an employee-sponsored retirement plan. If in need of a quick cash, you can use that retirement savings.

Pros: Competitive interest rates. Basically, you’re borrowing your own money and then paying it back with interest.

Cons: Removing funds from your retirement plan may hinder you from benefitting on compound growth, which can affect your plans when you retire.

  1. Cash Advance: When you’re really desperate for cash, you can take out a cash advance from your credit cards. Just go to your nearest ATM and voila, cash in hand!

Pros: Quickest way to get funds if you don’t have any other option.

Cons: You will be buried in interest rate and additional fees. Making things even more expensive for you in the long run.

  1. Payday Lenders: This type of loan is only good for people who has little to no credit scores. If you have other options, then I’d recommend to steer clear away from a payday loan. A payday lender will hand out payday loans to anyone as long as they have an income, but with pretty high-interest rates.

Pros: If severely limited in your options, a payday loan can be a quick source of money.

Cons: Payday loans will hit you with APRs as high as 400% or more, and if you aren’t able to pay, your debt will just keep racking up till it’s impossible to pay anymore.

  1. Parents and Friends. -  Friends and family can be a pretty good source of a loan especially if you’re in a tight spot. Just be sure to repay to avoid damaging your relationship with your family and friends.

Pros: Terms and interest are very flexible. Be sure to put what you agreed on into writing to avoid misunderstanding down the road.

Cons: You can potentially damage your relationship with your friends and family.

Do guaranteed payday loans exist? And if yes, where can I find them? A legit lender won’t advertise any of their loans as a guaranteed one, but you can apply for one where your approval is almost guaranteed.

There are instances in life where you are backed into a corner and in need of money. If you’re really in desperate need of cash, you can try a payday loan, although generally not advised – a payday loan is almost a guarantee if you have an income to back you up.

When a lender advertises their loans as a guaranteed one, be cautious as it might be a scam. Even a bad credit payday loan needs to do some eligibility checks.

How does a “guaranteed” payday loan work?

A guaranteed payday loan in a sense that if you have the financial capabilities in repaying the loan, then you’ll surely get approved for one. That’s the most important part for the lenders, and not on credit scores when it comes to payday loans.

Remember that a payday loan is a short-term loan, which means it needs to be repaid immediately, usually during your next payday. And on-top of having to be paid immediately, it boasts a huge amount of interest; as high as 400% APR. Those two combined can cause you more problems in the future if not managed right.

Where to apply for one.

Payday lenders are everywhere. A quick google search can yield you hundreds of results of payday lenders that are willing to offer you a loan and you’ll mostly likely be guaranteed to be approved.

Even when applying for payday loans, you must compare lenders and look for the best option for you. Choose a payday loan that won’t charge you any other fees on top of the crazy high interest rate already.

 

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