Use our UK Finance guide and learn by experience. We outline pitfalls so that you don't have to learn the hard way, as many of us often do.
Loans
Payday Loans - How to get the best deal
There are a lot of payday loan providers in the market today, some quite fair and others not so much. Although you may be desperate to borrow money and might be inclined to go with the first online payday loan you come across, don't.
An hour or so isn't going to make any difference to your situation. Browse as many payday loan websites as you can. Compare interest rates and payday loan terms. Remember that two payday loans with the same finance charge per £100 will not put you under the same amount of pressure if their terms differ in length. The payday loan with the same finance charge over a longer period will obviously allow you more time to repay the amount making your life a bit easier. Also check whether the finance charges attached to your payday loan are fixed as you may be able to save some cash if you pay your loan back earlier, should you be able to. Another important point to remember is that you must only take out a payday loan for the amount you need (no more) and only for as long as you need it as interest will be calculated on a daily basis. Always make sure that the funds required to make the repayment on you payday loan are in your account by the due date. Failing to make a payment in respect of a payday loan will usually attract a rather hefty fee.
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