Living in the UK is expensive. From time to time, most individuals need a little help to manage their expenses. This is the reason why there are multiple types of finance options available in the UK. There are many different types of payday loans available, and you can expect to get loans from £50 to £1000 amounts.
If you are new to the concept of payday loans, here we have discussed a few prominent types of payday loans available in the UK. You can acquire a payday loan direct lender or from a broker who works with multiple lenders. One such lender to consider is LoanPig in the UK. The fixed APR that they offer on an instant payday loan is as low as 199% for new customers, and 149% for repeat customers. All in all, it is easy to borrow up to £1500 from them as a payday loan.
Different types of payday loans
Wonga loans
This type of payday loan was introduced in 2006 in the UK. It is one of the oldest types of loan and you can expect to borrow any amount from £50 to £400 via this loan. As soon as you get approval, the loan amount will be transferred within 5 minutes. Wonga loans come with a representative APR of 1509%.
Online payday loans
You can sit in the comfort of your home and fill out the application form using your cell, tab, or computer. Your credit check is done using the online system, and once you get the approval, funds are transferred to your bank account. However, customers are recommended to only work with authorized lenders to avoid any sort of scam.
Instant payday loans
Depending on the lender you choose to work with, this type of loan can be acquired online and offline. If you need urgent cash, this type of loan will suit you the best. The entire process of applying for and getting a loan is completed within a few minutes. This is one of the fastest loans you can apply for.
1-hour payday loans
After the instant payday loans, the second fastest is the 1-hour payday loan. If you are wondering why would you wait even for an hour to get loan money when there is an option of an instant loan, well the answer is you save on interest rate. When you reduce the urgency, the interest rate you get is better.
Same-day payday loans
In this type of loan, the price is completed within 1 day. A credit check is conducted, approval is received and the money is transferred to the Bank account all on the same day. If you have time on hand, this is the most ideal type of payday loan to go for. Compared to an instant payday loan, you will be offered a better interest rate.
Bad credit payday loans
The name says it all. Bas credit payday loans are specifically designed for individuals with bad credit. To apply for this type of loan you don’t need to provide a credit score of tasting. All you have to do is fill up the form correctly and be ready to pay a higher interest rate. Nevertheless, with so many lenders out there, it is possible to find a cheap bad credit payday loan.
The details given above cover all the major types of payday loans. Now, since you read it all, surely you can select the most appropriate type of payday loan for yourself.
