This post is the tenth
installment in the 16 Part Review Series where I look at the best short term
loans in the United Kingdom. One of the most frequently asked question on the
Millionaires Giving Money Blog is what is the best short term loan? And, what
is the most reputable payday loan company in Britain? After replying to a
number of these emails I was inspired to write 16 reviews on the best short
term loan companies in the UK so people who need to borrow short term finance
can make informed decisions. In the tenth review I will be looking at
Paydaylady.co.uk which offers short term pay day loans to get you tied over
until pay day.
Important Information: Before
you decide to take out a short term loan you need to consider the implication
of not being able to make the payment on time. If you miss a payment there is
change that the loan term will be extended for another cycle and you will be
liable for all the interest charges and extension fees. Missing fees also lead
to lower credit scores and default marks on your credit file. Finally if you
refuse or cannot pay your short term loan debt collectors may be called in to
recover as much of the money as possible.
Review 10: Best Short Term Loans UK: PayDayLady.co.uk
PayDayLady.co.uk is a
payday loan broker. PayDayLady.co.uk has a panel of approved pay day loan
companies that it uses to find customers the best deal. The panel of lenders
are authorised and regulated by the Financial Conduct Authority which means
that they are approved by regulatory bodies and will treat customers fairly.
The PayDayLady.co.uk has
a simple 3 step application process. The first step is you will out the easy to
use application form which only takes about 5 to 10 minutes. You will need to
provide your name, address, date of birth, employment status and details of
your income and outgoings.
Once you’ve completed
the online form your application will be passed onto the payday loan companies
on the PayDayLady.co.uk approved panel and they will determine whether you are
eligible for a loan.
PayDayLady.co.uk will
then receive responses from the panel of pay day loan companies and make
recommendations with regards to the most competitive loan. You then have to click
on a link that takes you to the direct pay day loan company and finish the
remaining application which will include details like your bank account and
salary/wage date details. You could then have your money in your bank account
within an hour depending on which short term Loan Company has approved you.
Going through PayDayLady.co.uk
does not cost you any extra money. Any fee or commission is picked up by the
Direct Pay Day Loan Company which pays the broker for the business. The
advantage of using pay day loan brokers is that they will do all the hard work
to find you the most competitive short term loan company which means you don’t
need to waste your valuable time. PayDayLady.co.uk has a registered office in
Edgware United Kingdom.
Example of Pay Day Lady Short Term Loans
PayDayLady.co.uk has a representative
APR of 1,734% and loans amounts of anything between £50 and £500 with a maximum
term of 30 days. You must remember that this is a pay day loan broker which
means it has a panel of approved pay day loan companies which they use to find
you the best deal with the most reputable short term loan company. If you were
to borrow £100 over 30 days you would repay £125 on the 31st day of
the term.
The APR representative
as mentioned earlier is 1,734% which is worked out as follows. When you borrow £200
over 28 days the fixed interest rate is 326% PA and you are required to repay a
total of £150.
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