Best Short Term Loans UK: Review 5 of 16: PaydayUK Loans

This post is Part 5 of the 16 Part Mini Series where I review the best short term loans in the United Kingdom. I receive a lot of emails from the great readers of the Millionaires Giving Money Blog seeking guidance on the most reputable pay day loan companies in the UK. After responding to a handful of these messages I was inspired to think of and share 16 reputable short term loan companies in the UK which had a proven track record of offering great service.

Important Notice: Before you take out a short term loan you need to be aware of the consequences of missing a payment. In the unfortunate event of a missed payment your loan could be automatically be extended for another term and you may be charged additional interest and charges. Late payments will also be reflected as adverse credit on your credit file and your credit score will fall gradually. Also continual missed payments or inability to pay off the loan may result in collection agencies getting involved in the repossession process. So without further ado here is the 5^th review of PaydayUK.co.uk on the best short term loans in Britain.

Review 5: Best Short Term Loans UK: PaydayUK.co.uk

PaydayUK.co.uk is one of the UK’s market leaders in online payday loans. PaydayUK.co.uk is the trading name of MEM Consumer Finance Limited and is regulated by the Financial Conduct Authority. PaydayUK.co.uk specialises in loans between £100 and £1000. There are also no hidden fees or charges. PaydayUK.co.uk only has a fixed charge of £29.95 per £100 borrowed.  

You can make your application online or by telephone and only requires a few minutes of your time. PaydayUK.co.uk has a quick approval process however there is now timeframe specified. Also there is no time frame specified as to how much time is needed for the money to arrive in your bank account once the application has been approved. One of the clear benefits of using Payday Loan companies is that you can make your application online or via the phone. You do not need to take time out from your busy schedule to visit your bank or wait weeks for the cash.

To be eligible for a PaydayUK.co.uk short term loan you need to be over 18 years old, you must also be in permanent employment and earn more than £500 per month NET of taxes. You must also have a valid current account with a debit card and you must also meet the credit and affordability criteria assessment.

Example of PaydayUK.co.uk Short Term Loan

PaydayUK.co.uk has an APR representative of 7,644% where customers can borrow anything between £50 and £1000 for a maximum term of 37 days. If you borrow £100 over 30 days you will be repaying £129.95.

The APR representative which is 7,644% is worked out as follows. When customers borrow £275 over 28 days at a rate of 359.40% (Fixed) which means you will repay £357.36.

Best Short Term Loans  

PaydayUK.co.uk is a responsible lender and takes into account the credit assessment and affordability criteria before they lend out money. This responsible lending has made them one of the most reputable payday loans companies in the UK. PaydayUK.co.uk also have a competitive rate when borrowing money however repeat customers are not rewarded with lower rates. 

This company does not have any hidden charges or fees and has a upfront fixed rate so you know how much your borrowing, how much you will pay back and the duration of the loan. Once the loan period expires payment is taken automatically so there is no need to worry about making payments on time. Overall PaydayUK.co.uk is worth considering but there are better companies such as Sunny.co.uk and QuickQuid.co.uk which offer lower initial interest rates and reward repeat customers.