Payday loans are often referred to as cash advances, because they are designed to give people access to fast cash.
Payday loans are short-term high-interest loans. They are often used to help with emergencies such as a broken car or unexpected bills. However, they can be expensive and require borrowers to make repeated payments.
The best way to find a loan is to shop around. Many online lenders offer payday loans. Some provide higher amounts than others. But make sure you compare rates and fees and choose the lowest price.
You might also need to know more about the risks involved with a loan. Lenders are required to offer a detailed information sheet on the risks of borrowing. These include things such as the possibility of paying back less than the original amount borrowed or default charges.
While payday loans can be helpful, they should only be used in emergencies. High-interest and expensive fees can leave borrowers struggling to pay for necessities.
If you are concerned about the payday lender you are using, you can contact the Financial Ombudsman Service. It is a free, independent service that can handle disputes with payday lenders.
You can also check the Financial Services Register. This lists regulated price comparison websites and companies. Most will be listed on the homepage of the website.
Payday loans are only available if the lender is authorised by the Financial Conduct Authority (FCA). Before taking out a loan, it’s important to know all of the details and policies.
In addition, lenders are only permitted to offer a loan extension twice. Borrowers are also not allowed to exceed their borrowing limit of PS15 plus interest on the loan.
Have a look at what we can offer here.
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