Warning: Late repayment can cause you serious money problems. For help go to moneyadviceservice.org.uk
Rates from 278% APR to max 1576% APR. Minimum Loan Length is 3 months. Max Loan Length is 6 months. Representative 305.9% APR. Representative example: £400 borrowed for 90 days. Total amount repayable is £559.68 in 3 monthly instalments of £186.56. Interest charged is £159.68, interest rate 161.9% (variable). interest rate 161.9% (APR variable). We are a credit broker not a Lender.
Payday loans have been in the news for a number of years now, for both good and, admittedly, not so good reasons. Having one of the fastest growing financial products in the UK market at its disposal, payday loans industry has quickly become a multi-million pound financial sector that has the capability to cater to a wide section of the UK population. This is precisely why it becomes important to know who payday lenders are and how they operate – especially if you are looking to apply for and get a payday loan.
Payday lenders are private financial operators who are allowed to operate within the ‘small-size cash and credit’ sphere of the lending market. Typically, payday lenders lend up to £2,000 for 3 to 12 months.
As per the latest ruling by the Competition Commission, every operator in the business of cash or credit lending has to be registered as a ‘direct lender’. This includes all payday lenders, as well.
Viva Loans is a credit broker (payday loan broker) and not a direct/indirect lender. We contact other direct payday lenders on your behalf so that you can get the best possible payday loan deal.
Our partners wide-ranging direct lender base means that we help you find the lender who can precisely match your cash needs, who can offer the cheapest interest rates and who is the most likely to approve your payday loan application.
It is absolutely safe to get a payday loan so long as you are fully sure that you will be able to repay on schedule. This is important as payday loans carry steep interest rates that can mount up quickly if you keep defaulting on your loan.
Interested applicants must also note that unethical means of loan extraction are deemed illegal in the UK, under a variety of laws, acts and statutes. All payday lenders we help you connect with at Viva Loans are responsible lenders.
A responsible lender is, in a broader sense of the idea, the one who operates within the confines of all the laws that apply for lending practices.
A responsible lender is expected to explain to the potential borrower all the fees, charges and costs associated with a loan well in advance before finalising the loan agreement, all the while treating a borrower fairly and ethically at all times.
A responsible lender is also expected to lend cash or credit strictly in accordance with the applicant’s repayment potential.
Yes, they are.
All payday lenders who we help you connect with at Viva Loans are direct lenders registered with the Financial Conduct Authority, the chief regulator for all credit institutions.
Apart from the FCA, payday lenders and payday lending practices are strictly watched over by a number of governmental and semi-judiciary institutions, most notably the Office of Fair Trading, and the Competition Commission.
Wherever and whenever possible, we ensure that payday lenders we help you connect with are all authentic and well-regulated financial institutions. However, you can also verify the authenticity of such lenders with a few simple checks:
They must have a registered company number in the UK.
They must have a valid FCA registration number.
Their website must mention a valid and registered postal mailing address and a phone number.
Their website must be ‘https’ secure.
No, they usually are not.
Banks, as a matter of simple understanding, do not operate within small credit and cash market, perhaps with the exception of secured loans. Thus, payday lenders are independent and private lenders.
With millions of people trying to get a payday loan each year, it’s not really a surprise that over 200 registered payday lenders are active in the UK short term loan market. While some of these are strictly High Street shops, others have a widespread online presence, as well. A few leading names from this bunch are:
Wonga – Wonga is perhaps the best known short term lender in the UK. Being a direct lender for over a decade now, Wonga services over 2 million distinct payday loans each year.
The Money Shop – The famed High Street direct lender also has a considerable online business that routinely attracts millions of applicants from all over the UK. It also has credit and lending divisions in a few other commonwealth nations.
Payday Express – Payday Express is another well-known payday lender and short term, high cost credit operator in the UK. It is best recognized for fair interest rates and consumer friendly, flexible loan terms. It is also a founding member of the CFA (Consumer Finance Association), an association of responsible short term lenders.
Don't hesitate. If you are looking for a payday loan from any of these direct lenders or more, just fill in our short application form here and get the advantages of getting your best options through Viva Loans.