Direct Payday Lenders in the UK
Payday loans are a worry-free method of acquiring the funds necessary to allow you to suit your financial responsibilities and wants. If you have a large amount of debt, for example, you will want to take care of it in a timely manner. Maybe you would like to invest in something and you need to do it sooner rather than later. BritishLenders.co.uk can offer you with the finances necessary to pays off debts or make investments in a sensible amount of time.
BritishLenders.co.uk is a reputable and trustworthy payday loan lender that offers individuals the online payday loans they need to take care of a number of financial needs. British Lenders works hard to make certain you are receiving the finest services when you apply for a payday loan. The lending company directly deposits the funds into your bank account in the form of direct deposit. After the transaction is final, you can easily take care of any investments or debts you want and need to and do not need to worry about paying back the payday loan until your next payday.
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Payday Loan Lenders and Brokers
During recent years, payday loan lenders and brokers have opened many new shops in cities across the United Kingdom. They offer short-term loans with high interest rates and few eligibility requirements. Such lenders often attract low-income borrowers who cannot obtain bank loans due to problematic credit histories.
UK payday lenders operate approximately 2,000 loan shops, according to the BBC. There are nationwide chains as well as small independent lenders. Some of them also offer pawnbroker services under the same roof. The national chains advertise on television and the Internet. Payday loan shops prove most popular among young, single men.
The Office of Fair Trading regulates payday loan providers in Great Britain. It requires lenders and brokers to initiate loans in a relatively transparent and ethical manner. The OFT can shut down companies that repeatedly violate its rules. Unlike some U.S. states, the British government does not limit the interest rates that lenders can charge.
Payday loan brokers do not lend their own money. Like mortgage brokers, they earn fees by supplying borrowers with loans from various companies. A broker can offer loans from multiple sources, a service that direct lenders cannot provide. This may help the borrower find a better interest rate. Essentially, a broker is a retailer of payday loans.
Payday Loans Lenders
On the other hand, direct payday lenders directly loan money to borrowers. They don't use brokers, so brokerage fees do not apply. The exclusion of brokers means that such lenders must operate their own shops and employ the staff. Both direct lenders and loan brokers may cut costs by using websites to lend money through the Internet.
Short term payday loans can have terms as brief as seven days. This often provides enough time for the borrower to receive his or her next paycheck and repay the loan. Many loans feature longer terms of two or four weeks. Some UK payday lenders now offer customers the option to borrow money for an entire year, according to the Independent.