Why Trust Us. Top Ten Reviews has written about payday loans for 12 years. We also take great care to keep our eyes open for alternatives. Payday loans have high fees, but because the application process is quick, the lenders dont run credit checks and these services have many locations, they fill a niche in the financial environment. Though regulated at the state and federal level, there are still payday lenders that attempt to skirt the rules.
Some are online-only lenders based in other countries. Other lenders work around state laws by operating out of Native American reservations. Be wary of brokers that offer to connect you with lending partners this can result in a lot of calls and emails about offers.
We stuck with direct lenders who comply with state laws. A good way to tell if a lender follows the rules is if its website asks what state you live in before giving you a quote.
Consider seeking professional advice regarding your financial needs, risks and alternatives to short-term loans. Late Payments of loans may result in additional fees or collection activities, or both. Each lender has their own terms and conditions, please review their policies for further information.
Nonpayment of credit could result in collection activities. Each lender has their own terms and conditions, please review their policies for further information. Every lender has its own renewal policy, which may differ from lender to lender. Please review your lenders renewal policy.
Interest rates on personal loans vary across the market, but as a rough rule of thumb, the more you borrow, the lower the rate. For example, you might pay interest of 9 on a £3,000 loan, but only 6 on a loan of £7,000. It can therefore make sense to borrow a larger amount, say £7,000 instead of £6,500. Just make sure you dont take on a debt that you cannot afford to repay.
Term of the loan. The size of the loan will to some extent determine the term of the loan. It is, for example, difficult to pay off a £7,000 loan in just one year as the monthly payments would be relatively high. However, if you borrow only £1,000, does taking out a personal loan hurt your credit term of 12 months is more manageable. You also have to consider the cost implications of the loan term as the longer the term, the lower the monthly payments but the higher the total cost.
We show you the monthly cost of the loans that match your borrowing need. You can edit your loan term or amount to find a loan you can afford. Why are we the best website for loan comparison. Simply because we compare and match you to over 33 loans and can help you understand how the lending company will view you and your application before you apply, meaning you are more likely to get accepted for a loan first time.
We want to show you loans from as many lenders as possible, so that you can choose the one that suits you best. We cant promise to have loans from every single lender, because some lenders dont want to be included in our Eligibility Checker tool.