New payday loans lenders
Looking for new payday loan lenders but don’t know where to start – look no further. We are a firm that was established in 2017 as we decided that we wanted to help people in need of finance in the UK, by being open and honest to help us stand out from other companies.
7 things to consider when choosing a new payday loan direct lender
- Reputation: Look into the company’s reputation. Research online reviews, feedback from previous customers and check their ratings with industry watchdogs like the Financial Conduct Authority (FCA).
- Interest rates and fees: Compare interest rates, processing fees, and other charges from multiple loan companies. Make sure you understand the terms and conditions, including any penalties or charges for early repayments.
- Loan amount and duration: Check whether the loan company offers the amount you need, and for the duration you require. Some lenders may not offer loans for certain amounts or durations.
- Eligibility criteria: Make sure you meet the loan company’s eligibility criteria. Different lenders have different requirements, including minimum credit scores, employment status, income, and residency status.
- Transparency: Ensure the loan company is transparent about its lending practices. Check if there are any hidden charges and if they provide clear and concise information about the loan terms.
- Customer service: A reliable loan company will offer prompt and efficient customer service, including an easy-to-reach customer support team, online chat support, and a customer helpline.
- Repayment options: Look into the loan company’s repayment options, including the frequency of payments, repayment period, and any flexibility to make early repayments. You should choose a new payday loan company that offers you repayment options that suit your needs and financial situation.
What is the Eligibility criteria when applying with a new payday loan direct lender in the UK?
The eligibility criteria for new payday loan companies in the UK may vary slightly depending on the specific lender. However, some general eligibility requirements that are common among most payday loan companies in the UK include:
- Age: You must be at least 18 years old to apply for a payday loan in the UK.
- Residency: You must be a resident of the UK to apply for a payday loan from a UK lender.
- Income: You must have a regular income or a stable source of income to demonstrate your ability to repay the loan.
- Employment: You must be employed or have a steady source of income to be eligible for a payday loan. Some lenders may require you to be employed for a certain period of time before you can apply for a loan.
- Bank account: You must have an active UK bank account to apply for a payday loan. This is necessary for the loan funds to be deposited and for repayments to be taken automatically.
- Credit history: Some lenders may consider your credit history when evaluating your application, while others may not. However, having a poor credit history may limit your options or result in higher interest rates and fees.
It is important to note that meeting these eligibility criteria does not guarantee loan approval, as the lender will also consider other factors such as the amount of the loan and your ability to repay it. Additionally, it is important to borrow responsibly and only borrow what you can afford to repay to avoid getting into debt.
If you have been declined for a loan by a new direct lender, here are some things you can do:
f you have been declined for a loan, it can be frustrating and disheartening. Here are some steps you can take:
- Find out why you were declined: Ask the lender why you were declined for the loan. They are required to give you a reason for the decline, and this will help you understand what you need to do to improve your chances of getting approved in the future.
- Check your credit report: Check your credit report to ensure that it is accurate and up to date. If there are any errors or inaccuracies, you can dispute them with the credit reporting agency.
- Improve your credit score: If your credit score is low, take steps to improve it. This may include paying off debts and making payments on time.
- Explore alternative options: Consider alternative options, such as borrowing from friends or family, taking out a secured loan, or seeking assistance from a credit counseling service.
- Wait and try again: Sometimes, waiting and improving your financial situation is the best course of action. Take time to save money, pay off debt, and improve your credit score before applying for another payday loan.
Remember, it’s important to only borrow what you can afford to repay, and to shop around for the best loan options and interest rates. Don’t give up if you are declined for a loan – there are always other options available.
Try My Quick Loan as your new payday loan direct lender.
As mentioned, we aren’t a direct lender but we can help match you with a new payday loan direct lender. Our service is 100% free and we work with a larger panel of lender which increases your chances of success.
If you think My Quick Loan is the right choice for you – click ‘Get My Quote’ below.
Get your free loan quote todayAccess from £100 to £5,000
Representative 79.5% APR
Warning: Late repayment of payday loans can cause you serious money problems. For help, go to moneyhelper.org.uk.