Payday loans are usually short term financial loans that are used to help you solve various financial obligations until the next payday arrives. Approval rates of these products is higher compared to conventional bank loans because the loan amounts disbursed is low and the repayment period is normally very short. These cash advances offer cover for unexpected expenses or emergencies such as: vehicle break down, medical expenses, and utility bills. Payday loans allow borrowers to benefit from financial aid, and these payday loan products are also designed for individuals who cannot afford the conditions and processes involved with a normal bank loan application process.
However, there are currently over 200 payday lenders in the UK each with different terms, lengths and rates. Considering that when you’re desperate and need money to tide you over until your next payday, you don’t have time to sort through all of these lenders and work out which one is best for you. There have been many cases reported of people getting confused or applying to more than one company at a time in order to get the quickest result. This consequence of this can be disastrous financially.
How do I know what lender to choose?
Following a recent investigation conducted by the CMA new regulation has been created to ensure that all payday lenders are listed on at least one FCA approved price comparison website. With some borrowers in the UK taking out 5 or 6 loans a year, they are typically taking them from the same lender and just topping up their services. Therefore, it is important to compare prices and the different loan products available and in doing so, the average payday loan borrower could save over £100 a year in repayment fees.
One such comparison site is Purple Payday.
The Purple Payday process has been designed, delivered and continually developed to provide the customer with an efficient yet simple loan search that reduces the heartache of multiple applications. Purple Payday offers it’s customers a seamless one-page application process that is entirely online and can be completed at any time of the day. Our market-leading technology powers your application to a whole of market panel of leading UK short term lenders, giving you the best possible chance of your loan application being approved by a reputable lender that you can trust.
With over eight years experience in the market, customers can rest assured that their application is being handled quickly, but most importantly through a secure site that protects your data through encryption. Without phone calls, faxes or multiple application forms you needn’t waste time searching as our one form does it all – truly a forward-thinking payday experience. Purple Payday is an innovative approach to loan comparison, encouraging a customer centric approach to everything they do. The entire experience takes only a few minutes, from beginning the application to electronically signing for your situational credit.
Try Purple Payday today and find out for yourself.
- Quick Decision - Short-term loan decisions within minutes, to help you get the money that you need!
- Simple Application - The application process is straight forward – helping you get cash when you need cash fast!
- All Credit Histories Welcome - Apply today for an instant decision with PurplePayday
- 100% Safe and Secure - The site is always safe and your privacy is protected
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.
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