Cheapest Payday Loans UK | Scored Over 30 Days
Over the 10 year span from 2003 to 2013, new firms had been popping up on a consistent basis. In 2014, the cracks have started to show though with many brands closing down. The problem faced is that with just so many choices out there, only few can compete. This is made worse by the dominance from large financial groups (mostly American) that spend millions on advertising, whether that be on TV or on the web. You also have to question the lack of innovation, since we haven’t seen as many issues from those brands that have devised more flexible products with added features. Perhaps this monthly term has become outdated.
From the many providers out there we have uncovered the very cheapest below, but what is good value here? I would say that 1% daily (£30/£100) is a good price so long as there is no extra fast transfer fee. There are lower prices as seen today, but if you are really looking for much better value then you would be advised to choose instalment companies. This would particularly be advisable for those who are known to extend/rollover where the costs can really mount. Within this comparison section we scored same day charges for £100 loans over the month. The daily rates are calculated against a 30 day term.
Cheapest Payday Loans UK (/£100):
A) As in the short term category, Vivus come out on top with their free 0% first time deal. When you return to use them you would pay £25/£100 that is a decent price. Vivus don’t have a massive level of popularity locally (unlike they do across European countries such as in Poland). If there are any limitations to pick at, as a Euro lender they are known to be more strict (as seen in their minimum qualifying ages of 20 or above). They did previously trade 7/7, but they do now also close over the weekend. Other than this, they perform well in every other area.
B) QuickQuid takes the next spot through their standard product. This was launched in 2007 and it carries variable rates based on your credit score. Per £100 you either pay £20, £25 or £29.50. With the QQ Promo Code you can get these prices lowered to £14, £17.50 or £20.65, but this stands for new customers only. If you have poor credit and are returning then £29.50 wouldn’t make this top list. 24/7 funding is a notable service feature here.
C) We have new entries here including WagedayXpress at £13.13 (28 days) and VarioLoans at £19.48. Although the £13.13 price is lower than QQ’s £14, this product is taken over 28 days (rather than 30). There are some great product features with each of them. The final place now goes with QuickQuid FlexCredit. You now can’t pre-select shorter terms, but you can clear early once logged in. The price if you settled after a single month depends on how many days are in the month. In this period, the cost would be £24.30/£100. Other than the low rates, this company notably trades 24/7.
The next group of lenders are all price matched at 25% (0.833% daily). This includes Kabayan Finance, Payday United and The Quick Loan Shop (as noted, Vivus return users would also pay this). From this pack, I have also been impressed with Kabayan Finance who also allow you to borrow for 3, 6 or 12 months where they perform well on price.
Within the short term lender comparison, you may remember two lenders that charged less than 1% daily. You can of course receive 30 day loans from each of these and again the charges will be a bit less. Reddies Direct would ask for £27.95 (0.932%) and Sunny would ask for £28.99 (0.966%). Obviously, it helps that you could trim off a few days from the repayment with each of those. Outside of the above companies, the most popular firm is PaydayUK who charge £29.95. Other notably popular names that charge less than 30% includes Payday Express at £29, Swift Sterling at £29.98 and Speedy Cash at £29. Most of the other big names ask for expensive transfer fees that negates their overall service value.
