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UK Payday Lenders Provide Cash Fast

A trend is occurring with UK payday lenders. Not long ago, payday loans were looked down upon. Today, however, the fact that UK payday lenders can provide a customer with fast cash has led to an increase in this type of funding.

No one expects accidents and emergencies to happen. While it would be a comfort to have a cushion of money in savings, the reality is that most people live paycheck to paycheck with very little money set aside. Thus, UK payday lenders have grown in popularity due to their ability to provide money for unexpected situations.

There are two main types of UK payday lenders. First, there are brokers. Brokers are considered the intermediate party. They match the customer with a lender. They do not actually fund any loans. The second type are lenders. Lenders deal straight with the customer and fund the loans.

Some might wonder why a person would use a broker if they can go to a lender instead. Many times, UK payday lenders prefer to have another party work with the customer. This frees up company time from having to screen customers for eligibility.

Whether a broker or a lender, all UK payday lenders have eligibility requirements in order to obtain a loan. Some UK payday lenders will require a credit check, others will not. The customer should determine if they feel they will pass a credit check. If they can, often the rates are slightly lower. If, however, the customer does not have the best credit, they can apply to the lenders that do not require a credit check.

One of the most talked about of UK payday lenders is Wonga. Wonga was established in 2007 and has been raved about since opening. The concept of Wonga is different than other UK payday lenders because the charge 1% interest daily. For someone who only has a couple of days until they get paid, it is a great way to say on interest charges. However, if the payday just passed and there are thirty days until it comes again, the interest would be higher.

Another unique addition to UK payday lenders is 24-7 Money Box. This company was established in 2006 and has a good reputation. The unique aspect of 24-7 Money Box is that they are one of the very few lenders who allows customers to apply via SMS text from cell phones. For customers without computer access, this is a unique opportunity.

It is important to note that UK payday lenders are as different and diverse as the population of the UK. Every lender will have a slightly different range that they can fund and often have different payback schedules, as well. Rather than randomly select from a list of UK payday lenders, it is best to call or browse their information online in order to be informed.

Just as all UK payday lenders are different, there are areas that are very much the same. No matter which lender is chosen, the approved customer will receive the money quickly into their bank account, usually in less that two hours. In this manner all UK payday lenders provide cash fast.

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