New payday lenders
There are new payday lenders starting up every week. Every new payday lenders have many rules to adhere to however, there interest charges have no cap. So, interest fees and other fees can vary from 24% to 49%.
Here is a list of new payday lenders:
- ………100 to £800. £100 loan with a repayment of £125
- Community Payday – New Payday loans from £100 to £400. £100 loan with a repayment of £153
- PaydaysUK – New payday loans from £100 to £1000. £100 loan with a repayment of £130.
There are many others, but there were the slightly new to medium size start ups. As you would see and calculate, you would be able to see the difference between their loan repayments and loan term. PaydaysUK has a loan term of 28days, the rest are till your next payday.
The Office of Fair Trading (OFT) are currently regulating all payday loan companies. From November 2014, the new body – FCA, will be regulating all the existing and new payday lenders.
There are many key points you would need to consider when choosing a new payday lender, these are follows:
- Make sure you read the terms and conditions as there may be new fixed fees you would have to pay that you would not know about.
- Always check whether they have an easy to use payment gateway so that you can freely pay your repayment on time if there is no representative available.
- New payday lenders must have their credit consumer license and registered address somewhere on their site. If not, it may mean they are not license to lend money to the public thus trading illegally.
Apply for payday here, if you know when is payday, enter is here on our quick easy form.