Payday loans allow you to borrow up to £5,000 and the idea is that the money is able to tide you over until your next pay date from work, known as your ‘payday.’ This type of short term finance is commonly used for emergency purposes such as paying off household bills, expenses and debts and borrowers have the option to repay in full at the end of the month or spread repayments over 3,6,12 or 24 months.
My Financial Broker works with a number of responsible payday lenders and alternative providers, helping you get the finance you need at the most competitive rates. Our online application takes just a few minutes to fil in and will provide you with an instant decision on screen letting you know which lender is most suitable for you.
You are in control – giving you the option to proceed with this offer if you would like to. Our service is completely free to use and always will be, and if approved, your loan can be successfully funded by one of our partners within 1 hour or less.
Once you click on apply now, the form provided by My Financial Broker asks a few simple questions including how much you wish to borrow and how long for. We require some basic details to be able to match your application with the best lender possible, and this includes your name, age, residence, monthly income, outgoing expenses and your bank details - so our lenders know where to fund your loan.
Our system will carry out a series of automated checks, including a soft credit search and also calculate your affordability to determine the right amount for you to borrow. With over 50 partners on our website, we will match your requirements with the best lender suited to fund your loan. Subject to further checks and signing an online loan agreement, our customers typically receive the loans within 1 hour of applying.
We work with direct lenders only, so you can have peace of mind knowing that your application is in the hands of a company that is fully authorised by the FCA and will process your loan from start to finish. There are no broker fees or hidden costs, you simply pay the interest that is accrued on your loan.
Whilst the traditional payday loan product lasts 14 to 30 days, this has historically put more financial strain on customers and has sometimes caused more trouble than good. With payday loan alternatives such as personal or instalment loans, applicants have the flexibility to borrow over 12, 24 or even 60 months. This gives far more breathing space and allows them to manage their finances more effectively, with the option to always repay early and save money if they do so.
Whether they are new lenders entering the market or payday loans alternatives, there are more competitive interest rates available to customers. Payday loans are often in excess of 1,000% APR, but having a guarantor or added security can pose significantly lower interest rates. In addition, new companies are more keen for your business and may be more flexible with payment options and have better customer service than old, established lenders.
Payday loans are subject to status, meaning that you typically need a good to medium credit score to be eligible. However, at My Financial Broker, we understand that not everyone can maintain a consistently good credit rating and circumstances can arise that lead to the occasional default or missed payment.
With this in mind, we are proud to offer alternatives that can assist people looking for bad credit loans. Our lenders will take a view on different credit histories and are more interested in your stable income and your desirability to repay on time and make future repayments.
The general criteria for our lenders is as follows:
Must be over 18 years of age
Full-time UK resident
Employed (part-time or full time) and earning a regular income
Working debit card, mobile phone and email address
No recent CCJs, IVAs or bankruptcy
Able to afford monthly repayments
The criteria will vary between lenders and some will be stricter than others. To confirm income and employment, some lenders may carry out a phone call with you or request additional information such as a pay-slip or bank statement.
There is no guarantor required for a payday loan, it is completely unsecured so you are working directly with the lender, with no other security required.
Repayments are collected once per month using your debit account. Similar to a direct debit, our lenders use something called continuous payment authority which is a method used for recurring monthly payments. You are able to assign a date of the month that you would like repayment (typically your pay date from work) and this is when payments will be collected. It is fully automated, so there is no need to go to the bank, call up or make a manual repayment, as this is all taken care of. Simple.
