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Cheap Payday Loans - How To Get The Best Rate For Your Payday Loan

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Cheap Payday Loans - How To Secure The BEST Loan Based On Your Circumstances

Cheap Payday loans help you save up the money otherwise paid towards the high-interest rates that come with this form of short-term borrowing. By opting for cheap payday loans with low APRs, you can conveniently pay it back without feeling the pinch of it. Besides, you also get quick access to the much-needed cash, long before your payday. Since this type of loan is borrowed for a relatively smaller amount, these are processed quickly by our direct lenders.

Money Pig understands that our borrowers expect cheap payday loans on short notice, so we do our best to process it in less than an hour’s time. This lets you draw cash from your bank account even without visiting us or the concerned direct lender. Let us now address some of the most frequently asked questions about cheap payday loans.

Cheap Payday Loans | FAQs

  1. What are cheap payday loans?
  2. Why are interest rates on payday loans usually high?
  3. Do cheap payday loans exist?
  4. How can I get a cheap payday loan?
  5. Does Money Pig offer cheap payday loans?
  6. Why should I choose Money Pig’s cheap payday loans?
  7. Are cheap payday loans legitimate?
  8. Can I get a cheap payday loan with bad credit?
  9. How soon can I get a cheap payday loan from Money Pig?
  10. What fees does Money Pig charge me for cheap payday loans?
  11. How much can I borrow with cheap payday loans?
  12. Are cheap payday loans that are processed online, safe?
  13. What are the best payday loan alternatives?
  14. Will cheap payday loans harm my credit score?
  15. Can I borrow cheap payday loans from my bank?

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What are cheap payday loans?

Cheap payday loans are short term loans that come with a lower rate of interest. As a result, that reduces the final repayment amount, which is the total of the principal and the interest charged. So cheap payday loans are basically payday loans that charge a lower interest rate. As a financial intermediary, Money Pig can help you connect with several direct lenders that are eager to extend such financial assistance to you. By borrowing cheap payday loans, you can opt for a longer repayment period without worrying about the interest rates piling up. That eliminates the possibility of ending up in a financial crisis, yet again.

Why are interest rates on payday loans usually high?

Payday loans usually come with a higher interest rate as they are advanced for a relatively shorter period. However, when you have a bad credit score, then the interest rates charged on a Payday loan are much higher. A point to note is that although the interest rates on payday loans are higher, the lending period is extremely short. Therefore, it works out for the borrower as the interest rates are calculated for a relatively shorter period. Nonetheless, payday loans have been criticized long since for the high-interest rates, which many financial experts regard as unfair and unjust. However, as it provides temporary relief, there is a huge demand for this type of loan, especially cheap payday loans. Money Pig is a financial intermediary with a wide network of direct lenders that are constantly competing against one another. So, with the kind of competition that exists within our network, we have no difficulties in finding you a cheap payday loan.

Do cheap payday loans exist?

If you are sick and tired of all the high-interest rates charged on payday loans, then you haven’t yet transacted through Money Pig. Through our network of direct lenders, we offer several short term and long term loans to those with all types of credit scores and our interest rates are comparatively low. Generally, those with good credit scores are charged lower interest rates and those with bad credit scores are charged higher. While this is true, there are other things that Money Pig’s direct lenders take into account and provide you cheap payday loans. For example, if you have a bad credit score but a higher repayment capability, then you may still qualify for cheap payday loans offered by our network lenders. With a diverse group of direct lenders, we make it possible for almost everyone to qualify for cheap payday loans. So, yes! Cheap payday loans do exist — at least at Money Pig.

How can I get a cheap payday loan?

Most people assume that getting a cheap payday loan is next to impossible, and the reason for this false notion is the high rate of interest charged on this type of loan. As a matter of fact, getting a cheap payday loan is as simple as filling in Money Pig’s payday loan application. If you have a good credit score, then our direct lenders would be pleased to offer you cheap payday loans. Also, if you have the ability to easily repay a payday loan, we may still be able to get you a good deal. So, getting you a cheap payday loan isn’t a big deal for us. In fact, it is what we do on a daily basis for hundreds of applicants.

Does Money Pig offer cheap payday loans?

Yes, through its network of direct lenders, Money Pig does offer cheap payday loans. However, you must remember that we do not lend the money as we aren’t a direct lender. Instead, we partner up with several direct lenders willing to offer cheap payday loans. Upon receiving your cheap payday loan application, we send it over to the direct lender who is most likely to approve it. This accelerates the process and helps you obtain cheap payday loans. So, we merely offer our customers a platform to connect with several ethical and licensed direct lenders willing to offer cheap payday loans.

Why should I choose Money Pig’s cheap payday loans?

If you are in need of a cheap payday loan, then Money Pig can help you get one in less than an hour. When it comes to sanctioning cheap payday loans, we completely understand that our customers would not be willing to wait too long. Therefore, we do all that we can to expedite the process and make it a hassle-free experience for our customers. As we are tied-up with several direct lenders, we are in a position to stack up the best cheap payday loan options for you.

Moreover, since we are not a direct lender ourselves, you do not run the risk of lowering your credit score even if we reject your cheap payday loan application. Also, we would like to stress on the fact that Money Pig seldom rejects cheap payday loan applications. In fact, we successfully process 92% of all Payday loan applications that come to us. Since we are an intermediary having strategic partnerships with several direct lenders, we always manage to find someone willing to lend you a cheap payday loan. So, we can help you find a lender even if you have been facing trouble finding one due to a bad credit score. For those having good credit scores, we can help you locate direct lenders willing to offer very cheap payday loans.

Are cheap payday loans legitimate?

You can be sure that payday loans are a legitimate form of short term loan that we offer through our licensed direct lenders. As an intermediary, we do not offer the loans ourselves but ensure that we connect you to legitimate direct lenders. As a matter of fact, all our direct lenders are regulated by the FCA and are licensed lenders. Although our direct lenders abide by the rules and regulations put forth by the FCA, most of them offer these loans to those with all types of credit histories, both good and bad.

So, if you have a bad credit score but a decent source of income, then do not hesitate to apply for our cheap payday loans. With so many misconceptions about payday loans, we aren’t surprised at the number of people that question its legitimacy. This is largely due to the belief that payday loans are usually advanced by unscrupulous direct lenders at extremely high-interest rates. As a matter of fact, this type of loan exists because there is a demand for it. Plus, there is no other form of short term borrowing that would help an average employed person to deal with exigencies that come up while waiting for a paycheck.

Can I get a cheap payday loan with bad credit?

In the UK, credit scores are barely understood, due to which people continue to remain skeptical about making the right financial decisions. So, if you are someone struggling with a bad credit score and aren’t sure of whether you qualify for a cheap payday loan or any other payday loan, then here’s some clarity.

The FCA regulates all financial institutions and direct lenders in the UK and makes it obligatory for them to run credit checks before lending. Although this is a mandatory requirement, it is more of a formality than a decision-maker for most of our direct lenders. Therefore, you need not worry much about it while applying for cheap payday loans from Money Pig’s network of lenders.

In fact, if you have a very low credit score but are capable of repaying the payday loan, then you might qualify for cheap payday loans that charge lower interest rates. By collaborating with direct lenders that are focused on your present financial condition, we rid you of the fear of high-interest rates. Our strategic customer-centric measures ensure that there is nothing for you to worry about, despite a bad credit score.

How soon can I get a cheap Payday loan from Money Pig?

Despite the fact that all our direct lenders are licensed and governed by the FCA, we advance cheap payday loans to those with all types of credit scores in less than an hour. As a financial intermediary, our goal has always been to help out individuals going through a tough phase. We do this by providing quality financial services. So, despite the fact that our direct lenders are bound by the FCA to carry out credit checks before lending, they usually sanction your loan in less than an hour. Our direct lenders help speed up the process by carrying out a soft credit check to assess your repayment capability before sanctioning the loan. A soft credit check shows them your financial records just as you see them yourself. With that, they usually conclude the credit check and remain complied with the FCA requirements which require all direct lenders and financial institutions to carry out a credit check before lending any loans.

What fees does Money Pig charge me for cheap payday loans?

Money Pig does not charge any sort of loan processing fee or any other fees from its customers. If someone claiming to be from Money Pig asks for a fee, then you can be sure that it’s not us. Money Pig and its employees do not demand anything from you, instead, we are here to help. All our services are designed to offer low-interest loans from reliable direct lenders. So, when you apply for a payday loan from Money Pig, then you can be sure that we'll do our best to offer you cheap payday loans.

Since we neither collect loan processing fee nor do we lend the loan, you are probably wondering how we generate profits. As an ethical intermediary, we consider it our first and foremost responsibility to offer you the best financial services. As far as profits are concerned, we collect a fixed commission rate from all our direct lenders. That enables us to run this platform and offer you an unbiased recommendation.

How much can I borrow with cheap payday loans?

Money Pig offers you the flexibility to choose cheap payday loans between £50 and £5000, depending on your needs. Unlike traditional payday loans or the payday loans offered by banks, our direct lenders offer a higher amount because we understand your requirements. We know how it feels to have no money left from your previous paycheck to pay for your utilities. Therefore, after taking into account certain other factors, our direct lenders sanction the payday loan amount requested by you in the application or inform you about the maximum amount that they can allow.

This limit is usually decided by our direct lenders after they run a soft credit check on you, which gives them a clearer picture. A soft credit check is a quick check that allows the direct lender to see your financial accounts, just as you see them. Also, you have nothing to lose because up to 50 credit checks do not hurt your credit scores. Plus, it is not every direct lender of ours who’d be running a credit check on you, but only the ones you choose.

Are cheap payday loans that are processed online, safe?

We completely understand the security concerns that you may have when it comes to online financial transactions. With at least one cybercrime taking place every 40 seconds, we understand how it feels for you to transact online. Therefore, we ensure that all our direct lenders comply with the GDPR and other requirements to ensure that your online transactions are safe. Also, since all your communication with our website is encrypted, you need not worry about identity theft.

However, to make your online transactions truly safe, you need to adopt certain security measures yourself. So, make it a point to always transact through websites that run on HTTPS. You can identify such websites with a green padlock in the URL bar which indicates that the website is running on SSL. In fact, this is also a PCI requirement that all merchant sites and other sites accepting payments must comply with. Also, avoid accessing Money Pig’s site or any other site that requires you to put in financial details through a public Wi-Fi connection.

What are the best payday loan alternatives?

Money Pig offers cheap payday loans but due to the inherent nature of this type of loan, it may still be costlier than the other short-term loan options that we have. At Money Pig, we offer several short-term loans apart from cheap payday loans that would help reduce your overall liability. These include short term loans, cash advance loans, installment loans and more. In fact, even if you are dealing with a bad credit score, cheap payday loans from Money Pig isn’t your only option. Instead, you could choose to borrow a bad credit short term loan from us with a longer repayment period. We offer bad credit short term loans that can be repaid within 3 to 36 months, which allows you to borrow more and repay the loan gradually through smaller installments.

Do cheap payday loans harm my credit score?

Sadly though, there is very little awareness in the UK about what does and what doesn’t affect your credit scores. Also, there is a constant fear of being “blacklisted” by financial services providers. As a matter of fact, there is no blacklisting that takes place and the worst that can happen to your credit score is that it would further drop. This can happen due to several reasons such as delayed payments, defaults or insufficient payments. As far as cheap payday loans are concerned, your credit score may get hurt if your payday loan application is rejected. This is usually the case when you apply to a reputed bank in the UK with a bad credit score. Therefore, the ideal course of action would be to apply for cheap payday loans from direct lenders willing to offer such loans. We understand how difficult it is to find such direct lenders and therefore, we bring you some of the most understanding direct lenders willing to give you a second chance despite your bad credit score.

This helps you find multiple cheap payday loans offers from direct lenders readily willing to give such loans to those with bad credit, and also saves you from further lowering your credit scores due to rejection of loan application. You must know that Money Pig is an intermediary and we are not directly involved in the business of lending money. Hence, we are under no obligation to carry out a hard credit check after receiving your loan application. Instead, we know what you are looking for and are also aware of the individual terms and conditions of all our direct lenders. Based on that, we connect you to those direct lenders who would be willing to offer a cheap payday loan based on your individual details furnished in the loan application. Therefore, you can be sure of approval. With a high success rate of over 92%, we process hundreds of cheap payday loan applications successfully, on a daily basis.

Can I borrow cheap payday loans from my bank?

Yes, you may borrow cheap payday loans from your bank depending on your income as well as your credit history. That’s because most banks in the UK do not offer loans to those with a bad credit history. Also, those with a good credit history but a lower pay are often turned down, as banks perceive them to be incapable of repayment. While being turned down may seem harmless, it could greatly impact your existing credit score. Also, banks usually offer smaller payday loans at higher interest rates, and although the lending limit may be higher for existing customers, the interest rates remain the same. So, if you have a bad credit score or fall under the low-income category, then you may not be able to get a payday loan from a bank. However, Money Pig has no problems considering your cheap payday loan application and to then forward it to the most suitable direct lender.