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How Money Pig Helps You Compare Payday Loans

Most people choose to borrow payday loans when they are in dire need of money. There is no other reason why someone would want to choose a short-term loan, which is designed to charge high APRs. While you are going through so much, we understand that you may not have any time left to compare payday loans. After all, to get the lowest interest rates, you need to compare payday loan offers from various lenders. Nonetheless, it is possible that you may not have the time or skill required to compare payday loans and we completely understand that. However, neglecting this critical step could turn out to be expensive, so there needs to be someone else willing to do the groundwork for you, and that’s where we come in.

We know that you need time to compare payday loans — something that you seldom have while dealing with emergencies. Therefore, Money Pig compares payday loans for you and recommends the most profitable option. To do this, we collect necessary details from you and based on that, we pull out the most suitable options. We completely understand that we need to compare payday loans depending on your specific needs, and we always manage to do that. Money Pig firmly believes in prioritizing its customers and going that extra mile to exceed their expectations.

FAQs on How we Compare Payday Loans

  1. What is a payday loan?
  2. How can I find the best payday loans in the UK?
  3. How do I compare payday loans in the UK?
  4. How do I compare payday loans for people with bad credit?
  5. Are payday loans legitimate?
  6. What do I need to compare payday loans?
  7. Can I borrow two payday loans at once?
  8. How soon can I get a payday loan in the UK?
  9. Can I repay my payday loan before the due date?
  10. How can I compare payday loan lenders with no credit check?
  11. Can Money Pig help me get a payday loan despite my low credit score?
  12. How can I apply for a payday loan from Money Pig?

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What is a payday loan?

Payday loans are unsecured loans that help individuals pay their bills by borrowing cash to pay for their expenses until they receive their paycheck. This type of loan is usually borrowed for an extremely short duration ranging between one week to a couple of months. Since payday loans charge higher interest rates, one must borrow them only to deal with emergencies that cannot wait until payday. Some examples include HVAC repair, car breakdown, etc.…Since payday loans are available on very short notice, you may be tempted to borrow it and go on a vacation. However, if you did that, you would have to bear very high-interest rates. This would not only make your vacation more expensive but may also result in a financial crisis.

While borrowing any type of loan in the UK always remember that any delay or default in its repayment may lower your credit score. This would not only reduce your chances of loan approvals in the future but also categorize you as an unreliable borrower. As a result, any loan that you borrow would attract higher interest rates. Usually, borrowers with low credit scores are charged higher interest and you definitely do not want to be one.

How can I find the best payday loans in the UK?

If you try to compare payday loans in the UK, then you may end up spending hours and find yourself exactly where you started. That’s because every other lender is eager to advance a payday loan since they can earn higher interest rates. However, choosing your lender without due deliberation could backfire, and to compare payday loans, you need to spend hours doing the research. During such times, Money Pig can be of great use for those who are tired of comparing payday loans and would rather want someone else to do the legwork. If that is what you truly want, then you are in the right place.

As a responsible intermediary, we help you connect you with best direct lenders, within minutes. Money Pig is the perfect solution for anyone who needs a quick loan and has very little time to compare payday loans. Since Money Pig partners up with several direct lenders and offers multiple payday loans on a single platform, you need not look any further. Just one loan application is all you need to fill in. Once you do that, we compare payday loans based on the particulars that you provide in your loan application to us. Within minutes, we pull out the best ones and offer you a no-obligation quote.

No matter what type of job you are in, if you can repay a payday loan then you must have one and that’s exactly what we work around. Our goal is to speed up the payday loan borrowing process, by offering quality services and helping individuals understand what they are getting into. Often those who wish to borrow this type of loan, tend to compare payday loan offers from multiple lenders but without understanding the terms and conditions. At Money Pig, we not only help you pull out the best deal quickly but also help you understand your obligations.

How do I compare payday loans in the UK?

If you wish to borrow a quick loan, but aren’t sure of how to compare payday loans, then we completely understand that sort of a situation. To effectively compare payday loans, you need to get quotes from several direct lenders. Also, you need to ensure that all the direct lenders are approved by the FCA and you can do this by checking the FCA register and confirming the direct lender’s license number and other particulars.

Further, as you compare payday loans, you must know the risks involved in applying to multiple direct lenders. Doing that could cause some serious problems for you. Sadly, credit scores and the factors that impact an Individual’s credit scores are often misunderstood in the UK. However, here’s some clarity! When a bank, financial institution or a direct lender rejects your loan application, then that deeply impacts your credit score.

Therefore, an easy way to compare payday loans is by finding an intermediary that can connect you to various direct lenders. When you apply to Money Pig, we not only put you through direct lenders who would be willing to sanction your payday loan, but we also protect your credit score. Also, we make it a point to compare payday loans and pull out the best offer for you. So, you save up time and effort, involved in communicating with direct lenders, individually.

However, before you even start the comparison, you need to know that payday loans come with higher interest rates as these are borrowed for a very short period. So, you must borrow a payday loan only when you cannot borrow any other type of loan that charges a lower interest rate. Also, you need to borrow it only during emergencies and not for things that you can postpone until your payday.

How do I compare payday loans with bad credit history?

If you have bad credit history, then do not risk your credit score further by applying for a loan from banks or individual direct lenders. In the UK, most leading banks reject loan applications coming from those with a bad credit history. Also, you never know if a particular direct lender would be willing to approve payday loans for those with bad credit history. Plus, any rejection of loan application can further decline your credit score.

So, your only option is to approach direct lenders willing to give you a loan despite your credit history. Doing this would be time-consuming and you sure don’t want any delay in your payday loan being processed. So, the only way to compare payday loans from direct lenders is through an intermediary, which isn’t a direct lender. Unlike several other intermediaries that are also in the business of direct lending, Money Pig remains just an intermediary. That means to say, we do not lend the money ourselves but help you connect with multiple direct lenders through a single application. As your application would be directed through an intermediary, you do not have to worry about rejection or a drop in your credit score.

Are payday loans legitimate?

Yes, payday loans are legitimate in the UK, but only when you borrow them from a bank or a lender that holds an FCA license. Money Pig partners-up only with FCA licensed direct lenders, after verifying their details in the FCA register. So, while borrowing a payday loan through Money Pig, you can be sure that you would be transacting with licensed direct lenders. Due to their very nature, payday loans are frowned upon, but no matter how much one criticizes this type of loan, it provides immediate relief.

We understand that there is a lot of confusion regarding the legality of payday loans. Therefore, before interacting with any direct lender you need to check the financial services register to confirm that they hold an FCA license. However, when you apply through Money Pig, we make it a point to check the financial services register and also the market reputation of the direct lender. That eliminates the need for you to individually check direct lenders before sending in your application. Also, we do our best to compare payday loans and bring you offers with the most competitive interest rates.

On what parameters should I compare payday loans?

Before you compare payday loans from various direct lenders and banks, you need to know exactly what these financial institutions are offering. Quite often, people end up in a financial mess solely due to their negligence or for the sake of temporary convenience. As you compare payday loans, you need to do so based on parameters such as time, borrowing duration, interest rates, and loan agreement clauses. If you need a payday loan for an extremely short duration, do not borrow it for a longer period only because the lender offers lower interest rates.

Instead, calculate your liability and run a quick calculation to know exactly how much interest you would be paying. For example, paying an interest rate of 30 percent on £500 for one month is less than paying 20 percent on the same loan for 3 months. That’s because when you borrow it at 30 percent for one month, then you are liable to return £750 (£500 + £150). However, if you borrowed 20 percent on the same amount for 3 months then you would end up paying more interest £800 (£500 + £300). So, although the interest rate seems lesser when you borrow it for a longer duration, your liability increases twice as much.

Besides the duration and the interest rates, you also need to watch out for the terms mentioned in the loan agreement. For example, you need to watch out for a loan agreement that can trigger the auto-renewal clause. Also, you must check out the penalties imposed upon non-payment or delayed payment. That’s because although you may want to pay back your payday loan promptly, things could work against you. If that happens, then knowing the downside is always beneficial.

Can I borrow two payday loans at once?

Yes, you can borrow two payday loans at once, but only if your lender is willing to advance the same. You may choose payday loans from different direct lenders or from the same lender, but depending on your existing loans, the lender may or may not approve it.

Even if you qualify for two payday loans, we wouldn’t recommend borrowing them at once. As payday loans come with a higher interest rate, it is important to restrict the number of payday loans that you borrow. Instead, depending on your needs, Money Pig can offer other loan options that would cost much lesser. This includes short term loans, cash advance loans, short term loans for bad credit, installment loans, same day loans, installment loans for bad credit, same day loans for bad credit, short term loans for students and several other loan options.

So, if you were planning to borrow two payday loans because you need immediate cash, then you don’t have to do that. Instead, clearly list out your requirements in your loan application and we will get back to you with same day loan offers that would fit the bill. As your trusted financial intermediary, we do the best we can to protect you from a financial crisis.

How soon can I get a payday loan in the UK?

As you compare payday loans, you come across lenders claiming to release the funds within minutes. However, you must be aware that it is “minutes” only after the loan approval, which could take some time. That’s because the FCA makes it mandatory for all lenders to run a credit check and confirm the borrower’s ability to repay the loan. So, this requires time and therefore, you would have to wait.

However, at Money Pig we make it a point that all our direct lenders limit the formalities involved in payday loan processing. By doing that, we help you get a loan quickly. Also, we have other short term loan options for those with all types of credit histories, which are sanctioned on the same day. So, make it a point to clearly list out your requirements in the loan application. Always remember that our lenders do not reject your application just because of low credit scores. So, while applying with Money Pig, you have more loan options than you can count.

Can I repay my payday loan before the due date?

Some of our direct lenders may allow you to repay your payday loan before the scheduled date and we recommend doing this. By repaying your payday loan as early as possibly, you avoid paying higher interest, which subsequently piles up with time.

However, you need to have a word with the direct lender regarding the terms and conditions of the loan agreement, before borrowing it. Some lenders may require you to borrow loans for a certain minimum duration, while some may allow you to repay it in advance. Also, you must confirm the interest rates that you would be charged upon repaying the loan prior to the due date.

How can I compare payday loan lenders with no credit check?

There are no lenders in the UK, that can legally extend payday loans or any other type of loans without a credit check. In the UK, the financial services industry is regulated by the FCA, which requires all direct lenders and financial institutions to run a credit check before advancing any type of loan. However, as there is very little awareness about credit checks and how it impacts the loan application, people look for loans with no credit check. In reality, such loans do not legitimately exist in the UK and are often offered by scammers trying to extract your financial details from you. So, if you come across lenders advertising loans with no credit check, always avoid them. Else, you could get scammed and end up in a tougher situation than the one you are in.

Can Money Pig help me get a payday loan despite my low credit score?

Yes, we can help you get a payday loan despite a low credit score. We have a wide network of direct lenders and know fully well which ones would be willing to advance payday loans to those with bad credit. As a matter of fact, most people with poor credit tend to compare payday loans meant for those with good credit scores. However, when you apply through Money Pig, you need not worry about that.

Money Pig partners up with direct lenders that understand how difficult it is to maintain high credit scores. Most banks in the UK reject loan applications solely on this basis, leaving the borrower dejected. In fact, such rejection may further lower your credit score, so the only viable option is to find direct lenders that are willing to offer payday loans to you, despite your low credit score. This can be challenging as well as time-consuming unless we compare payday loans for you. So, when you apply to Money Pig, we compare payday loans from lenders who have no problems lending to those with bad credit history.

How can I apply for a payday loan from Money Pig?

You can apply for a payday loan from us, by filling an online application which is a quick and straightforward process. With this initial application, we understand your background, sources of income, ability to repay the loan amount, purpose of borrowing and other details. On this basis, we compare payday loans offered by our network of direct lenders and pull out the most profitable one for you.

Although we process over 92 percent loan applications successfully, even the remaining 8 percent need not worry. That’s because since Money Pig isn’t a direct lender, any rejection by Money Pig would not hurt your credit score. In fact, even if you have a low credit score, we encourage you to put in your loan application with a mention of that. We will then compare payday loans for bad credit and send you the most profitable deal. You may then accept or reject it without any worries. All loan offers made by us are no-obligation quotes that are provided free of cost.