Payday loans are one of the oldest types of loans, which allow the borrower immediate access to cash. Due to the increasing use of technology in the financial sector, you can now borrow payday loans online. This option to borrow on the same day without personally interacting with the lender makes it an extremely convenient option for the working class.
Irrespective of all the criticism hurled towards payday loans, these are one of the most in-demand forms of borrowing. That’s mainly because they help you deal with the unexpected and allow access to cash almost immediately. Our payday loans and their online approvals are tailor-made to help you deal with those sudden expenses that cannot wait. Through our payday loans, online communication and instant approvals, Money Pig simplifies the process of getting payday loans online. So, whenever you are in need of small advances, all you need to do is fill up and submit our payday loans online application.
Money Pig processes the payday loans online so that we can speed up the entire process and make the cash available to you on the same day. So, depending on the need of the hour, you can apply for our payday loan online, and have it transferred to your account without having to visit us or the direct lender. This flexibility of being able to borrow a payday loan online, even without stepping into the offices of our network lenders is unique.
Also, the fact that we offer payday loans online to both our existing and new customers is something that you can never expect from a bank or a credit society. We completely understand how it feels to receive an unexpected bill just before your payday. So, we do our best to keep our payday loans online processing as simple and fast as possible.
Despite our simple approach, we received several questions from both existing and potential customers. Therefore, we shall now attempt to clarify some of the most commonly asked questions. However, if the below-listed answers do not satisfy your query then you are free to call or e-mail us. Thereafter, we shall revert back to you, as early as possible.
Payday loans online and FAQs
- What is a payday loan online transaction?
- Do I have to repay the entire payday loan upon the receipt of my paycheck?
- How can I apply for payday loans online?
- Is applying for payday loans online safe?
- Are online Payday loans a legitimate loan option?
- Are payday loans costlier than other loan types?
- How do direct lenders offering payday loans online, charge interest?
- Are credit checks mandatory to get payday loans online?
- How will your credit check impact my existing credit score?
- How soon can I expect the online payday loan to be credited to my account?
- What are the benefits of Money Pig’s payday loans online application process?
- I have an existing payday loan, so can I apply for another one?
Payday Loans In 2022 – A Quick Refresher:
If you have been considering a payday loan, we decided to update with a quick overview and the things that you will need to know in 2022. You can find more information on how payday loans work below, however, we wanted to give you a very quick overview as to what you are best using a payday loan for and a couple of considerations that will help you make sure that you get a reputable lender.
Payday Loans are not made for all situations! If you are having trouble working out whether you should get a payday loan compared to a short-term loan, the main question to ask is how urgent you need the money and also how quickly you can pay back.
For a very quick recommendation with payday loans, we would say as follows: “A payday loan should really only be used for an emergency and should also only be considered if you can pay the money back quickly.”
This is really where the loan gets the name, “payday loans” - funds that will allow you to cover a money emergency in life and then pay the money back on your payday. Examples of emergencies you could use a payday loan for:
- A quick and small house repair such as new door locks if needed.
- A car repair that is urgent!
- Doctors’ fees or medication funds.
- Emergency travel.
What NOT to use a payday loan for:
- eating out and recreation.
- A new TV.
- New clothes.
As you can see above, the main distinction with a payday loan should always be an emergency where you are able to get immediate funds.
You are also highly advised to make sure that you can pay back the funds as quickly as possible.
The reason for this is that you will normally find a payday loan to be quite high in interest, but it will give you the funds that you need right now for those emergencies that life throws at you.
Check out the content below to go more into detail about how payday loans work and how to find the right one for you.
A payday loan is a type of short term loan which is often borrowed to pay for unforeseen expenses incurred before the payday. Traditionally, the borrower's intention while borrowing a payday loan was to repay it upon receiving his or her paycheck, hence the name. This type of loan allows the borrower to pay for sudden and unexpected expenses that cannot be avoided until payday. However, if you have the time and are not in need of immediate cash, then we do have other loan options that you may explore.
Despite all the criticism that it has attracted, payday loans online are a standing proof of what people need. So, lenders who have embraced technology, accept payday loan online applications and process them immediately. By collaborating with direct lenders willing to sanction payday loans online, Money Pig expedites the process and makes cash available to you as early as possible. Our direct lenders offer payday loans online, irrespective of your credit score. This is made possible by strategically collaborating with direct lenders willing to lend payday loans online, even to those with bad credit scores.
Technically, payday loans are to be entirely paid back upon the receipt of a paycheck. However, with time this practice has become more flexible and now borrowers seldom repay it in one shot. In the UK, most people choose to repay the payday loan online, by spreading it over several months in order to avoid losing a major part of their paycheck. This works extremely well for most borrowers because their weekly or monthly commitment towards repayment of the loan is minimized. Since you are repaying the principal amount along with high interest rates, this is essential. Unless you break it down into several smaller payments, you may end up borrowing yet another payday loan online.
Since the repayment duration of your payday loan is quite flexible and can be mutually decided between you and the direct lender, we strongly recommend that you negotiate a longer repayment period of at least 3 months. By spreading the payday loan over several smaller sums, you also minimize the chances of delayed payments or defaults on your part. So before entering into a payday loan online obligation with our direct lender, we suggest that you think over regarding the repayment period. The easiest way to do it is by deducting your monthly financial obligations and also a 20% reserve from your paycheck. You may utilize the remaining amount from your paycheck to repay your payday loan online.
You can navigate to the payday loans online application on our website, enter the required details and submit it to us. At Money Pig, we do our best to process it on the same day and put you through the most suitable direct lender. Once you agree to the proposal offered by our direct lender, then you soon receive the requested payday loans online, straight into your bank account. This hassle-free online processing makes it convenient for both you and the direct lender and helps save time. However, before you agree to a direct lender’s proposal, we request you to read through the offer and make a prudent decision.
Receiving payday loans online is as risky as any other online transactions that you execute through any of the banking or merchant sites. However, Money Pig makes use of effective security measures to safeguard your data and requires all of its direct lenders to comply with the requirements laid down in PSD2 and GDPR.
Since you apply through Money Pig’s website, you can be sure that your data is safe and secure. As our website has an SSL certificate, you can be sure that all the information that you provide online, is encrypted. However, on your part, make it a point to use a Firewall and Antivirus on your systems. Also never access financial accounts or submit financial information while using public WiFi networks.
Financial cybercrimes have led to distrust towards online transactions, and while we do all that we can to minimize it, we definitely cannot eliminate it altogether. So although you may have heard tall claims made by various financial services providers, there is no foolproof way to prevent hackers from gaining access. In fact, several government websites that are protected by the best technologies have been hacked into by cybercriminals.
With the increase in the number of phishing and credit card frauds, we always find ourselves clarifying about online transactions and justifying how secure they are. That’s also because there’s a lack of awareness and most people are unsure of how to protect themselves from cybercrimes. So, after reading newspapers and magazines, they tend to conclude that all online transactions are dangerous. As a matter of fact, technology has evolved into a more sophisticated one that offers several modes of protection.
Over the years, payday loans have become one of the most criticized short term borrowings due to several reasons. Most economists consider it to be unfair due to the high-interest rates and have voiced out their opinions. That has led to a misconception, which makes people question whether these loans are legitimate.
As a matter of fact, payday loans are absolutely legitimate and since 2014, those who lend payday loans are regulated by the FCA, which regulates all financial services providers in the UK. According to the Consumer Credit Act, 1974, it is mandatory for every lender of consumer credit to hold a license duly issued by the FCA. Money Pig partners up with reputed direct lenders that are approved by the FCA, so there is little that you need to worry about.
All our direct lenders advancing payday loans online are licensed, ethical and reputed direct lenders who take all the necessary steps to safeguard your best interests. With absolute dedication, we jointly extend financial assistance to those with all types of credit scores.
Payday Loans receive a lot of criticism for the high-interest rates, however, what most critics fail to notice is the relatively shorter period for which the payday loan is advanced. Also, the amount is a lot smaller compared to a mortgage or a car loan. So, comparing payday loans to other types of loans is absurd and non-scientific. Nonetheless, we must admit that there are several unethical direct lenders in the UK that have brought payday loans a bad name. However, at Money Pig, we are fully aware of such lenders and make it a point to keep them out of our network of lenders.
Also, we are aware of the competition to lend payday loans online, and can do our bit by connecting you with a lender willing to lend you at your terms. Therefore, make it a point to include the interest rates that you are most comfortable with, in your payday loan online application. This will considerably speed up the process by allowing us to connect you with the right direct lenders. We are here to do all that we can to help you get a low-interest deal on your payday loan requirement.
We completely understand that most of our customers apply for a payday loan online, during emergencies. In fact, this is precisely what our online payday loans are designed to do — provide necessary financial assistance during a financial crisis. Therefore, we tie-up with direct lenders that are willing to sanction payday loans online as quickly as possible. However, you must understand that they need to comply with FCA regulations and run a soft credit check on you. So, if you furnish all the necessary details in your payday loan online application, then we can forward it to the right lender immediately. Subsequently, the concerned direct lender would run a soft credit check and process your payday loan online in less than an hour.
Lenders offering payday loans online charge interest based on their own parameters, which is then added up to the sum borrowed by you. The aggregate amount is then spread over a single repayment or a series of repayments depending on the duration for which you borrow the payday loan. Most of our customers choose to repay these loans over a period of 3 to 5 months in order to avoid feeling the pinch of it. This minimizes the chances of missed payments and defaults, which prevents your credit score from dropping.
Usually, our direct lenders determine the rate of interest for your payday loan online application, by taking into account several factors such as the requested loan amount, borrowing period, credit history, wages, etc… So, if you have a good credit score and a decent job that pays you through your bank account, then you can expect lower interest rates. Conversely, if you have a bad credit score then you would be charged higher interest rates and may even be required to have a guarantor.
Yes, credit checks are mandatory in the UK and must be carried out even if you make a payday loan application, online through us. Even though we are an intermediary and would not carry out credit checks, our direct lenders would.
According to the FCA guidelines, all direct lenders are required to run a credit check before sanctioning loans. So, if you ever come across a ‘no credit check payday loan online’ then you can be sure that it’s someone trying to scam or mislead you. In the UK, no lender licensed by the FCA can lend money without a credit check and it is quite possible that the offer of ‘no credit check payday loan online’ is made by an illegitimate lender.
Money Pig partners up with the best direct lenders in the industry and does all that it can to ensure legitimate transactions. Also, if you have a bad credit score, some direct lenders from our network would be willing to lend you a payday loan online, despite your bad credit score. We understand that credit ratings can at times be unfair and misleading. Therefore, we believe in providing financial assistance even to those with bad credit scores.
The biggest problem when it comes to borrowing a loan in the UK is credit scores. This concept is highly misunderstood because there is such little awareness about it. As a result, people tend to make the mistake of applying for a loan from the wrong financial institutions or direct lenders. You must know that if your payday loan online application or any other loan application is rejected, it lowers your credit score. However, there are ways in which you can minimize this possibility and Money Pig is one of them.
Money Pig is an intermediary and not a direct lender, which means we are not under any obligation to run a credit check. That makes us your best bet when it comes to filing your payday loan online application as our rejection does not lower your credit score. Also, our acceptance rate is exceptionally high, and we successfully process over 92% payday loan online applications that we receive.
As an intermediary, our job is to connect you to a lender who would definitely approve your payday loans online, in just a few minutes. After we do that, you are informed about the direct lender’s offer and once you accept it, we intimate the direct lender. Next, the concerned direct lender runs a credit check — something that the lender is obligated to do by the FCA. However, to make this process more convenient, our direct lenders run a soft credit check on you and then sanction your payday loan online, straight into your bank account. As a result, this does not negatively impact your credit score. You must know that up to fifty credit checks do not adversely impact the credit score. So, in this way, we minimize the impact of payday loan online processing on your credit score.
If you are applying for a payday loan online, then it is evident that you need the money as soon as possible. At Money Pig, we completely understand this and do all that we can to speed up the process.
In most cases, you can expect your payday loan applications to be processed in less than an hour. However, the time taken to do so may vary depending on your credit score and payday loan eligibility. Money Pig and its network of direct lenders completely understand that our customers apply for payday loans only in times of extreme financial problems. So, we do our best to accelerate the process and have the amount transferred into your bank account on the same day.
The biggest advantage of Money Pig’s payday loan online application process is that it does not affect your credit score. We don’t run hard credit checks like other financial institutions or direct lenders, simply because we aren’t required to. As an intermediary, we are not under the FCA obligation to run credit checks, which can lower your credit score upon rejection. Also, the strategic process through which we connect you with the most suitable lender makes things smoother for you.
By applying through Money Pig, you also gain access to several direct lenders willing to advance payday loans online. This eliminates the need to look for individual direct lenders and put in multiple payday loan online applications. Besides approaching direct lenders, your only other option would be to approach your bank, which may or may not approve your payday loan’s online application. The downside of doing this is that if your payday loan’s online application is rejected by your bank, then it would directly impact your credit score. Also, you may not get the kind of flexible deals that you can get from our direct lenders.
Money Pig’s payday loans do not limit your borrowings and depending on your credit score as well as your income, you may qualify for yet another payday loan. However, for better control over your finances, we strongly recommend that you do not borrow more than one payday loan at a time. Doing this would subject you to high-interest rates due to which you may mess up your credit scores due to delayed payments and defaults. So, we recommend that you repay your existing payday loan and then apply for another one. However, during emergencies, it may not be possible to do so. Therefore, during such times we recommend that you mention about your existing loan in Money Pig’s payday loan online application.