Payday Loan Lenders

New payday loan lenders seem to be opening up for business in the UK almost daily. Many people are finding them a quick and easy way to get hold of some cash to carry them over for a short term - usually until the end of the month.

Most of the companies have similar terms - You will need to be at least 18 years old, a UK resident and have a take home pay of £750.

Where the lenders do differ is the way they handle your online application. Some require you to fax in certain documents or hold long conversations on the phone while others make you wait days for your cash.

So what should you look for in a payday loan lender? It will depend on your personal requirements but here's a few things for you to consider.

Apply online in minutes - Before applying check the FAQ page and make sure the application process is as fast as the TV ads claim. You are looking for a quick cash loan so instant approval decisions should be standard.

Deposited into your account - Is the money paid into your bank account quickly and without additional charge? Believe it or not some lenders charge for this service, for example Pounds2Day charge you an extra £15 if you want your cash paid into your bank account the same day.

Do they lend to customers with a poor credit rating? - Many won't but some recognise the need to fulfill this market and will do. Don't expect to borrow much more than a few hundred quid though until you have proved yourself a good customer and you may be better off with one of the logbook loans.

If you go this route it's imperative you stick to the lending terms because you won't get a second chance. On the plus side, sticking to the loan agreement over several loans will gradually improve your credit rating.

How much is the interest rate? - Payday loan lenders will tell you that interest is shown as APR which is a little misleading as that figure is based on a per year charge and obviously payday loans are for 30 days or less and so this is partly correct.

Never the less the interest you will pay on your quick cash loan will be very high, up to and above 35% in some cases so all things being equal, the total amount you are going to have to pay back should be your deciding factor when choosing which payday lender to go with.

As you can see there are many things to consider when choosing a payday lender.

You can read our reviews of the leading payday loan lenders below. For those in a hurry, our QuickQuid and Payday Kong reviews clearly showed them to be the best payday lenders in the UK today - Quick Quid for the lowest rates available and Payday Kong because they do not run a credit check and so are available to everyone.