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You are borrowing £100 + interest & fees of £28 = Total £128*
*Example only using 35 days loan duration, lenders fees may vary
**Individual Lenders APRs may vary. Please check your loan agreement for the actual APR
£200 borrowed for 35 days. Annual interest rate of 292% (Fixed). Total amount payable is £256. 1212%APR Representative
Payday loans or short term loans are small cash advances that are intended to cover unforeseen circumstances until your next payday. Short term loans and payday loans generally range from between £100 and £2,000, depending on the particular lender and your own affordability to pay back the loan.
We work with a number of reputable short term lenders such as PiggyBank to find the best solution for you. The interest rates may seem high compared with other credit options, as they are displayed as an annual interest rate. However you will typically pay back £24 for every £100 borrowed.
Payday loans and short term loans can be a lot cheaper than unauthorised bank charges so they may be a better option than going overdrawn, and may be less onerous than a credit card, if managed correctly and paid back on time.
In some circumstances a lender may need to speak to the applicant and the guarantor (if applicable) during the application process.
Before you take out a payday loan or short term loan, you need to ask yourself whether borrowing money is the right thing for you. If you can cut down on your spending or put off buying something until you’ve saved for it, do that.
Taking out any finance should be considered carefully, especially if you have outstanding credit. Applying for a short term loan with My Payday Loan Broker allows you to complete one simple application form which will be presented to our wide range of lenders. These include short term loan lenders, instalment loan lenders and guarantor loan lenders.
Short term loans and payday loans can be expensive and you should think carefully before applying for one. They should only be used to cover an unforeseen circumstance such as a broken down car, a broken washing machine or a new pair of reading glasses.
Short term loans are not the only answer to solve financial problems and there are many things you can do that can help you now and in the future. Understanding how you are spending your money is an important step to take and there are a number of apps you can use to help you with this including Money Dashboard and Meet Cleo.
If you are borrowing money to make repayments on other loans and debts, you may be in a vicious circle and it might not be the best thing to do. If you think you need help with your debts, you can contact the Step Change Debt Charity service at www.stepchange.org who will provide free and impartial advice.