Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk
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Representative 305.9% APR. Representative example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% pa (variable)
We are an Introducer Appointed Representative of Quint Group Limited, who are a credit broker not a lender. moneybolt Introduces customers to Monevo Ltd who are an Appointed Representative of Quint Group Ltd. for the purposes of obtaining a loan. LoanLoad does not provide any loan or consumer credit products directly.

Unsecured Loans

Warning:
Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk

Loans subject to status. Over 18s only. Minimum loan amount may apply.
Rates from 4.5% APRC to 65.2% APRC are available – the highest rate is for customers with severe credit problems. Loans available from 1-25 years. TYPICAL 10.9% APRC variable

Why people choose us

Low Representative APR

APR takes into account the amount of interest that will be charged to you for borrowing a certain amount of money.

Fair, Fixed Interest Rates

We won’t try and fool you by luring you in on a low-interest rate only for it to change later.

Potential to Payoff Your Loan Early

Some lenders and brokers arrange loans with flexibility at the centre of what they do.

We can Arrange Loans up to £25,000

Apply today and the loan you are looking for could be arranged by our lenders or brokers within a few minutes.

What are payday loans? 5 important Questions Answered

So what are payday loans exactly? To give you a clear picture of what they are, payday loans are designed to be availed over a short period of time to address certain financial needs. Typically, a payday loan follows three distinct features:

  • Offered in small amounts
  • Payments due in the costumer’s next payday
  • Requires borrowers to grant lenders access to their checking account

They are popular options among average income consumers as a means to obtain cash to fund an unexpected expense. And unlike mainstream personal loans, their maturity dates come in days or weeks rather than years which makes it a viable stop gap until the next paycheck arrives. So if you’re looking into ‘What are payday loans?’ Then hopefully we will be able to clarify what you seek.

1.) What is the maximum amount you can borrow?

The maximum amount that you can borrow is generally around £1,000, although there are lenders who won’t offer the maximum amount on first time borrowers. Payment periods are normally for 2-4 weeks although it could get much shorter or longer depending on the lender. Some lenders offer loans that have maturity dates of over five days to five months and there are even those that provide one day loans. Setting up the loan would generate fees as well as interest rates.

2.) Are they Costly?

Generally speaking, payday loans are costly but as long as you make the proper repayments, they are really not that expensive when compared to traditional credit options. Taking out a £90 loan for three days, for example, would typically cost you around £9, which, most often than not, is less the charges you would incur from a bank through an unauthorised overdraft. And while interest-free credit cards might prove to be better alternatives, they are simply options that are not readily available to many people.
Keep in mind, though, that the extra fees can pile up in an instant once you miss out on your payments or decide to extend or roll over the loan. What started as a small credit for several hundred pounds could quickly turn into one big thorn in your budget.

3.) Should I Apply for a Payday Loan?

Payday loans are worth considering specially if you’re in an emergency situation. Medical fees and car repairs are some of the ideal expenses for these short-term credit. Never take out a loan, however, for unnecessary expenses. If you are planning to purchase a brand new computer for example, then just try to save for it. This way, you won’t have to shoulder additional costs that you will incur in taking out a loan. If a certain expense or purchase can wait, then don’t take out a loan but if it can’t, then consider having a payday loan to address it.

4.) How quickly do they add up?

Say you want to take out a £300 loan from certain lender who agrees to lend you the money for 14 days. After a couple of weeks, you need to pay the lender £345 – the additional £45 as payment on interest rate and other fees. If you are unable to pay the said amount on the agreed date, the lender will charge you with an additional £30 as late payment charge. Now, if you have realized that you can’t make the proper repayment on time and decided to roll over the loan for another 14 days instead, you will now owe the lender £390. If after another couple of weeks of extension, you are still incapable of paying off the money you owe and once again you decide to roll over the loan and this time for a full month, your debt will grow to £480. Thus, after two months, you will have incurred interest charges of £180 on a £300 loan – that’s more than 50% interest rate for a mere couple of months. This is a possible scenario for you when you take out a payday loan and don’t make the proper repayments on time.

5.) What are the Alternatives?

Obviously, aside from payday loans, there are some alternatives that you can look into when you want instant cash for emergency situations:

  • Create an emergency cash fund in your savings account although this might not be a popular option to many consumers.
  • Build a positive credit history so you will be eligible to take out loans from mainstream financing institutions.
  • Always carry an open credit card to cover up emergency purchases and expenses.
  • Apply for a guarantor loan from a bank or credit union
  • Borrow money from friends and family and enjoy loans with potentially zero interest rates.

Those were five of the most important questions that people often ask about payday loans and now we have just answered them. Use the knowledge you have gained to make the better decision for you and your financial health. If you are still wandering what are payday loans then you can contact our dedicated team to get any specific questions you may have answered.

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You will need to be over 18 and a UK resident with a valid UK address. You must also have a monthly income (from benefits or a job) and a UK bank account.

Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk

3 most recent personal loan reviews

Review of Avant

The online application is fast and efficient! I was hesitant about "linking in" to my online bank account......However this made the whole application process far quicker! I can honestly recommend Avant - especially if you are worried about being judged on any previous credit history problems......Avant didn't do that! Just a thorough and fair service with good APR.

Review posted by Trevor Donahue, Derry

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Lending Works

Seamless and fluent from application to funds available. Outstanding rate, not match-able anywhere! I can't recommend any higher! Thank you, greatly appreciated and very happy customer.

Review posted by Mark Phillips, Portchester

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Zopa

I do have to say one of the best loan sites i have come across, they make everything so easy, with not very good credit history i did't think i had a chance but they accepted me and i can get my life back on track. Thank you again amigo loans.

Review posted by Wayne Crouch, Plymouth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All Reviews have been acquired from https://uk.trustpilot.com/ to guarantee authenticity.

MONEYBOLT IS A CREDIT BROKER AND NOT A LENDER. We pass your information to a lender once you have been accepted for a plan. We take a fee from the lender only, once you’re approved and we do not add charges to your plan in doing so.

YOU MUST MAKE ALL AGREED PAYMENTS TO AVOID LEGAL ACTION. If for any reason you will be unable to pay the agreed instalment then contact us immediately. Do not ignore the issue as a default payment will not solve itself.

NEVER BORROW MORE THAN YOU CAN AFFORD. Defaulting on payments can lead to serious and life changing financial issues. Make sure you only accept an agreement that is within your ability to repay.

MoneyBolt.co.uk is a registered trading style of Serpable Ltd, which is an Introducer Appointed Representative of Quint Group Limited and is entered on the financial services register under the reference number 780328. Quint Group Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 669450. Serpable Ltd is registered in England and Wales (Company number: 10699069), Registered Office, 17 Collingbourne Avenue, Bournemouth, Dorset. BH6 5QR.

Scam Alert – Beware of impersonators, we will NEVER EVER ask for upfront payments, transfer fees or vouchers to guarantee a loan