Compare Payday Loan Lenders is a Waste of Time

No matter how many payday loans you compare, you will quickly begin to see that you always come up with the same answer.

Read on to find out why ultimately, they are all the same.

If you feel under pressure to pay all of your bills on the run up to payday, buying into the skillful advertising of payday lenders and turning to one of their products for a short period of time can easily seem like the idea solution.

However, before falling for the temptation, make sure that you are aware of the following:

  1. They are extremely expensive!

No matter what the publicity says, although the APR and charges vary from lender to lender, they all share the same characteristic of being extremely expensive.

With one very high profile lender quoting a representative APR of over 5000%, it is probably not a surprise that they try to counter this fact by stating that APR is not the best way to measure short-term loans and quote alternatives like “1% per day” instead.

Whilst this may not sound too bad, falling behind on your payments can mean that in approximately 3 months, you would owe twice the amount that you borrowed and be accumulating charges for late payments.

  2. They can damage future borrowing

At the end of 2013, a BBC Newsnight report claimed that:

“Two thirds of mortgage brokers say they have had a client turned down for a mortgage because of a payday loan in their past.”

BBC Newsnight

Testimonial BBC Newsnight

Regardless of which lender you choose, the presence of a payday loan on your credit record will reflect poorly upon you in the eyes of future lenders. This renders making comparisons both a time consuming and pointless task.

For more on this story please check out the following BBC story – Payday loan ‘risk to mortgage applications’.

  3. Very Easy to join the debt spiral

No matter how good a deal you believe that you have received, failure to make the scheduled repayments in full will nearly always result in long term damage to your finances and can easily lead to becoming trapped in a dangerous cycle where you are borrowing more money to repay rapidly accumulating debts.

If you find yourself in this position, the debt charity Step Change has drawn up a list of helpful tips to deal with the situation.

Click on the following link to access their guide – Help with payday loans

Do you know what your credit file look like?

If you would like view your current rating, please take a moment to visit the Checkmyfile website to obtain a comprehensive multi-agency report.

See more than twice the information compared to any other Credit Report in the UK

Testimonial Checkmyfile

Affordable options for those at risk

The best way to avoid these dangers, why not avoid taking one out at all. By using our calculator and simple to complete application form, we offer the chance to submit a single calculator to a number of the UK’s best and most reputable lenders.

Not only will you quickly begin to receive no obligation quotes, you will also not be credit checked by our lenders.

Return to the main page

More helpful articles

Helping you borrow money

  1. Bad credit rating OK

  2. Affordable rates and fees

  3. Fast application and payout

  1.   One application to multiple lenders
  2.   No broker or application fees
  3.   No early redemption fees
  4.   Secure online application

how much


Helen Taylor
David Whitfield
Francesca Portland

Quick application for £50 to £12,000
no risk free
  • No credit checking*
  • No obligation to take out finance
  • No application fees
  • Secure online application

4 Easy Steps

1. Calculator

Calculate how much you can afford to borrow and for how long

2. Easy Online Form

One quick online form to our panel of multiple lenders

3. Multiple Offers

Receive a choice of no obligation offers from multiple lenders

4. Get Your Money

Send off your preferred offer and get your cash

Save time with one easy online form

Why spend time filling out lots of different forms to numerous lenders?

  • Amigo Loans Logo
  • Consollo Logo
  • UK Credit Logo
  • First Stop Guarantor Loans Logo
  • George Banco Logo
  • TFS Loans Logo
  • First Banco Logo
  • The Quick Cash Club Logo
  • One Plus One Loans Logo

With us you just fill out one easy form

Borrowing + interest & fees of = Total to repay
* Based on repaying after 30 days

Borrowing over your repayments will be approx. per month and in total. For actual figures hit Get My Loan to get a choice of free, no obligation loan offers from the best bad credit loans lenders in the UK.

union lock

Safe & secure UK website established in 2015

fca Authorised
ico Registered
fca Compliant