Sometimes in life, things don’t go to plan and we need a little extra cash than is available in our current account. While it can be stressful trying to manage your monthly payments as it is, adding an unexpected bill or emergency expense into the mix can really throw things off balance. So, what are your options if you need money fast and you know you can pay it back on your next payday?
Getting cash online isn’t that new. Since the internet was born, people have been using the world wide web for all sorts of transactions. But getting money quickly – within a couple of hours even – is a relatively new concept. If you only need a little bit of cash, maybe £100 or so, then using an online direct short term lender is probably the quickest way to do it, however it doesn’t mean you should just lunge at the first link you see.
Because getting a payday loan online is so quick, you can afford to spend a little extra time researching the best loan for your needs beforehand. Using an online loan comparison site is:
A direct lender loan is any loan that is supplied directly by the creditor, rather than through a broking service or through a comparison site. While it can be quicker to use a direct lender, you won’t always get the best deal because they won’t show you what else is available. Direct lenders operate across the whole loan sector, from bank loans to credit cards to payday loans.
While some borrowing, such as a bank loan or a credit card, will require additional research (what is the interest rate, how long is the loan term, does the interest rate vary, can you repay early etc.), payday loans are much simpler because you choose the amount you want to borrow and the date you want to repay it. While short term loans are regulated by the FCA and have an interest rate cap, it doesn’t mean all payday loans will cost the same amount which is why it’s important to use a comparison site before applying.
Some high street short term lenders do still exist, but one of the reasons they aren’t as common as they used to be is that it’s so much easier to get a loan online these days. As most people in the UK have access to the internet and a smartphone or computer, it’s convenient to apply at any time. Plus, because most online lenders use an automated assessment system, you will get the decision straightaway, so you don’t have to hang around waiting for someone to manually check every detail in your application.
Additionally, thanks to the Faster Payments Service (FPS) which most mainstream banks use, you also get the funds almost instantly. So, whether it’s a sudden burst tyre or a season ticket for a new job, you can get the funds straight away and paid directly into your bank account to spend as you normally would with your debit card.
Getting an online direct lender loan is one way of tackling an emergency expense if you won’t quite have the funds until payday but the money is needed now. However quickly you need the cash, it only takes seconds to compare loans with Clear and Fair. All you need to do is enter the amount you are looking to borrow and how long you want to borrow for, and we do all the comparison work for you. We will rank the lenders we work with in order of cheapest to most expensive and we never promote lenders so the one you see at the top of your search enquiry is always the cheapest.
Then, you can either read about the lender or simply click through and apply directly with that lender on their website – so you are still getting your loan directly from an online lender.
While online direct lender loans are accessible and simple to apply for, you must never apply for a loan if you knowingly cannot afford to repay it as not repaying your loan can cause you serious money problems. Instead, if you are facing ongoing financial difficulty, get in touch with a free debt advice service as they will be able to help you tackle your financial difficulty and build habits for better money management in future.
All you need to know about short term loans
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