Compare Payday Loans

How to compare payday loans

When comparing payday loans, you need to make sure you get the best deal for the amount you need to borrow and a flexible repayment schedule. Of course, the interest rate you get depends on your credit score, how much you need and how long you take the loan out for. But comparing this before you apply for a loan is imperative. As a loan introducer, Sunny aims to help you compare loans online and introduce the best deals from our panel of UK loan lenders with quick instant decisions.

To compare payday loans, all you need to do is apply online today. In the early stages of your application, you can select the amount, and repayment period and compare the interest rates and your ability to get accepted. You can always change and work out the best deal for yourself before continuing with your application. This makes it a good loan comparison tool as well as an eligibility checker.

Comparing loan types  

One thing to consider when going to compare loans, are the types of loans available. Not all so-called payday lenders offer payday loans, in fact, many now offer short-term loans that can be paid in instalments instead of stretching people and requiring them to find all the cash in a short period of time. Here are the types of loans you could consider:

• Payday loans – Typically higher interest and require payment within a month, with smaller borrowing amounts.
• Short-term loans – Slightly higher borrowing amounts and a longer repayment period, short term loans usually have instalment periods from a couple of months to just over a year.
• Line of credit – This allows you access to a certain amount of money that you can request funds from when needed and pay back the same month.
• Guarantor loans – If you have bad credit, you can put forward a guarantor who promises to pay back your loan if you find that you are unable to.
• Personal loan – Typically larger amounts, paid over a number of years, these loans are generally for home improvements or to fund bigger purchases such as a new car.

What to consider when comparing payday loans?

Here are a few things to look for when it comes to comparing loans online.

Am I eligible?

When using a payday loan compare tool, it’s important to even know that you’re eligible to receive a loan. Different lenders have different eligibility requirements, but most lenders require you to meet these criteria before you compare and apply for one:

• Be at least 18 years old or above
• Be a UK resident
• Not be bankrupt or otherwise insolvent
• Have a regular income of £500 or more
• Provide details of your addresses for the last three years, as well as your bank account and debit card information
• Have an email address and mobile phone that you can be contacted o

It’s worth noting that meeting these requirements doesn’t guarantee that you will be accepted for one as approval of all applications is subject to a credit and affordability assessment.

Why do you need the loan?

When comparing loans online, you should consider why you need it. Payday loans should only be considered in the event of a financial emergency and if you have no other option when it comes to getting the money you need. These loans should not be used for unnecessary expenses. And remember, while you can use it for anything, you shouldn’t be using it to pay off other lines of debt, and only take out what you need to avoid any stress.

Have you checked your credit rating?

Once you’ve chosen the right lender for you, you’ll need to make sure you’re right for them, too, by checking your credit report is in the best shape possible. You can do this online for free using credit agencies, but you can even check this when comparing payday loans in our application process. When using our loan comparison tool, you can not only compare deals but also see your chances of being accepted with your credit score.

Can I compare payday loans and get one today?

Yes, as with any other loan, you can compare to get the best deal for you and get instant decisions on whether you will be accepted for one or not. This soft check doesn’t harm your credit score, but if you carry on with your application a hard credit check will be run and from there your loan can be in your account the same day#.

Can I compare loans for bad credit?

Yes, you can compare bad credit loans for any amount that you may need. Comparing payday or short term loans for bad credit can help you understand how much you can borrow, at what interest rate, and if you’ll be accepted for it. Here at Sunny, we understand everyone’s situation is unique and our lender panel offers bad credit loans to those in need of help. If you are struggling to get accepted, check out our helpful guide on improving your credit score.

Is there another option? 

While a payday loan may seem like a good idea if you need cash fast, you must look into every option before using our payday loan comparison tools. Could you use savings? Sell something to fund your expense? Is there a relative or close friend that you could borrow from? Look into every viable option that might be available to you before applying to borrow money.