Payday loans are unsecured loans that are exclusively offered to borrowers who require a loan urgently. Often people find it difficult to obtain loans from traditional banks due to poor credit.
The best method to deal with unforeseen bills is to take out these kinds of unsecured loans. There are numerous online lenders, who provide payday loans to you at the lowest possible interest rates. Visit loanpig.co.uk to access this loan from Loanpig online.
The following are a few different types of payday loans available in the UK.
- Wonga loans
Wonga loans are payday loans provided by the industry leader in payday loans in the UK, Wonga, which controls between 30 and 40 percent of the market.
Wonga payday loans were first offered in the UK in 2006, making them one of the oldest payday loans. Even though they have extended to other nations, these payday loans are still very popular in the UK.
- Online payday loans
Online payday loans are just what their name implies—loans that may be sought for and disbursed online. The most practical payday loans are those that don’t require you to physically visit a payday loan lender. From application to processing to funding disbursement, everything is done online.
- Bad credit payday loans
These are payday loans for people with bad credit, as the name implies. Some lenders refuse to advance loans to people with terrible credit.
However, the majority of payday lenders in the UK lend to anyone as long as they are employed or have a regular income. Payday loans with bad credit are available to such people.
- Instant payday loans
These payday loans are provided immediately. Depending on the lender, they could be made available online or offline. Borrowers who are looking to borrow money as fast as possible are drawn to instant payday loans. Instant payday loans are ideal for you if you lack free time.
- 1-hour payday loans
You must wait an hour to get your loan amount, as opposed to fast payday loans. Instead of applying for an instant payday loan, you might apply for a 1-hour payday loan if you have some time on your hands. When you reduce the pressure to get your loan amount, you stand to benefit from some interest savings.
- Same-day payday loans
Payday loans of this kind are provided the same day. Same-day payday loans are the best option for you if you need a loan immediately but can wait a few hours.
A typical same-day payday loan is processed and authorised in one day. Additionally, money is sent that day. Because they are not as urgent as rapid payday loans, the loans have a somewhat lower interest rate.
- No fax payday loans
Payday loans that don’t require you to fax or mail anything to the lender are known as no fax payday loans. The majority of online payday loans are no fax loans. Due to the fact that everything is handled online, these payday loans provide unparalleled convenience.
All the key categories of payday loans offered in the UK have been outlined in the information above.