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  Compare Payday Lenders for The Best Deal

  admin 1:56 pm on August 4, 2010 | 0 Permalink | Reply
  

  Payday Power has just added a ‘payday lenders comparison’ tool to its website. As Payday Power is a broker it may seem better for borrowers to go direct to the lender rather than a broker, but when it comes to payday loans, a broker can save borrowers a lot of time completing a lot of forms until they find a lender who wants to them the money.

  The comparison tool or chart is updated every day with the latest success rates and statistics sent back from the lenders. Lenders or brokers who are accepting more loans move higher up the rankings while lenders without enough money to lend or very strict lending rules drop lower in the rankings.

  It makes sense for borrowers to apply to the lenders with the highest rankings first which will give them the best chance of getting their loans approved and paid out.

  Check out the payday lenders comparison chart here.

   

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  Payday Plus Goes Auto

  admin 12:00 pm on July 26, 2010 | 0 Permalink
  

  Payday Plus, a leading broker of same day loans online, has just had a redesign of its website to reflect its new automated loan application process.

  Just like Payday Power, Payday Plus has automated it’s loan decision engine so that customers need only apply once through the website and have their application seen by all the top payday lenders in the UK, giving borrowers the best possible opportunity of getting their loan approved and as quickly as possible.

  Loans can be approved instantly and cash, up to £1,000 can be in borrowers accounts within 60 minutes and sometimes sooner.

  The new website sports a clean fresh and light design sprinkled with the occasional robot – suggesting the automated nature of the loan processes. No waiting around for phone calls, no faxing or emailing documents – customers get an instant decision right away after a 2 minute application.

   
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  Panorama Attacks UK Banks High Interest Rates

  admin 3:39 pm on July 19, 2010 | 0 Permalink
  Tags: apr (2), loans (2), money, overdraft

  “A Government minister has accused high street banks of ripping off consumers with hidden charges after research commissioned by BBC One’s Panorama found customers could face interest rates of 167% on overdrafts.”
  Source: BBC Panorama

  While this was far higher than the advertised APR interest rate, other consumers also complained about Halifax which charged a flat fee of £1 a day on unauthorised overdrafts, which on a £10 overdraft would equate to an APR of  £3,650%.

  In reply, Halifax gave a statement that customers “want a clear overdraft charging structure” and the £1 a day represents ‘a simple set of daily fees’. The bank said it offered a ‘buffer zone’ for overdrafts of less than £10 that is free and that the vast majority of its customers do not use their overdraft facility.

  Halifax have a point and as already stated elsewhere, APR or annual percentage rate is useful when comparing similar products, but an overdraft of £10 is unlikely to last a year and so the ’shocking APR is actually misleading, unlike the £1 a day fee which everyone can understand.

  In a similar note, our payday loans are charged at £25 for every £100 borrowed and are to be repaid in full on the customers payday or in some cases next payday.

   
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  Loan Acceptance Rules Relaxed

  admin 2:44 pm on July 7, 2010 | 0 Permalink | Reply
  Tags: Bad Credit (3), loan (2), loans (2), Payday Loans (3), Same Day Loans (3)

  Payday Power has partnered with around 16 same day lenders and so offers applicants one of the best chances of getting the cash they need as fast as possible through their simple application process.

  While many lenders have very strict lending rules and so can only lend to a tiny fraction of potential borrowers who apply for loans, Payday Power has actively tried to relax these lending rules, so that the service is available to as many people who need it as possible.

  Payday Power’s application rules have recently been updated to reflect changes in the acceptance criteria due to the addition of new lending partnerships. Previously loans were only available to employed UK residents who were over 18 and earned more than £700 a month.

  A few months ago Payday Power extended lending from only full time workers to lending to part time and contract workers and now with these recent changes, loans are now also available to people who earn over £500 a month which means more low income earners and part time workers will also be able to benefit from the option of taking out a payday loan in an emergency.

  However as a responsible company, high borrowing from low earners is still actively discouraged and for the lowest earners, borrowing will be limited to a maximum of around £150.

  As Michael the marketing and sales director stated “We have made it our goal is make sure every person visiting our site has the best chance of getting the money they need – and fast, while protecting those who can’t afford it” which also means that if Payday Power is unable to help a customer based on their details and circumstances, the applicant will be referred to partners who may be able to help with other lending options or even to help them rebuild their credit or manage their existing debts better.

   
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  Approved After Being Refused a Loan

  admin 9:48 am on June 16, 2010 | 0 Permalink
  

  Nothing stays the same with payday loans and lending rules. A customer who may be approved for a loan on a Monday may then be refused a loan from the same lender on the next Friday with apparently nothing changing in-between.

  From an outsiders point of view, this may make no sense at all but behind the scenes a number of factors all consipre together to make things like this commonplace. A lender may have more money to lend at the beginning of the month than at the end and may be waiting for a good proportion of loans to be repaid before it is able to lend easily again. The lending rules may get tighter with less money available to lend and so the same customer may be approved one day and rejected the next or vice versa.

  Payday Power works with around 15 Payday Lenders in the UK and so with one application, it is possible to maximise your chances of getting approved for a payday loan and if at first you don’t succeed try again a few days later as you never know, the rules may have changed.