Be Aware of A Few Different Types of Loans 

Be Aware of A Few Different Types of Loans 

Consumers added £13.2 billion in new credit debt in 2019, according to data from the Bank of England. Additionally, close to 9 million people raised their borrowing in 2020 to deal with the covid epidemic, based on the Office of National Statistics.

There are many different methods that people have obtained this credit. According to data from the FCA (Financial Conduct Authority), 26 million Britons utilise both scheduled and unscheduled overdraft services each year.

The FCA revealed in different research that, on average, 36.9% of the borrowers of payday loan are between the ages of 25 and 34. People between the ages of 35 and 44 make up 22.3% of payday loan borrowers, who are the second-highest age group.

Loan Pig can offer their help in case you have the need for any fast payday loans to meet your urgent expenses. Let us briefly discuss about few different types of payday loans here. 

  • Wonga loans

Wonga payday loans were first offered in the UK in 2006, making them some of the country’s oldest. Wonga offers loans in quantities ranging from £50 to $400. After approval, the loans are disbursed five minutes later. The representative APR for the loans is 1,509%.

  • Online payday loans

The most practical payday loans are those that don’t require you to physically visit a lender for payday loan. To prevent fraud, borrowers are encouraged to only work with online payday authorised loan lenders.

  • Bad credit payday loans

These payday loans are for those with poor credit. Although the majority of payday loaners in the UK loan to anyone as long as they are employed or have a specific regular income, certain lenders refuse to advance loans to borrowers with bad credit.

These folks can get payday loans with negative credit. You don’t need good credit to get a payday loan if you have bad credit.

  • Instant payday loans

These payday loans are made available right away. They may be made available offline or online depending on the loaner. Instant payday loans attract borrowers who desire to borrow money as soon as feasible.

An immediate payday loan would be ideal for you if you lack free time. The time it will take to process applications and distribute payments distinguishes this form of payday loan from others.

  • One-hour payday loans

You have to wait an hour to get your loan amount here. Rather than applying for an instant payday loan, you might apply for a 1-hour payday loan in case you have some time on your hands. When you lessen the urgency, you may also reduce your interest costs.

  • Same day payday loans

These payday loans are given out the same day. If you need a loan right away, but can wait at least a few hours, same-day payday loans are your best choice.

  • No fax payday loans

No-fax payday loans are those for which you don’t have to fax or mail anything to the lender. Online payday loans predominately involve no faxing.

So, you should not have any problem selecting your payday loan that will be of your choice.