Payday advance loans are types of short term loans that are designed to help people make ends meet until their next payday. Traditionally, this type of loan is to be repaid at the end of the month, which some people find is not long enough to repay, and can simply push your cash flow issues into the next month. Advance loans usually offer small amounts of cash to cover emergency payments or unexpected fees, but they can often come with high interest rates, so they could be a costly option that should be carefully considered.
At QuidMarket, we offer a flexible alternative to payday advance loans. New applicants can borrow between ?300 up to ?600 cash advance, and returning customers may be able to borrow up to ?1,500. This is to be paid back over a period of 3 to 6 months, which allows you to choose a repayment plan that suits your current finances. If you are looking for an alternative to cash flow payday loans that could be easier to manage, we may be able to help.
- New customers can borrow between ?300 and ?600*
- Returning customers may be eligible to borrow up to ?1,500*
- Flexible repayment terms between 3-6 months
- Bad credit considered
- No hidden fees
- FCA authorised responsible lender
- No guarantor or collateral required
- Quick and easy visit our website application
What Is A Payday Advance Loan?
Payday advance loans or payday loans, as they are more commonly known as, are typically short term unsecured loans that usually have high interest rates. They are designed to help applicants with finances until their next payday, which is usually when repayment is due. Advance loans are often used to meet emergency costs, such as boiler repairs or temporary cash flow issues, that may not have been able to be covered by an applicant’s monthly salary or savings.
Payday Advance Loans
In general, cash advance loans for emergencies are appealing because they can be quick to process, with many lenders potentially offering same day cash transfers. This type of loan tends to offer small amounts for short terms, but with our payday advance loan alternative, you can choose an amount up to a ?600 cash advance and a term up to 6 months to suit your needs. Depending on when you apply, we can also offer same day cash transfer, which is ideal if you are in an emergency situation.
The cost of cash advance loans is capped by law, under regulations from the FCA. These regulations limit the amount of interest and default fees that you can be charged by an advance loans lender. Interest and fees on cash flow payday loans have been capped at 0.8 percent per day. As well as this, the total cost of the loan cannot be more than one hundred percent of the original amount borrowed While there is a cap, using a payday advance loan could be a costly way to borrow, so you should consider other alternatives first or seek lenders that ensure affordability. Here at QuidMarket, we closely follow the FCA regulations and want to avoid leaving any of our applicants out of pocket. We personally check all applications for affordability before making a lending decision. If we feel that an applicant may not be able to make the monthly repayments on their instalment loan, we will suggest other alternatives.
There are many similarities between advance loans and our short term alternative. Both are unsecured, cash loans that can be used to tide you over until your next payday. Both types of loans are suited for emergency or unavoidable expenses, such as to fix a broken down boiler or pay for urgent repairs. We do not recommend either option for non-essential purchases, like home renovations. However, it is where short term and payday advance loans differ that is important: