What are payday loans monthly?
Payday loans are usually short-term loans designed to cover immediate financial needs until the next paycheck.
In addition, in the consumer lending market, you can find payday loans that offer monthly payments. Compared to payday loans, such loans provide more flexible repayment terms. They are often called payday loans.
Consider the important characteristics of monthly payday loans:
- Terms of repayment. Having taken out a payday loan, you do not have to pay it off in full until the next payday, you can spread the repayment over several months (1, 3, or even 12 months). That is, such repayment terms are very loyal to borrowers, and it becomes easier and less stressful to repay such a loan.
- Loan amounts: Lenders issue monthly payday loans usually for larger amounts compared to traditional payday loans.
- Interest rates, as with regular payday loans, are high. However, it is thanks to the distribution of payments over a longer period that these loans become more affordable and easier for borrowers
- The application process is standard and is carried out through the lender's official website. The borrower must specify the amount, and the repayment term, as well as information about himself, and his income, and provide bank account details.
Thus, you can take out short-term payday loans with the possibility of repayment in 1, 3, 6, or 12 months (or in other terms).
As an alternative, you can also take out a personal loan. Your possible expenses:
Personal loan calculations for 1 year (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 5,000 | 6.30% | 171 |
| 5,000 | 7.30% | 198 |
| 5,000 | 8.30% | 225 |
| 10,000 | 8.40% | 455 |
| 10,000 | 9.40% | 509 |
| 10,000 | 10.40% | 563 |
| 20,000 | 10.50% | 1,138 |
| 20,000 | 11.50% | 1,246 |
| 20,000 | 12.50% | 1,354 |
| 25,000 | 12.60% | 1,706 |
| 25,000 | 13.60% | 1,842 |
| 25,000 | 14.60% | 1,977 |
What are the short term loan apps?
In the UK, several apps offer short-term loans, often catering to those who need quick access to funds.
Here are some of the most popular short-term loan apps:
- Wonga
- Sunny
- Cashfloat
- MYJAR
- PiggyBank
- Tappily
- Lendable
- QuidMarket
- Ferratum
- Peachy
Can I get a payday loan for 12 months?
Yes, you can get a loan that extends over 12 months in the UK, but it is usually referred to as an "instalment loan" rather than a traditional "payday loan." Payday loans typically have shorter repayment periods, often just a few weeks or months, while instalment loans allow you to repay the borrowed amount over a longer period, such as 12 months.
You can see the similar FAQ at the links:
- Bank of Ireland lending criteria
- HSBC bank transfer time within the UK
- HSBC graduate loans
- HSBC in America
- HSBC loan early repayment: how to manage
Details of companies offering the financial services:
Cash Compare
Head office’s address: London
Web-site: https://www.cashcompare.co.uk/
Cashfloat
Head office’s address: Office 8. 2A Highfield Avenue London, NW11 9ET
Contact center: 020-3757-1933
Web-site: https://www.cashfloat.co.uk/
Creditstar UK
Head office’s address: 17 Hanover Square, London, W1S 1BN, United Kingdom
Contact center: 020-3695-7544
Web-site: https://old.creditstar.co.uk
Evolution Money
Head office’s address: 9 Portland Street, Manchester
Contact center: 0161-814-9158
Web-site: https://enquiry.clarity-uk.com/
fancyapayday
Head office’s address: 470 Holdenhurst Road, Bournemouth, Dorset
Contact center: +44-330-223-0177
Web-site: https://fancyapayday.co.uk/
Fast Loan UK
Head office’s address: Shire Park, 2 Falcon Gate, Welwyn Garden City AL7 1TW
Web-site: https://www.fastloanuk.co.uk/
Got Capital
Head office’s address: 131 Finsbury Pavement, London
Contact center: +44(0)203 7500096
Web-site: https://gotcapital.co.uk/
Lending Stream
Head office’s address: Lending Stream, PO Box 10756, LEICESTER, LE3 4GX
Web-site: https://www.lendingstream.co.uk
Money Boat
Head office’s address: 5 Broadbent Cl, London N6 5JW
Contact center: +44-20-3818-7470
Web-site: https://www.moneyboat.co.uk/
Payday UK
Head office’s address: Payday Loans Limited, The Charter Building, Charter Place
Contact center: 0800-302-9409
Web-site: https://www.paydayuk.co.uk/
Salad Money
Head office’s address: 49 Greek St, London W1D 4EG
Contact center: +44-20-3092-0896
Web-site: https://www.saladmoney.co.uk
Solution Loans
Head office’s address: Hamilton House, 87-89 Bell St, Reigate RH2 7AN
Phone: +44 1737-886-202
Web-site: https://www.solution-loans.co.uk/
Sunny
Head office’s address: London
Web-site: https://sunny.co.uk/
THL Direct
Head office’s address: 470 Holdenhurst Road, Bournemouth, BH8 9AQ
Contact center: 0330-223-0177
Web-site: https://www.thldirect.co.uk/