Online £50 Payday Loans From Direct UK Lenders
Throughout 2018 and 2019, the UK has seen a huge increase in the demand for quick, accessible short-term loans. Smaller loan amounts mean there are many lenders willing to provide fast cash to those needing an instant credit boost. Not all turned out to be reputable, and high profile sites like Wonga cast a shadow of doubt over the industry. Thankfully however, they are no considered to be a key feature of the UK loans industry and continue to provide a vital service to UK residents.
But is getting a £50 payday loan the easiest and most efficient way to get the funds you need in hurry? You’ll likely be offered the chance to borrow small amounts from many lenders, with no credit checks being a key attraction. The majority of small online lenders will actually offer no less than £100, which isn’t necessarily a bad thing if you can make use of the extra amount however one thing remains the same throughout all verified companies… you will still need to pass affordability checks as part of responsible lending to be sure you can meet the repayments in full and on time.
Typically such small payday loans (often referred to as wage day loans) are used to cover unexpected expenses… such as unexpected bills, home repairs like heating or a broken down car which is vital to get to work and only last a short amount of time. Please read on to find out more, or apply online to see what options are available to you.
What Are Direct Payday Lenders?
Direct lenders provide a solution to those needing immediate funds without the associated wait times of more traditional lending methods. By providing the loans direct, they present a couple of key advantages that the industry hasn’t seen to date, namely:
The process is quicker, easier when lending direct and there are less hoops to jump through. You must however ensure that the lending company is compliant and registeres with the FCA, even when looking to borrow £50.
Am I Eligible for a £50 Loan Alternative?
Though considered a small amount in the lending market, there are still strict eligibility requirements that you must meet before being accepted for a loan of just fifty pounds. It may vary across different UK lending companies, but typically they are:
These are the most common requirements, however new payday direct lenders 2018/2019 may require alternate information so it’s always best to check.
This content was originally published here.