Cheapest Short Term Loans Online UK

This post follows on from looking into the cheapest payday loans. The focus today will be made on the cheapest short term loans online UK, that is based on our frequently updated posting for Short Term Loan Lenders. The top 3 short term loan lenders will be detailed here that currently deliver the lowest prices. This sector includes companies that provide flexibility in their service, for instance in allowing you to borrow cash for just a few days time. It was noted in the previous posting that QuickQuid were dominant in the payday lender category for some time. Wonga is the big name that has been dominant in this category for some time, although they have recently been took over by Reddies Direct and Sunny who are new for 2013.

When it comes to the cheapest short term loans, the most competitive lenders are charging below 1% per day interest (with a free fast transfer). In this sector, we score their loans over the period of 7 days. This cheapest short term loans online UK posting highlights an impressive selection of companies, but non of them can match Vivus, who provide their initial payday loan for free. Their subsequent loans are also way below 1% per day (over 30 days). Vivus do in fact provide flexible terms and so would usually have been added to this sector, but their 7 day rate works out at 1.643% daily and their 30 daily rate is 0.767% and so it made sense to score them on their improved charge.

Cheapest Short Term Loans Online UK

1) Reddies Direct Loans
= Reddies Direct arises from Danesfield Finance and Investments Ltd that launched back in the year 2011 and so they are still a fresh face in this sector. Their costs are very impressive with there being a 7 day charge of just £6.52 per £100 (6.52%) that includes a same day transfer. They allow terms between 1 and 30 days. This is still a relatively unknown lender in the industry today, but with these prices you would expect them to grow as more people become aware of their low costs. Reddies Direct do not disclose their operational times and so it does appear that they do only process loans on working days, which goes against them when you consider that many of their competitors do provide weekend loans.

2) Sunny Loans
= Sunny has been grabbing all of the headlines since their recent launch in 2013. There are many great qualities in place with this brand of Think Finance (UK) Ltd. The terms for instance can range from 3 to 30 days, but you can additionally choose monthly terms from 1 to 5 months. They are open every day, offer discounts for existing customers through their Sunny Rates scheme and there are no fees for late payments, transfers etc. They are an experienced outfit that of course traded through 1MonthLoan (this now redirects to Sunny) and they also have their Quid 12 month product. Over 7 days you would pay £6.76 per £100 (6.76%). This is as you can see a little more expensive than Reddies Direct, but still scores below 1% daily.

3) Wonga Loans
= Wonga needs little introduction here with this being one of the most well known lenders online. They were previously dominant in this section, but this was mostly due to their promo code that created competitive pricing levels. Their standard charge per £100 over 7 days is £12.89 that includes £7.39 interest and the £5.50 transfer fee. Their promo turns the overall charge to just £7 per £100 and so it took a little more than the transfer fee away at £5.89. They are open every day and provide a good service, although their competitors have been creeping up on them. Peachy Loans for instance have the same interest charge of £7 per £100. They have a £5 transfer fee, but their promo discounts this leaving the same 7% charge. They lost the ranking place, since Wonga carries increased features.