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Payday loans were traditionally designed to be taken over the full monthly period until that next pay check comes in. People can often run into problems this way when a large repayment is due that may lead to a chain of rollovers (or default). 6 month payday loans are an interesting alternative. An instalment 6 month payday loan spreads out the repayments that should devise a more manageable loan. Other than this, the lenders typically take a percentage of the monthly balance. This reduces the costs since the percentage is being taken from a decreasing balance. With rollovers, you would typically pay a charge of £30 (per £100) each month. The 30% of the balance figure that is shown below actually creates a 20% monthly rate (£20 per £100).

Compare 6 Month Payday Loans…

Cash4UNow (2011)

Account login and SSL: Yes
Available: £100 to £400 (£750)
Interest: 14.99%
Total Interest: £89.99 per £100 (£14.99 monthly)
Total Charge: £99.99 per £100 (£16.67 monthly)
Term: 6 months max (above £200), 3 months max (£160 to £190), 1 month max (below £150)
Trade Association: CCTA members
Transfer: Free or £10 for same day funding
* You’ll need to borrow £200 for 6 month term

+ Best price for same day loan
+ They offer the most flexible terms. Whereby with Lending Stream £200 must be taken over 6 months, with Cash4UNow this £200 could be taken between 1 and 6 months
+ You can also repay early and interest can be saved, but you’ll have to contact their support for this
– Employer must be contacted and applicants must be 21 or above

Lend UK (2010)

Account login and SSL: Yes
Available: £100 to £500 (£1000)
Interest: 19.33%
Total Interest: £116 per £100 (£19.33 monthly)
Total Charge: £116 per £100 (£19.33 monthly)
Term: 12 months (£500 to £1000), 6 months (£200 to £500), 4 months (£100 to £200)
Trade Association: BCCA members
Transfer: Free for same day funding
* You’ll need to borrow £200 for 6 month term

+ 2nd Best price for same day loan
+ Free same day transfer

UK Lenders Alliance (2011)

Account login and SSL: Yes
Available: £100 to £600 (£1000)
Interest: 17.74%
Total Interest: £106.45 per £100 (£17.74 monthly)
Total Charge: £121.45 per £100 (£20.24 monthly)
Term: 6 months
Trade Association: BCCA members
Transfer: Free or £15 for same day funding

– Relatively new service, although they previously operated under the Cash Choice brand

True Blue Loans (2013)

Account login and SSL: No login
Available: £100 to £400 (£750)
Interest: 20.37%
Total Interest: £122.22 per £100 (£20.37 monthly)
Total Charge: £122.22 per £100 (£20.37 monthly)
Term: 3, 6 or 9 months
Trade Association: CCTA members
Transfer: Free for same day funding

+ Free same day transfer
– No account login
– Relatively new service

Pounds2Day (2009)

Account login and SSL: Yes
Available: £100 and £400 (£1500)
Interest: 20%
Total Interest: £120 per £100 (£20 monthly)
Total Charge: £135 per £100 (£22.50 monthly)
Term: 6 months
Trade Association: BCCA members
Transfer: Free or £15 for same day funding

+ Largest figure of £1500 possible for existing customers (shared)
– Must verify by contact at work, otherwise faxed documents will be required

Lending Stream (2008)

Account login and SSL: Yes
Available: £50 to £800 (£1500)
Interest: 22.67%
Total Interest: £136 per £100 (£22.67 monthly)
Total Charge: £136 per £100 (£22.67 monthly)
Term: 6 months (above £180), 5 months (£100 to £180), 4 months (below £100)
Trade Association: BCCA and CCTA members
Transfer: Free for same day funding
* You’ll need to borrow £180 for 6 month term

+ Largest figure of £1500 possible for existing customers (shared)
+ Most experienced service (2008)
+ Repay early and save is an added advantage

Remedy Loans (2012)

Account login and SSL: Yes
Available: £100 to £600 (£1000)
Interest: 21.25%
Total Interest: £127.52 per £100 (£21.25 monthly)
Total Charge: £142.52 per £100 (£23.75 monthly)
Term: 6 months
Trade Association: BCCA members
Transfer: Free or £15 for same day funding

+ Repay early and save is an added advantage
– Relatively new service

Notes:
– Same day transfer fees are commonly taken away from the loan funds sent, but these have now been added towards “Total Charge” rather than deducted to avoid confusion.
– Oakam and Zebit also offer 6 month loans, but are best suited to shorter term durations and so will be covered in the 3 month comparison posting.
– Alternative comparison postings will also be made for the doorstep, guarantor and logbook lenders that cover extended terms like this.