Cheapest Payday Loans Online UK

This posting will provide some insights into the cheapest payday loans online UK, based on the Top 10 Cheapest Payday Loans data that is being continually updated. The payday lenders that ranked in the top 3 will be the particular focus here. For a long time, QuickQuid was the top performer in the monthly payday loan sector. This was mostly aided by their interest tiers that are granted to those with good credit scores. This has always been aided by their promo codes that grant further savings. One of their main competitors (Payday UK) have tended to rank quite low down and in fact currently take the #10 spot. Quick Quid has recently lost their top spot to the highly impressive Vivus and RedWallet are their other close contender.

What you will find is that below these top 3, you will start to see payday lenders that score on a similar level, starting from the 25% monthly rate (£25 per £100). This itself is a good rate that includes same day transfers and that overall charge does sit below 1% that is a good daily rate considering that these loans are designed for those who have trouble receiving credit from banks and other mainstream lenders. Today the cheapest payday loans online UK are being highlighted, but in the next posting we will be moving on to cover the cheapest short term loans that includes lenders like Wonga. They are treated differently since they offer more flexible terms and so they are instead scored on a sample 7 day term.

Cheapest Payday Loans Online UK

1) Vivus Loans
= No one can match Vivus. When you use them for the first time you will receive a 0% APR payday loan. Hence, you pay £0 per £100 borrowed. When you return for a second time you will receive a £23 per £100 (23%) charge on a 30 day term that on its own qualifies Vivus within this top 3. Fast transfers are free here. Vivus would have usually been entered into the short term lender section since they offer terms between 7 and 30 days. They were entered in this sector instead since their best rate is over 30 days (for shorter term loans their daily costs are more expensive). Until Vivus end their promotion, I can’t see anyone taking their crown as the cheapest payday loan lender.

2) QuickQuid Loans
= Certainly the most popular lender of the 3 discussed here. The interest with QuickQuid will stand at either £20, £25 or £29.50 per £100 borrowed. A same day transfer is provided for free. The problem lies that not many will qualify for their top rates and that £29.50 cost on its own is not a great price. They get the edge from their 25% promo code that turns the charges into £15, £18.75 or £22.13. This promo is unfortunately for new customers only. If you assume that most new customers fall into the lowest bracket of £22.13 then this is a good price although Vivus would be better on their first and second loans. RedWallet would also rank higher when you factor their cashback bonus. A benefit with QuickQuid is that existing customers can receive a massive £1500 and they now offer 2 or 3 monthly terms (or their extended QuickQuid FlexCredit product).

3) RedWallet Loans
RedWallet is a newcomer for 2012. They provide a standard charge of £29 per £100 that includes a same day transfer. This charge doesn’t set the industry alight, but they have managed to shine through their recent cashback bonus scheme. What happens here is that they will give you a £10 cashback bonus (when you borrow at least £100 and pay back on time). This £10 will be credited to your account that reduces the overall charge to an impressive £19 per £100 (19%) over the month. It should be noted that this offer is only available to new customers and it does look like this will only be available in the summer that started in July and goes through August. I do get a feeling though that they may extend this promo since it is what allows them to compete with the best of them.