Payday advance loans are types of short term loans that are designed to help people make ends meet until their next payday. Traditionally, this type of loan is to be repaid at the end of the month, which some people find is not long enough to repay, and can simply push your cash flow issues into the next month. Advance loans usually offer small amounts of cash to cover emergency payments or unexpected fees, but they can often come with high interest rates, so they could be a costly option that should be carefully considered.
At QuidMarket, we offer a flexible alternative to payday advance loans. New applicants can borrow between £300 up to £600 cash advance, and returning customers may be able to borrow up to £1,500. This is to be paid back over a period of 3 to 6 months, which allows you to choose a repayment plan that suits your current finances. If you are looking for an alternative to cash flow payday loans that could be easier to manage, we may be able to help.
- New customers can borrow between £300 and £600*
- Returning customers may be eligible to borrow up to £1,500*
- Flexible repayment terms between 3-6 months
- Bad credit considered
- No hidden fees
- FCA authorised responsible lender
- No guarantor or collateral required
- Quick and easy application
*Loan amounts and repayment terms are dependent on affordability checks
What Is A Payday Advance Loan?
Payday advance loans or payday loans, as they are more commonly known as, are typically short term unsecured loans that usually have high interest rates. They are designed to help applicants with finances until their next payday, which is usually when repayment is due. Advance loans are often used to meet emergency costs, such as boiler repairs or temporary cash flow issues, that may not have been able to be covered by an applicant’s monthly salary or savings.
In general, cash advance loans for emergencies are appealing because they can be quick to process, with many lenders potentially offering same day cash transfers. This type of loan tends to offer small amounts for short terms, but with our payday advance loan alternative, you can choose an amount up to a £600 cash advance and a term up to 6 months to suit your needs. Depending on when you apply, we can also offer same day cash transfer, which is ideal if you are in an emergency situation.
How Much Do Advance Loans Cost?
The cost of cash advance loans is capped by law, under regulations from the FCA. These regulations limit the amount of interest and default fees that you can be charged by an advance loans lender. Interest and fees on cash flow payday loans have been capped at 0.8 percent per day. As well as this, the total cost of the loan cannot be more than one hundred percent of the original amount borrowed While there is a cap, using a payday advance loan could be a costly way to borrow, so you should consider other alternatives first or seek lenders that ensure affordability. Here at QuidMarket, we closely follow the FCA regulations and want to avoid leaving any of our applicants out of pocket. We personally check all applications for affordability before making a lending decision. If we feel that an applicant may not be able to make the monthly repayments on their instalment loan, we will suggest other alternatives.
What Is The Difference Between Our Loans And Payday Advance Loans?
There are many similarities between advance loans and our short term alternative. Both are unsecured, cash loans that can be used to tide you over until your next payday. Both types of loans are suited for emergency or unavoidable expenses, such as to fix a broken down boiler or pay for urgent repairs. We do not recommend either option for non-essential purchases, like home renovations. However, it is where short term and payday advance loans differ that is important:
- Loan amount – cash advance loans for emergencies tend to be smaller than most alternatives. While some payday loan lenders are willing to offer higher amounts, it may not be attainable for the applicant, especially if they need to pay it back in one lump sum. Our alternative differs as we offer new customers the chance to borrow between £300 up to £600 cash advance, or up to £1,500 for repeat applicants, depending on affordability.
- Loan term – a payday advance loan usually needs to be repaid in full, along with any interest and extra fees, on your next payday. This is not always manageable, so with our advance loans alternative, you can split your cost over several instalments. We allow all applicants to apply for a term of up to 6 months, depending on their needs.
- Interest rates – the interest rates that you will pay on payday advance loans may be higher than the rates on short term alternatives. We offer competitive interest rates on our cash advance loans alternative and by spreading the cost over a few months, you may find the repayments easier to manage.
Why Choose QuidMarket For Advance Loans Alternatives?
While we recommend that you shop around to find the ideal credit for your financial situation, we may just be the ideal option. By reading shopping around for payday advance loans and alternatives, you can create a comparison to help you decide which provider is best for you. However, we believe that you should consider QuidMarket and here are just a few reasons why:
Options For Bad Credit
We started QuidMarket because we wanted to help hard working people, even if they had poor credit history. We consider all applications, despite your credit score and base our bad credit loans on affordability to avoid leaving you in further financial difficulties. We will assess your regular monthly income, your essential spending, and any other financial commitments to ensure you will be able to comfortably make regular repayments each month.
FCA Authorisation
Trustworthiness is key in a loans provider, so we are proud to say that we are fully FCA authorised. By selecting a provider that holds this type of authorisation, you can be sure that they are reputable and offer higher standards when it comes to lending.
Flexibility
We provide loans for a range of people from a variety of financial backgrounds, so it is essential that we keep our loan options as flexible as possible. We offer every applicant the chance to pay their loan back over a period that suits them, and provide the perfect amount of cash for their financial situation. We offer loans from £300 to £600 for new applicants with a variety of amounts in between.
No Hidden Fees
We guarantee total transparency with our loans, and we can ensure that there are no nasty surprises or hidden fees. We do not charge any upfront, late payment or extra fees on top of the loan you choose. We take a simple approach, and clearly explain the loan and repayments before we come to an agreement. This will be what you pay and there will be no other fees involved.
QuidMarket offer a flexible, tailored and sustainably affordable alternative to payday advance loans in the form of short term loans. These are designed to be repaid over a period of 3 to 6 months with a tailored repayment plan that suits your needs and budget. Our loans are designed to be used in an emergency situation or to cover any short term cash flow issues, so they may be a suitable alternative to advance loans if you need more time to repay. For more information, contact us at QuidMarket or for financial support, visit the Money Advice Service for free and impartial help.