Payday loans are a kind of short-term loans, which is the main reason why so many people show an interest in getting it. Though some borrowers hesitate in taking this kind of loan because it has higher interest rate, payday loans can be one of the best options for those who have poor credit history and financial emergency. Before you take on debt, you need to ensure the credibility of the payday loan. Also, it is necessary to compare the payday loans because of the high interest rates each one charges.
Choosing a payday loan lender with credible certification is of paramount importance. Otherwise, it can lead to some seriously bad consequences. You need to ensure they have a proper license. A certification from the FCA separates an honest and fair service from which is fraudulent. Licensed firms are reliable and consistent in terms of the services they provide.
Additionally, taking a payday loan from an FCA authorised firm can benefit you in various ways, especially in terms of the variety of payday loans they offer. Let’s explore more about these FCA approved payday loan lenders below.
What is the FCA?
The acronym FCA stands for the Financial Conduct Authority. It is the authority which provides authorisation to 56,000 financial firms to issue payday loans. The core aim of the FCA is to provide consumers with honest, effective and fair market dealings. Additionally, the FCA aims to make markets work well for businesses, individuals and for the economy as a whole. The FCA is the prudential regulator of 24,000 financial firms, such as credit unions, societies, banks and several other insurers.
Financial firms play a critical role in everyone’s life. The FCA is the regulatory authority in the United Kingdom that works for the betterment of the financial industry for it to provide people with maximum benefit. The FCA ensures that the financial markets work in the best interest of their clients. Some of their strategic objectives include;
- They provide certification for protection of consumers.
- They endorse effective competition which is in favour of the consumers.
- They increase the integrity and truthfulness of the UK financial system and firms.
In order to provide certification to the financial firms, they charge a fee from companies. Financial firms registered under the FCA are credible and reliable. When firms are registered under the FCA, they likely offer a variety of payday loans, which leads us to our next section.
The Variety of Payday Loans for You
When the FCA provides a degree of authorisation to financial firms, they come up with a variety of payday loans for customers to choose from. This provides you the opportunity to choose from various types of payday loans which suit your needs. Check out the popular types of payday loans below.
One Hour Payday Loans
One hour payday loans are one of the main types that have been made for the consumers who wish to get a loan quickly. It is an online payday loan for borrowers who wish to get a loan urgently, within one hour. This loan can be processed by the lender within an hour of applying. You just need to fill an online form to get this loan. Ensure that you enter all the correct details before submission as only then will it be processed faster. After verifying your details, the lender will grant you the loan.
Instant Payday Loans
Instant payday loans are also online loans that can be provided to those in need as soon as the application is approved. You need to submit the application, filling in correct and genuine details to get the loan approved. The entire process hardly takes a day and you will have a loan in your hand. Some services also charge an additional fee for this. Those who are stuck in an emergency and require a loan urgently, instant payday loans can be their go-to option.
30 Day Payday Loans
Normally, borrowers require a 2-week period to pay off the loans. When this time period is not enough for people to repay the loan, 30 day payday loans can be one of the best options for them. Keep in mind that when the borrowing period is longer, the risk is also very high. You need to be prepared for paying high interest rates for 30 day payday loans.
Online Payday Loans
As the name suggests, online payday loans are the loans that require you to fill an online application form. You need not physically visit the UK lenders for this form. These are the most common types of short-term loans that are issued by borrowers. People borrowing money with this payday loan need to show proof of income and employment for this.
Military Payday Loans
As the name implies, this type of payday loan is especially made for the military servicemen. These loans provide a high borrowing limit, i.e. 35% of borrower’s monthly income. It can also be transferred overseas and to other states. Fines and charges are imposed on borrows if they are unable to meet their financial obligations. Also, military payday loans can be repaid after some time.
Low Fee Payday Loans
A low fee payday loan is one of the main payday loans which has a high fee and interest rate associated with it. In this type of loan, a borrower will be charged at least 8% interest. Also, this loan is not given very easily. Lenders cross-check information of borrowers and conduct a proper background check before releasing the amount.
Get a FCA Authorised Lender for Your Payday Loan
Getting a payday loan from a certified and licensed financial firm can help you breathe a sigh of relief. Even if it is for a short-term period, you should get your payday loan from a credible financial institution. Quiddi Compare has several FCA approved and licensed financial firms for you to get your payday loans seamlessly.
Providing you with the ease of filling the form online, you can get your payday loan in an instant. But do not forget to compare the interest rates before making a decision. In just one click, you can resolve your debt issues. You will find a variety of payday loan options available on this website. If you are falling short of money, visit Quiddi Compare today!