UK Consumers Turn to Payday Loans

www.paydaypixie.co.uk

Payday loans are now the number 1 choice for UK consumers seeking fast and short term finance with approximately 8 out of 10 people opting to apply for a same day payday loan, as opposed to entering a lengthy application process with many of the leading high street banks. Figures released by the bank of England in the third quarter of 2015 suggests that the number of UK consumers applying for payday loans has almost doubled in recent years.

The FCA (Financial Conduct Authority) recently introduced new guidelines and lending restrictions to prevent many payday lenders from charging high interest rates. The result of the new interest rate cap enforced by the FCA has already seen large high profile fines issued to a number of the top lenders for breaching the interest rate caps that were first imposed in 2014.

As a result the UK’s top lenders now offer a lending service that is much more affordable to UK consumers with all payday lenders now forced to carry out an affordability check before approving or rejecting an applicant to ensure that the individual applying can afford repayments and total amount repayable.

Affordability checks are a mandatory process that many UK lenders need to complete before an applicant is accepted or rejected. The check itself takes into account, income, homeowner status, age and other financial information such as pensions and employment history.

The new imposed interest rate cap on all lenders has ensure that UK payday loans are a lot more accessible and affordable for those seeking fast and short term finance as opposed to borrowing from a bank or finance company with a minimum repayment term of 3 months.

Due to the heavily regulated payday loan industry, lenders are automatically forced to offer competitive rates that now favour the applicant as opposed to the lender providing the funds which is why the industry has experienced explosive growth over the past 2 years.

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UK Payday Loans – Welcome to Payday Pixie

www.paydaypixie.co.uk

Welcome to PaydayPixie.co.uk, the fast and easy way to apply for instant same day loans and financial help when you need it most. Payday Pxie is part of an exciting new group of UK online financial service websites specializing in short term finance and payday loans.

We provide a fully transparent service that enables you to apply for a loan online and receive an instant decision within minutes, if approved you will receive money in your account within 15 minutes of submitting your application form.

Our Loans

We specialize in helping people find instant and fast, same day loans to assist with their financial needs.

Payday loans – Small loans Intended to last only a short period of time, most commonly 1 or 2 weeks until they are repaid upon receiving your next pay check.

Same day loans – Instant loans are Typically transferred directly into your bank account within 15 minutes of submitting your application form.

We’re Transparent

We will always tell you the full costs upfront and the total amount you will be required to repay before you apply. We do not charge any fees; our service is completely free of charge and you will not be hit with any hidden costs which is why we continue to grow as one of the UK’s leading loan services.

Our Promise

We strive to provide an unrivaled, outstanding and simple financial service to those seeking financial help. Our mission is to change the way our customers view the loan application process by delivering instant results completely free of charge. We anticipate consumer needs and will deliver a trustworthy online loan service to help our customers save as much money as possible and improve their current financial situation.

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You can apply for a same day payday loan online 24/7, 365 days a year from a desktop, tablet or mobile.