Fastest way to borrow? Instant payday loans

We have all had times when we need almost instant access to additional finances, whether we have been hit with the dreaded emergency bills or have accidentally overspent for the month. There are many different methods to borrow money, from credit cards to arranged overdrafts. But which method is the fastest to give you the additional funds that you so desperately need.

Arranged Overdrafts

Overdrafts arranged with your bank enable you to have some sort of financial cushion when you seem to be approaching the limit of your bank balance. Overdrafts will allow you to go into a negative amount of money with no additional fees. For people who are constantly approaching their bank account limits, an overdraft could be ideal for you to give you that added peace of mind.

By arranging an overdraft with your bank, this could prevent you from taking out smaller payday loans in order to help you through to your next payday. For example, if you have nothing left in your bank account but are due to be paid in a few days, rather than taking out a payday loan in order to help you make it to payday, an overdraft will enable you to essentially borrow the £50 from your bank with no additional charges, the £50 will just be automatically deducted from your next paycheck.

The only downside to overdrafts is that many banks are reluctant to give them if you have a damaged credit rating. However when approved they can offer a huge amount of help in the short term.

Credit Cards

Credit cards are a very reliable financial companion to have in your back pocket. A credit card will enable you to spread the cost of any purchases that you are making in a certain month in order to help with your cash flow. You can borrow money on a credit card but usually have to pay back the borrowed amount within 30 days before being hit with any interest payments. Although credit cards are not as cheap as overdrafts, they can be used more sparingly to help manage your monthly finances and stay on top of bills and outgoings.

For example if you have an outgoing of £100 but are unable to cover the cost of the outgoing yourself, your credit card could step in to make the payment on your behalf and enable you to pay back the total amount within 30 days which can prove a massive help with your monthly cash flow purposes.

Personal loans

Personal loans are a popular choice with many UK consumers with many people taking out personal loans with their bank or building society. Personal loans usually take a couple of weeks to be approved by your bank due to the numerous credit and personal checks that need to be carried out. Personal loans are more of a long term borrowing method with many banks offering a minimum repayment term of 3 months minimum. This means that if you only intended to borrow the funds for 1 month, you would have not option but to spread the loan over 3 months which would incur unnecessary interest rate charges as you will be borrowing for a longer period than what is actually needed.

Instant Payday Loans

The fastest and most common method of borrowing is to take out a payday loan. Payday loans are usually transferred into your bank account on the very same day of application and come with a minimum borrowing term of just 7 days, which means you can borrow for exactly the amount of time that you need to. Payday loans are used as a financial alternative to help guide you through to your next payday with the amount borrowed automatically deducted from your next paycheck.

This type of borrowing is seen as the most common and fastest way to finance that is available throughout the UK

Payday pixie offer instant payday loans and short term loans with no credit checks, which enables us to maintain our 15 minute cash transfers to our UK customers.

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First time borrower? Our guide to Payday Loans

Payday loan couple apply

It can be quite a daunting task when applying for a Payday Loan, with many different lenders promising different deals on interest rates, borrowing terms and repayment dates. We have come up with a number of points that first time borrowers need to look out for when making a decision on which lender to apply with.

Payday loans are still a relatively new way of borrowing for many people. Although there are huge amounts of people that choose payday loans over other borrowing solutions, only a small percentage of those have actually applied/taken out a payday loan previously.

Payday Loans for first time borrowers

When shopping around for a payday loan there are a number of things that you will need to take into consideration to ensure that whatever the lender is offering you, is best suited to your current financial situation. For example if you only need to borrow a small amount of money for a very specific amount of time, shop around a number of lenders until a lender can match your requirements. Remember, you should always be in the driving seat when it comes to a payday loan, if a lender can not give you your desired amount of money or borrowing periods then you are under no obligation to accept this offer.

Here are our top points to look out for:

APR and Interest Rates – Always take a note of the current APR and interest rates in offer. There are many lenders that offer a huge range of interest rates ranging from 200% all the way to over 1000%! It is vital that you try and find a lender with the lowest possible interest rates to ensure that you don’t end up paying over the odds in your repayments. Being accepted for a payday loan will feel great and you will be tempted to accept it there and then, however always look at the total amount that you will be paying back before agreeing any contract. Total amount repayable examples are visible on every lenders home page, this basically gives an example of how much you will be expected to pay back when borrowing certain amounts of money and will give you a clear indication as to whether you will be able to afford it.

Borrowing Terms and Conditions – You should always look at the implications involved when missing a payment, does this have an effect on your credit score? Will you be charged a higher interest rate? Always read the small print in the terms and conditions section of a lenders website.

Length of borrowing terms – If you only need to borrow for a specific amount of time, in order to save repaying unnecessary interest rates you should try to find a lender who can offer you the exact borrowing terms that you want. For example if you need to borrow £100 until you next payday in 2 weeks time but the lender is only offering a borrowing period of 10 days, this is not going to work for you and you may struggle to make the repayments which may have other implications.

Responsible Lending Policy – Every lender should have a responsible lending policy in place, for example here at we believe that if a payday loan is not necessarily the most suitable option for you, we will always provide you with alternative advice and guidance on other financial solutions that may be better suited to your needs. Many payday loan lenders have previously been fined by the Financial Conduct Authority for offering loans to people who simply would not be able to afford the repayments of a loan which can put the customer in further financial difficulty.

FCA Authorization Number – Every UK lender needs to be approved by the UK financial governing body the FCA. Any lender who has not been issued with a FCA authorization number is not permitted to offer any form of finance to UK customers. Helpful Tip – You can find a lenders FCA authorization number at the footer of their website, scroll down and take a look at ours! If you feel that a payday lender is operating illegally, you should contact the FCA/ Financial Ombudsman to voice your concerns.

Secure Site –  Always make sure that your personal information is protected. If you have any concerns regarding a website or something just doesn’t quite feel right, always follow your gut instinct and apply with a more well known brand. You can always check for reviews and other customer experiences online regarding any specific lender.

By following our step by step guide we hope that you find the payday loan application process a little less daunting than usual! If you have any questions regarding our application process or payday loans, please don’t hesitate to contact a member of our team by emailing us directly

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Back to University – Student Payday Loans

September marks the start of the university term for many UK students.  A number of them will return from a full summer of working hard in order to come back to university with as much personal savings as possible as a financial cushion to help them throughout the year. The majority of UK students will rely on student loans and funding in order to help them through their academic years. Student loans are used for a number of things, from paying university course fees, rent and accommodation and evenly weekly food bills.

However with the steep increase in university fees and accommodation costs, many students are having to dip into their own personal savings accounts in order to cover costs that would previously have been covered by their student loans. Not only are students having to use their own personal savings but are also turning to alternative methods of finance such as payday loans.

It’s estimated that 1 in 3 students have applied for a payday loan for reasons such as accommodation costs, weekly food bills and more alarmingly for the occasional night out. With more students struggling to combine a working life with their studies and due to the increase in competition for each job whilst at university, more and more students are opting for short term finance providers in a bid to help them cover monthly costs.

Students based in London City are more likely to apply for additional finances as a result of higher university fees and a higher cost of living. Manchester was a close second with Loughborough coming in third place.

Payday loans have been a very popular conception with Students based on the very quick process and short borrowing terms available with them. Unlike personal loans provided by many larger banks and building societies, students do not have to go through a lengthy application process so will therefore borrow as and when they need to.

Early in 2014 the government introduced the new university fee structure which permitted UK based universities to charge a maximum yearly fee of £9000. More than 50% of universities do currently charge the maximum threshold however with the new repayment structure in place, this enables graduates to only start paying back the debt when they earn over £25,000 annually. However with university fees alone costing up to £9,000 students will have to borrow considerably more than that in order to help cover accommodation and weekly living costs.

There is no doubting that payday loans are very popular with students, with people aged 18-25 more likely to take out a payday loan than any other age range. Approximately 30% of the 18-25 age category are currently students throughout the UK. The debate of whether university fees are too high has divided the government with many people sharing different opinions on what the realistic price should be to study at a UK university. Many have argued that with the increase in fees and living costs, this will prevent and put off many UK students from progressing on to university and following their desired career path.

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