Payday loans online are fairly new in the UK, although they have been popular in other countries for several years. There are now a lot of different vendors offering different types of service and different charges.
PayDay UK
PayDay UK is a part of MEM Consumer Finance, who have given payday loans to more than 100,000 people over the last five years. Their service offers payday loans of ײ²ֲ£80 to ײ²ֲ£750, and can be received the same day.Their charges are ײ²ֲ£25 for every ײ²ֲ£100 borrowed. They don't currently credit score applications, but do require you to have a debit card to pay the loan back with. They will let you defer a payment to the following month, and will charge the fixed rate again for doing this. After two deferrals, you would need to pay some of the balance off before doing this again.
QuickQuid
QuickQuid,is owned by CashEuroNet, which originated in the USA. The primary distinction between QuickQuid and other Payday loans is that their payday loans cover two paydays, meaning it is paid back on the second payday (within a specified period), rather than the first, with no need to arrange a deferral. You do not have to have a debit card to take out one of QuickQuid's payday loans, as repayment can also be made by a simple Direct Debit from your account.
PoundsTillPayday
PoundsTillPayday is a Maltese company, who offer a next day service, although this quick service is only available to existing customers who have paid the loan back. The major benefit with this firm is that they offer payday loans of up to ײ²ֲ£1000, rather than ײ²ֲ£750. Your wage must be paid directly into your bank account rather than by cheque, and new customers are limited to ײ²ֲ£200. Their loan charge is ײ²ֲ£29.98 for every ײ²ֲ£100 borrowed. Once you've been provisionally accepted via the online form, you either fax your pay slip, or email a copy of it and you can check if they've arrived automatically online, making it a straightforward process.
Wonga
Wonga offers a rather different approach to the others, as their Payday loans aren't repaid automatically on your pay date. Instead, you decide exactly how many days you need the loan for, meaning you can save money by taking the loan over less days, and their whole process is done online, with no faxing required. They will still give you a loan fee up front, but it varies with the amount and time period of the loan. New customers are able to borrow up to ײ²ֲ£200, but this amount can be increased in future depending on your 'trust rating', which is decided on how reliably you paid back any previous Wonga loans.