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5 Reasons You Should Apply For A Wageday Advance, Rather Than A Payday Loan
February 06, 2017

There’s a reason payday loan companies have sprung up out of nowhere. People are often struggling for cash and need some money, fast.

Payday loans offer a small loan that you can pay back on your next payday. No problem, right? In fact, they can be very problematic.

Here’s why you should avoid payday loans, and go with companies such as Loan Moneytree, which offer more measured wageday advance loans.

  1. The interest rates are too high

The next time you see an advert for a payday loan, check out the small print. If you thought credit card interest rates were high, you haven’t seen anything yet.

The interest on a one week loan can be as high as 911% with some companies. That means that loan is going to cost you a whole lot more in the long run.

  1. Payday loans often contain hidden fees

When you take out a payday loan, you’ll see that there are plenty of hidden fees included that ramp up the final price.

They may be quick, but you’ll pay dearly for that speed in your loan.

Instead, look for a wageday advance that takes a few days to get to you, but will only cost you what the lender will tell you upfront.

  1. They can actually make your situation worse

If you’re struggling for cash, a payday loan can seem like a good idea in the short term. It gets you the money you need within 24 hours, perfect if you’re in a bind.

However, those who are low on cash are going to be the people struggling to repay them. It can actually make your financial situation worse.

  1. You can end up in a repeat cycle

On that note, think about what can happen if you take out a payday loan. You borrow money, then when the month is up you can’t afford the repayment rates.

You take out another loan to pay that one off, and you’re stuck in a cycle of borrowing that’s only going to get more expensive. In the end, it’s just better not to use them at all.

  1. Payday loan companies can get access to your bank account

The scariest part is that a payday loan company has direct access to your bank account. That’s ok if a loan company is trustworthy, but many payday loan companies aren’t.

They can take whatever fees they like, direct from your account. Keep yourself safe and stay away from them.

So, what’s the alternative? Companies such as Loan Moneytree will get you the cash you need, safely.

You can compare between over 40 different loan companies, and examine their fees and interest rates before you sign on the dotted line. You can get a wageday advance without the fear and high interest rates.

If you’re interested, come to us for a quote. You’ll see there’s much safer places to get you a loan these days.

 

Consumer Advisory:
Loan Moneytree is a loan matching service. This site will submit the information you provide to a direct lender. Upon loan approval, a direct lender may require further information from you which will be collected after we transfer you to their website or they may contact you via phone or email.

The operator of this site is not a direct lender. Loan terms, conditions and policies vary by lender and applicant qualifications. Late or missed loan payments may be subject to increased fees and interest rates. Not all lending partners offer up to £2,000 loans, and not all applicants will be approved for their requested loan amounts. Loan repayment periods vary by lender also. Lenders may use collection services for non-payment of loans.

Not all borrowers will qualify for a loan, the operator of this website does not engage in any direct consumer lending, we simply provide a FREE loan matching service to the public.

Representative Example:
Amount of credit: £850 for 11 months at £146.30 per month. Total repayment of £1,609.25. Interest: £759.25. Interest rate: 150% pa (fixed). 277.6% APR Representative.

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*Fund transfer times may vary based on the matched UK money lender, time of day applied and your bank.