WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. RATES FROM 45.3% APR TO 1575% APR FOR HELP, GO TO MONEYADVICESERVICE.ORG.UK

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Short-Term Loans

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*Rates from 278% to 1576%

*3-12 month repayment

Personal Loans

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*60-Second Application Form

*Rates from 4.7% to 278%

*3-36 month repayment

What Loantra can do for You

Find a Loan Shark

A loan shark is a company or individual that offers loans with exceedingly high interest rates. The term is colloquial, meaning that there is no strict definition for it and it can be applied in a range of different situations and to a range of different bodies and persons. As a borrower, it is your job to avoid trying to find a loan shark – even when you need money desperately!

Are Loan Sharks Illegal?

The classic image of a loan shark is of course a gangster. The term loan shark can be used to describe illegal activities in some cases and this is precisely how mobsters of old would operate. With lots of liquid assets (gained via illicit means), these thugs would offer money to the desperate but would attach such a high interest rate that those borrowers would end up in their debt for long periods – sometimes indefinitely.

To enforce these debts, the classic loan sharks of old would use threats of blackmail or violence. And this would eventually morph into ‘protection money’ and ‘favors’.

8 Superb Reasons Why You Need to Consider Payday Loans

There are numerous instances wherein a short-term loan like a payday loan would serve you best such as dealing with temporary cash problems and needs. But there are also instances when you should be careful in using them. Now if you are considering taking out a payday loan in the UK, there are certainly great benefits that you can enjoy in using them and here are some of them.

Why You Need to Consider Payday Loans

  1. ) Maximize discounts and special offers

There are numerous times in a year when businesses and vendors provide amazing discounts and offer to their products and services. Perhaps you have a Television that has been causing you a lot of problems lately? You could replace it at the right time and moment when they are sold at exceptionally low prices. Of course, you will miss this kind of opportunity if you simply don’t have the right amount of cash in your hands. This is where payday loans and their quick and easy funding can help you out.

  1. ) No Credit Checks

Banks and other traditional lending companies will normally scrutinize your credit history down to the tiniest detail. If you are someone who has late or missed payments, bankruptcies, and other indications of debt mismanagement, expect your application to be denied the moment the bank sees it. Payday loan lenders however, do not usually conduct any credit check that would put your application at risk of rejection if you have a blemished credit history. And even if they do, it normally won’t focus on your credit rating but on your income and ability to afford the repayments.

  1. ) Covering emergency repairs

From a leaking roof to a rotting window, it is normal to experience these kinds of structural problems in your home from time to time. If your short of cash and want to deal with them before winter or rainy season comes knocking down on your door, payday loans are quick solutions that you can consider. The loans will simply give you the financial capacity to cover vital repairs in times when funds are low and minimal.

why choose payday loans

  1. ) Covering unforeseen medical expenses

Medical costs are part of life but sometimes they can catch us off guard in instances when cash is tight. While the National Health Service will be the one to basically address most of your medical costs in the UK, there are expenses that may not be included in their services. A trip to the dentist or ophthalmologist is one of the medical services that are not covered by the NHS. With that being said, if you want to enjoy these kinds of medical services, taking out a payday loan is an option that you can look into.

  1. ) To aid loved ones in times of dire financial needs

Sometimes, you borrow money, not for your own financial needs but that of your loved ones. When a family member or close friend is trapped in a financial quicksand, you can consider taking out a payday loan to pull them out. Majority of us would always choose to help out our loved ones even if we don’t have the additional funds at the moment. Although its extremely important to practice caution when it comes to lending money especially when you got it from a loan, making sure that our loved ones are in a secured position is what matters the most.

  1. ) Safeguard your credit score

When renting or utility bills are due in the coming days and your currently short of cash to pay them off, payday loans could be the lifesaver you need. If you become late in paying them off, you will not only be dealing with the wrath of your landlord or incur arrears but will also blemish your credit history as a result. To avoid experiencing either one or both, it would be a good idea to take out a short-term loan so you can cover those crucial bills.

  1. ) To address important events

Birthdays, weddings, and Christmas gatherings are one of the most important events in a person’s life. If you don’t want to miss out these events because of financial reasons, then payday loans could be a solution that you can consider. Simply take out a short-term loan that you can comfortably pay back and once you are approved, you can use the money to purchase gifts and cover other vital expenses to make the event a joyful one.

  1. ) Enjoy Financial Independence

For many of us, financial independence is something that we strive hard to achieve. That’s why there are people who would rather take out a loan than borrow money from family and friends in times of financial hardships. Now if your need for money is only small, about a hundred pounds or a thousand, then taking out payday loans is a viable route. You will then have just to pay it back in your next paycheck or in the agreed payment terms and conditions.

These are 8 of the many reasons why you should seriously consider payday loans in times of different financial needs and problems. It’s important to note however, that there are also other loan options that you can look into depending on your present circumstances. Payday loans work best when you are caught up in an emergency situation and the money you need is not that big. If you want a bigger loan that you can pay for longer periods of time, then payday loans might not be the suitable options.

Why Payday Loans are Popular all over the UK

While there are many financial experts and groups that continue to advise borrowers against payday loans because of their hefty APRs (Annual Percentage Rate), the financial products continue to gain popularity all over the UK today.

The reality is, borrowers are willing to pay a premium for speed, ease and convenience. Because when you are faced with an emergency situation or financial crisis, you want a loan that is accessible 24/7, easy to qualify and provides instant funding and these are simply what you will enjoy with payday loans.

why choose payday loans

How to Tell a Loan Shark

Some companies that you see advertised on the web or online are very much loan sharks. That’s not what we do here though and it’s certainly not what every payday lender is.

Payday loans do come with higher-than-average interest rates and these do mean that borrowers end up paying higher fees than they might do with other financial products. While this is true though, the loans are also designed to be paid for in a single installment, normally after just a few weeks. They are called ‘payday loans’ because they are designed as a way to ‘tide you over’ until payday.

When you pay this amount promptly then, you’ll find that the APR doesn’t add up to that much – sometimes just $10-$15.

Ultimately, whether or not you find a loan shark will depend on the nature and the ethics of the company. When you are desperate for a loan, you will be susceptible to being taken advantage of. Don’t let this happen to you – be savvy, read the small-print and make sure that you know exactly how much you’re going to end up paying before you sign on the dotted line!

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£500 - £20,000
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£500 - £100,000
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Loantra is a licensed credit broker and not a lender.

We will never charge you for our service and the lender will not increase the rate to cover our fee to them.

We work with over 40 different lenders to bring you the very best rates from across the UK market.

Representative 305.9% APR. Representative example: £400 borrowed for 90 days.

Total amount repayable is £561.92 in 3 monthly instalments of £187.31.

Interest charged is £161.92, interest rate 161.9% (variable)

Warning: Late repayment can cause you serious money problems. For help, go to moneyadvice.org.uk.

Do not borrow more than you can pay back as defaulting on payments can lead to serious monetary problems.

Any collateral you have against the amount may be at risk of repossession.

5 most recent personal loan reviews

Review of Natwest

My personal loan from NatWest was planned in advance because I like to do plenty of research before committing to something as important as a building extension. I wanted to make sure the loan would be possible and that it was at a competitive rate before I started employing architects and builders. I was in regular contact with our local branch’s loan adviser and they finally sorted out a very good loan for me and once that was agreed I got on to the job of planning this extension. We’d already had the go ahead from the local council so it was all systems go once that all important loan was finalised. Sometimes it’s best to deal with your own bank for such an important loan and I am pleased that I entrusted NatWest with my loan.

Review posted by Wayne Crouch, Plymouth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of U Switch

In our position your company treats us well. We have the income but unfortunately due to circumstances beyond our control our credit rating is bad. Thank you Uswitch for giving us a chance.

Review posted by Neil Morrison, Perth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Wonga

Suprised at ease of application. Never wanted to use these kind of things but had a very tough month and needed a few pounds before payday. After checking different options I found the small amount to payback manageable and it’s all payed back 2 days after payday. Easy process with quick response.

Review posted by Anthony Bell, Chelmsford

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

All reviews have been sourced from Trust Pilot to ensure authenticity of testimonials.