1294.1% APR Representative Example: Borrow: £300 for 90 days Interest: £144.06 Total to repay: £444.06 Repay in 3 instalments of £148.02 each. Annual interest 274% (variable). Representative 1294.1% APR.
When applying for payday loans in the UK, the acceptance rate is a good indicator to look for. It helps you to compare the lenders in the market. High acceptance payday loans direct lenders can help you get the payday advance you need for yourself. There are many tasks lenders have to carry out to agree to lend a sum of money. These tasks help both you and the lender in many ways and it makes the process very safe and easy.
Some direct lenders can have a high acceptance of around 80% or more. It depends on how their process works and how long it takes to process a payday advance application. Approving or acceptance are different. Approving loan is where lenders agree to you and its a final decision. However, acceptance is just a preliminary acceptance and is based on the final checks.
Payday loans online can make acceptance very feasible based on many aspects. As auto-decision models are getting clever, it can do a lot more tasks simultaneously without human input. Tasks such as check credit reports, history and even auto-detect bank statements or payslips.
Always remember that payday loans are the same as short-term loans. They are both short-term advances of cash straight into your bank without any paperwork or fax.