A lot more people in the UK have been finding it hard to manage their finances over the last couple of years thanks to the global recession and payday loans have become just about the only option that most people have available to them in terms of loan options. Nobody likes being in the position where you must get a loan from a payday loan company when there are cheaper options out there (such as a loan from your bank etc.) but unfortunately it’s becoming more and more common. Even though people assume that pay day loans UK are extremely expensive when it comes to the interest rates you have to pay on them, there are some ways that you can get cheaper payday loans. Here are just some ways that you can get a cheaper payday loan if you urgently need money:

Discount Codes – When you badly need some money one of the last things that you’ll probably have on your mind is searching for a discount code before you get in contact with a payday lender. However, the majority of companies that offer payday loans have discount codes, so always keep an eye out for them. All it takes is a quick search on the internet to see if there are any discount codes available. Discount codes can range from 5% to 25% off the APR charged so it really is worth spending a bit of time looking to see if there are any.

Compare – When you’re looking for a payday loan on the internet or whatever, it’s so important that you compare at least three or four different lenders to see which is the best for you. You might be surprised to see some massive differences in the interest rate that one payday lender charges in comparison to another, so don’t settle for the first company that you come across. When it comes to getting a payday loan, you really do have to take your time before applying for a loan to make sure that you’re getting the best deal you can and make sure you check the frequently asked questions on a lenders site so that you know exactly what the terms are.

Negotiate – A lot of people assume that you can’t negotiate with a payday lender but this couldn’t be further from the truth. In reality, a lot of lenders are making a massive return on every loan that they give out so they can easily give you a better interest rate if they wanted to. You should definitely negotiate if you’ve got a good credit rating too, since some lenders don’t even ask about your credit rating since they assume that you have a bad credit rating. If you can show them proof that your credit rating is good then they’ll see you as a low risk customer and therefore reduce the APR (annual percentage rate) that they’ll charge you.

We hope that the above few tips will help you save some money the next time that you need to take out a payday loan. It might sound time consuming to do some of the things above, but if it’s going to save you a lot of money then it’ll be worth it!

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