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Payday loans and lenders

What is a payday loan?

Payday loans are a type of short-term loan where repayment only occurs once, in full, within a few weeks of taking out the loan.

A payday loan usually comes with a high representative APR. This means that borrowing from payday loan lenders could be more expensive than what you may expect from a direct lender. If you want to know more about APR, we have a helpful guide for you.

Do I need a credit check for a payday loan?

Responsible lenders will conduct an affordability check as part of your loan application. This involves looking at your credit file to reassure both you and the lender that the repayments will be manageable.

Sometimes you may come across a lender that offers payday loans without credit checks. These lenders won’t have as much information about your circumstances, so any loan you borrow from them will be less suited to you and could be harder to manage.

This could be a sign that they are not a responsible lender and are not authorised by the Financial Conduct Authority, so make sure you consider this before you think about using a loan provider which does not conduct credit checks.

If you want to know more, we have a useful guide which explains the meaning of responsible lending.

Can I apply for a payday loan with a bad credit score?

Yes you can. However, credit files vary from person to person, so this would ultimately depend on the outcome of your affordability check.

If you have a bad credit score and are accepted for a loan, there is a chance that you may incur higher interest rates on repaying your payday loan. So, make sure you’re fully aware of the terms before borrowing.

I’m looking for new payday lenders, what’s out there?

Dot Dot Loans is a short-term lender that understands the needs of its customers. We have helped thousands of our customers get the funds they need quickly, and we pride ourselves in being transparent. But don’t just hear it from us, check out our customer testimonials.

It’s important to find out as much as you can about payday lenders and their loan offerings. Here at Dot Dot, we recommend considering alternatives to payday loans if you are looking for a loan with repayment that is more manageable. This guide gives you all the information you need to help you consider all the available options if you’re thinking of taking out a payday loan.

What should I look for in a payday lender?

When you’re looking at payday loans, knowing whether to trust a lender or not can be confusing. Below we’ve outlined the most important factors to consider if you’re looking at payday lenders.

  • Is the lender authorised? Before you submit any of your private details over the internet, make sure you are applying for a loan with a properly authorised lender. This confirms that they are a legitimate lender. Look at a lenders’ ‘About Us’ page to find this information.
  • Is the website secure? Look for signs of security on the lender’s website, such as a padlock icon next to the website address. This means that the website has a security certificate, and shows that the lender has taken the appropriate steps to make sure that your personal details are protected, using security technology.
  • How much does the loan cost? When looking at loan offerings, you will often see a figure for representative APR. To put it simply, the higher the APR, the more expensive the loan will be. If you’re still confused, we have a handy guide which explains it all.
    Some lenders also add hidden charges on top of your loan, such as late repayment fees - so be sure to look out for those! Here at Dot Dot, we don’t do this as we believe that loans should be as manageable as possible for our customers.

Choosing from available payday lenders

There are so many online payday lenders to choose from these days. It can feel overwhelming when you’re trying to decide which one to use when applying for a short-term loan. Each lender offers different features, such as application requirements, loan amounts, and the speed it takes for the funds to be deposited into your bank account.

It’s down to you to decide which type of lender is right for your circumstances. Be careful, there are payday lenders out there which offer high acceptance rates, but their payday loans can come with a high APR and unexpected charges.

In fact, it’s recommended that you avoid payday loans, and look into borrowing from direct lenders instead.

Why should I avoid payday loans?

Not only can payday loans come with high borrowing costs, you are also at risk of incurring extra charges from direct payday lenders, such as late repayment fees.

Many payday loan providers have now gone into administration. Sometimes this has been a result of unreasonable business practises. These include lenders such as The Money Shop, QuickQuid, Uncle Buck, Wonga, Sunny, Peachy loans, and MyJar.

Looking for direct lenders only?

Sometimes unexpected costs can crop up, which may cause feelings of financial burden and distress. That’s why here at Dot Dot, we pride ourselves in giving you as much information as possible to help you see what your options are.

It may be more beneficial to consider applying for a short-term loan from a direct lender instead of a of a payday lender. Although we are not a payday lender, Dot Dot Loans offer short-term loans from £100 to £1000.

Our online application process was created to be clear and straightforward. With our loans, you can apply today for funds that if approved, could aid your circumstances. Dot Dot loans are funded every hour, 24/7.

Why should I choose a Dot Dot loan instead of a payday loan?

Here at Dot Dot, we enable you to choose a loan by time - meaning that you don’t have to repay it in full at the end of the month like you would with payday loans.

This makes managing repayments much easier and helps you to only borrow what you really need. You can choose to repay your loan in instalments over 3, 6, or 9 months.

You can also manage your loan on the go from our secure online portal, which is accessible from any device.

Dot Dot Loans offer a short-term loan that may suit your needs, at representative 824.7% APR. You can use our handy tool below to see how much it would cost to borrow the amount you need.

Short term loan

Representative Example

Borrow £250 over 6 months with monthly repayment of £81.41. Total amount payable £488.46. Interest rate 248.19% p.a. (fixed). 824.7% APR Representative.

Am I eligible for a Dot Dot loan?

To apply for a short-term loan with Dot Dot, you must be a UK resident who is over 18 years old. To complete your application, you’ll also need to provide valid details such as an e-mail address, home address, mobile number, and debit card information.

If you’d like to apply for a Dot Dot loan, you can use the button below. All loan applications are subject to affordability checks.

Whilst we aim to provide a service to suit your needs, our loans may not be right for everyone. It’s important to review your circumstances carefully to see whether a Dot Dot loan is the right solution. If you have any questions or queries, please feel free to contact us.

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Loans from £100 to £1000

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Representative 824.7% APR

Loans from £1500 to £5000

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Representative 79.4% APR

Short-term loans: 824.7% APR Representative Long-term loans: 79.4% APR Representative