Monday 11 August 2014

Best Short Term Loans UK: Review 11 of 16: Purple Payday Loan Review

This Post is the Eleventh (11th) Installment in the 16 Part Mini Series where I look at 16 of the best short term loan companies in the UK. Two of the most frequent question I get asked by the Millionaires Giving Money Blog readers are What is the best short term loan company in the UK? And, what is the most reputable pay day loan company in Britain. After responding to a handful of these queries I decided to review 16 of the best short term loan companies so borrowers can compare and make an informed decision. In this the 11th review post I will be looking at Purple Pay Day Loan Company which is a pay day loan broker company.

Important Notice: It’s important to bear in mind the consequences of missing a short term loan payment. When you miss a payment the loan term is extended for another cycle which means you will have to pay more interest and charges on the loan. Missed payments are also recorded on your credit file and your credit score will begin to decline. Missed payments will also introduce the possibility of debt collection agencies coming in to recover money. It is very important to fill out a financial questionnaire which shows your income and outgoings so you will know in advance whether you can actually afford the loan. So now without further ado here is the review on Purple Pay Day Loans.

Review 11: Best Short Term Loans UK: Purple Pay Day Loan

PurplePayday.co.uk is an online broker with a comprehensive panel of lenders which they use to find borrowers the best short term loan deals. All you have to do is complete the online application form which requires age, address, status, employment and salary/wage details and Purple Payday will search its entire panel to find you the best deal. Purple Pay Day is like a comparison site which uses their search algorithm to find borrowers the best deal.

Searching the panel of direct payday loan companies takes a few minutes and you will be given details of the most competitive short term loans available to you. You can then directly go to the lenders website and fill the remaining details such as bank details and have the money transferred within an hour to a UK bank account.

One point worth mentioning is that if you are accepted for a loan application before 3pm you will get your money on the same day usually within an hour however if you apply after 3pm there is a possibility that you will get your money the next day.

Some of the direct payday loan companies on the panel include Wonga, Quick Quid and Payday UK. All of the panel of lenders are regulated by the Financial Conduct Authority and Office of Fair Trading which means that they will treat their customers fairly. All the lenders are also required to practice responsible lending which means that you will not be given more money than you can afford which will ultimately get you into financial trouble.

Purple Pay Day also has a reputation of helping borrowers who get into financial trouble. As soon as you get into financial difficulties borrowers are required to contact Purple Pay Day who will then work with the direct pay day lenders to find a resolution, this means that the loan will not spiral out of control however it may mean further interest and charges.

Renewal of the loan is not recommended by Purple Pay Day however if you require more time they can extend your loan further. This voluntary or automatic renewal will mean more interest and charges are added to your loan. PurplePayDay.co.uk

Example of PurplePayDay.co.uk Short Term Loans

PurplePayDay.co.uk has an APR representative of 3,257.5 and you can borrow anything between £100 and £1000 for a maximum term of 45 days. PurplePayDay.co.uk is an online broker with a comprehensive panel of direct pay day loan companies. If you borrow £100 for 31 days you will need to repay £125 on the 31st day.

Purple Pay Day Loan has an APR Representative of 3,257.5% which is worked out as follows. When you borrow £320 over 28 days at a fixed rate of 446.3% you will repay £419, this amount also includes a £3 transmission fee.

Is PurplePayDay.co.uk the Best Short Term Loan Company in the UK?

PurplePayDay.co.uk is a very reputable short term loan company in the UK and it authorised and regulated by the Financial Conduct Authority and Office of Fair Trading. All of the direct pay day loan companies are also authorised and regulated by the FCA and OFT. 

PurplePayDay.co.uk has a comprehensive panel of direct payday lenders which means that you will get a good deal for the minimal work your put in. The broker does not charge the borrower for using the service and all commission and fees are collected from the direct lender. In my opinion Purple Pay Day is a reputable company with respectable rates which makes it one of the best short term loan companies in the UK.


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