Paydayloansnet.co.uk – Review

Paydayloansnet.co.uk- Relatively New But Promising Lender

Payday Loans Net (PDNET) is relatively a new direct lender in the UK engaged in providing payday loans with added dimensions. The agency is committed to providing hassle-free payday loans ensuring the never before experience to borrowers. The payday debts up to £ 2000 are also approved; it is the most significant amount in the short-term lending industry. As the agency specialises in no guarantor loans, therefore, it welcomes the bad credit score holders also.

FCA Authorised

PDNET operates with full FCA authorisation; therefore, all the dealings with this agency are secured. Also, the leading agency claims for having the best security features to safeguard the transaction and privacy of users. The advanced technology and customised tools support the users throughout the lending process. The instant decision, minimum calls, same day funding and no paperwork, are the major concerns for the lending professionals who understand the client’s requirements better because of their years’ experience in the lending industry.

Services

Most customers appreciate the professionals for delivering a new level of customer satisfaction. The short term loans with bad credit are the best choice for the people in urgent need of cash to meet emergency expenses. Bad credit is the primary barrier in getting financial help from the majority of financial institutions and private agencies, but it is not so at PDNET. For this agency, bad credit ranking is a circumstantial development for which the client is not solo responsible because sometimes naturally developed conditions also make the borrower failed in repayment of dues.

Unsecured payday loan up to £ 2000 is made available to any person in a regular job with income proof. The borrower doesn’t need to arrange a guarantor or to pledge some asset to secure the debt. It is a significant financial help for the professionals having little savings in account who have joined a job recently. Young age professionals usually have bad credit ranking in the UK because of the long-unemployed period, low conservation, low salary job, marriage responsibility, newly added family responsibilities etc. The salary account is attached with a loan account; therefore, the entire loan is paid in one instalment at the salary date. If the client asks, the payday loan can be converted into the instalment loan also with a new set of terms and conditions.

Payment System

As being the responsible lender, PDNET’s payment system is regularly reviewed & updated. The main transacting payment mode is ‘Continuous Payment Authority’ because the CPA doesn’t rely on the client’s memory. CPA is a regular automatic payment set up with borrower’s debit card. It saves all the payments from being the default; thereby, it avoids incurring fee charges on the account. CPS system allows the borrowers to pay through the debit card. It also allows the agency to withdraw the due amount from the nominated bank account on a scheduled date by using the shared debit details. CRP payment system is reasonable, proportionate and easy to use.

Paydayloansnet.co.uk claims for following the strict rules for maintaining the highest level in transparency. The loan products adhere to FCA cap. All the proposals are made by your affordability enforcing an organisational policy of cost control for defaulted loans, rollover loans and open loans. The leading lender claims for never charging any hidden fee. Its professionals make sure that the borrower understands the loan liability incomplete. Each cost factor is detailed in written and also over the phone call inviting the borrowers to confirm.

APR and Interest Rates

The possible APR may be 997%. The fixed interest rate p.a. is 270.10%. For a loan of £500 for 4 months, the monthly repayment would be £215.81. In case of failure in rebate, the new terms and conditions are framed according to the borrower’s ease in new financial situations. The agency charges no fee for a loan application. The default fee is £15; it is loaded only once if the borrower fails to pay on schedule date. No card authorisation fee is applied. The maximum loan cost is capped as the twice of a principal; therefore, the borrower will never pay more than £400 (excluding legal expense) for a loan of £200.

Customer Care

PDNET believes in preserving & fostering excellent customer relationships; therefore, the borrowers are encouraged to raise the voice if unsatisfied with any aspect of lending service. The company takes the concerns of any type of complaint with priority to improve the client’s overall experience as well as to improve the processes. The website has a full section of FAQ designed to answer all the probable questions of the first-time borrower.

Although Paydayloansnet.co.uk is relatively a new online direct lender in London; still, it seems committed to set many milestones in the payday loan industry by extending the scope of salary day loan or loan against pay.

How We Rate Paydayloansnet.Co.UK

At The Blog On Finance, we aim to provide a general overview of a lender’s services and reviews through a standard rating process. After a thorough research and discovery period, here’s how Paydayloansnet.co.uk stacks up: