We are Bright One

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Unfortunately, this isn’t the home for the Bright One agency.

Bright One were a volunteer-run communications agency for the third sector. Their brilliant team of thinkers, doers and designers helps with strategy, branding, digital and PR at little to no cost, so charities and not-for-profit organisations could focus on the important stuff – their missions. Unlike other agencies, all their profits were reinvested to develop volunteers’ skillsets and foster capacity in the industry, ensuring brighter futures for all involved.


payday loans

Payday Loans in The U.K.

– An Instant Cash Solution can be expensive

During the 90s, there was insufficient control over the terms and conditions of payday loan lenders. The borrower had to pay unregulated interest rates and fees and often get trapped in the pay-off cycles.

The Financial Conduct Authority (FCA) of the U.K. stepped forward in 2016 with various laws and regulations to control such lenders to rescue the borrowers. The FCA has mentioned in their guidelines that the interest rate must not exceed 0.8% per day. They have also fixed the default fees at £15. The guidelines also specify that the total payback amount must not exceed the borrowed amount.

LoanPig provides online cash loans and all other types of payday loans under the authorization and regulation of the FCA. They are the direct lenders as well as a loan broker located in Manchester city of the U.K. As a loan broker and lender, they work with a large group of reputed lenders to find a suitable loan offer for you without charging any brokerage fee. You can fill their online loan application to avail fast cash.

What are payday loans and when they are required?

Payday loans are the small amount of money borrowed during the emergencies and are meant to payback on your next payday. Payday loans are easy to get but have higher rates of interest. They are helpful to borrowers with bad credit history. You do not need to keep any valuable mortgage.

The lender carries out a soft credit check and your fixed income verification to approve your payday loans application. You must avoid lenders who claim to issue payday loans without credit check as it violates the FCA regulations. They may not be an authorized lender for payday loans.

Payday loans are generally designed to handle unexpected situations. You may come across expenses like the sudden breakdown of a car, huge electrical bills, medical emergencies, or funeral expenses.

How to avoid the high rates of interest?

Payday loans are short-term loans. Before taking a payday loan, you must evaluate your capability and affordability to repay. These loans are used for emergency purposes and not for your luxurious or daily expenses. Certainly, they must not be used for repayments of other loans or debts.

Payday loans are the most expensive due to the high annual percentage rates. When you calculate them based on per day rates, it seems affordable. It is the reason that financial experts advise you to pay off your payday loans at the earliest possible time.

Suppose you borrow a payday loan of £500 at an interest rate of 0.8% per day for 30 days. You need to pay back an interest amount of £120 for 30 days and approximately £1400 for a year. It means that the sooner you pay back your payday loans, the less you need to pay. You must avoid irresponsible borrowing habits like missing repayment deadlines and borrowing more than your actual need.