Purple Payday are not a direct lender but instead a broker. One big advantage of applying for a loan through Purple Payday is that you only need to complete one application form and they’ll submit it to several lenders for you until they find one that accepts you. They provide a speedy service and will secure you a payday loan as quickly as possible – usually within a couple of hours. If you want complete control over which lenders your application form goes to then it’s best not to use them but instead apply to each lender directly. Comparison sites typically allow you to apply to several lenders directly.

The charges and finance costs they advertise are not strictly true for all payday loans they broker as not all the lenders they use have the same costs – but the APR they advertise is accurate as it’s the Typical APR that customers are charged. And Purple Payday manage to achieve the lowest APR in the market – this is good news indeed and one great reason to apply through them. The finance charge of £25 for every £100 borrowed is typical across the payday loan sector.

Purple Payday offer a free BACS (up to 3 working days) funds transfer service to your bank account BUT if you apply before 3pm your cash loan will be funded on the same day.

As for credit checks, some but not all of the lenders they use do credit score applications and use Credit Reference Agencies. However, if a lender chooses to decline your application Purple Payday will send your application to a lender who does not use these methods, thus giving you the best chance of gaining an approved loan application.

If for a good reason you cannot repay your loan by due date then you have the option of deferring the loan. This is also known as rolling over the loan. You can only defer twice but when you do this you do have to pay back the interest charge (but not the loan balance). After deferring the payday loan twice they’ll ask you to start reducing the balance. Deferral will incur new charges for every month the loan is deferred – but still at the same fixed rate – and there are no additional charges.

Purple Payday offer loans up to £1,000 – one of the highest amounts in the UK payday loan market.

They have a secure online application form on their website.

Main Advantages highlighted in this Purple Payday Review:

- they have the lowest APR rate, at 1355%, in our comparison table and so it follows that they have one of the lowest APR rates in the payday loans market;
- it is not always necessary to repay your personal payday loan by debit card
- direct debit may also be considered. You must contact them to arrange this. This is obviously great news for those of you that do NOT have debit cards. Very few payday brokers or lenders offer a no debit card payday loan.

A payday advance loan is a short-term loan designed to offer credit to borrowers who otherwise would not be able to source credit from more established financial institutions, like banks or building societies. The payday loan works by offering a small sum of money to the borrowers in exchange for an agreement that the borrower will repay the sum in full on their next payday. How much a borrower will be due to repay on a payday loan depends predominantly on what country the application is made and the payday loan company to which the borrower has applied. In the uk, the general rate charged in £25 for every £100 borrowed. This means that for a £200 loan, the borrower must repay the total sum of £250.

There are a number of myths circulating regarding payday advance loans. This type of credit has come in for a lot of negative press due mainly to the audience at which it targets its offerings and also because of the rate of interest charged on every payday advance loan offered to low-income borrowers. What is often not taken into account however is where the borrowers should source credit were the cash advance loan an option that was not available to them? Unfortunately, there are very few sources of credit available to people from low-income segments of the population. The majority of lenders, be it a bank, a building society or another type of financial institution, require borrowers to have a strong credit file. The majority of people sourcing credit from payday loan companies do not boast a strong track record in this respect and thus, when they are in desperate need of credit, they turn to a payday loan company.

The high-rate of interest on payday advance loans is due mainly to the risk involved in offering credit to low-income borrowers. Where there is a risk there is invariably a charge, however providing the payday loan is paid off on-time it is quite feasible that the total amount due will amount to less than that of a bounced cheque or bank overdraft fees. The main issue surrounding payday loans has been the moral justification for such loans and whether credit should be offered to such segments of society. However, without payday loans, there would be no line of credit open to a whole segment of borrowers in need of cash prior to their next payday. It is also worth noting that criteria have been laid down by cash advance loan companies and by regulatory bodies in order to ensure that the borrower will make the necessary repayments on-time. Very rarely will a borrower take out a payday loan without first considering all of the consequences. Every cash advance loan company must emphasise the rate of APR on their loan offerings on their websites and promotional materials.

If you have a moderate salary and in trouble because you do not have enough money to support your financial needs in the middle of the month, you most certainly will make a fast cash loan from any payday loan lender online or offline. Because there are many payday loan companies to choose online and offline, you need to make choices carefully before signing up with them.

In this case, if you choose to make a fast cash loan from a faxless payday loan lender, you must review and compare all faxless loan lenders and see if they provide a loan rate payment that is not burdensome and flexible. If not, you will be facing more problems because you have to bear the high interest rates and this will certainly increase your financial problems.

Here are four important guidelines that you can use to select a best faxless payday loan lender;

1. No documents to be scanned or faxed
This feature is the main criteria of a no fax payday loan company. Make sure that the payday loan lender really gives a faxless loan service by visiting their website and reading each information on the services which they provide. The problem is, there are lenders who advertise a no fax payday loan services, but after you make a loan application, they will ask for an extra document in order to process your loans. To avoid this problem, contact the lender by telephone to ensure that they are valid and not fraudulent.

2. No credit check
Best faxless loan lenders will never hassle and bother their clients by checking your financial background and credit situation. Before you make a fast loan application, find more information on your lenders in the internet and make comparison between faxless loan companies that provides loans without credit checks. Usually these information can be found in their website and you are encouraged to call them to make verification.

3. Fast approval and low fee
Most faxless payday lenders will charge the best rates and low fee and they will also issue your loan approval immediately. Usually the quickest time your loan will be approved are within 1 hour or 24 hours after application is made online and they will deposit your money into your bank account in no time. Before you apply, make comparisons between these faxless payday loan companies and make sure to choose the one that provides low fee and fast loan approval.

4. Secure Online Application
Make sure that the faxless loan lender provides a secure online application and transactions. This is important because every detail of your personal information will be included into the loan application form available in their website. If your personal information is leaked, your identity will be exposed and can be abused by irresponsible parties. So make sure that your faxless payday loan lender are registered with any of the internet securitiy companies such as McCafeeSecure, GeoTrust and others.

These four tips above are an important feature you should look for in selecting the best faxless loan lenders online. Remember these important tips before you apply for a faxless loan as this will guide you while dealing with a loan lender and guarantee that your faxless loan is approved immediately.

In order to save time from going through hundreds of faxless loan lenders site, it is wiser to find a website that conduct reviews and comparison between faxless payday lenders.