At QuickLoans.co.uk we get asked a lot about which is the best way to get a quick loan, of course this always depends on certain factors such as; are you employed, do you have any assets, how much do you want to lend, how good is your credit record are amongst the most common. But most people who come to this site will fall into the same group. Here are some of the options open to people who are looking for a quick loan;

• Payday Loans
• Pawnshop Loans and Cash for Gold Schemes
• Doorsteep Lenders
• Advance Fee Loans and Credit Brokers
• Weekly Payment Shops

Payday Loans

Payday Loans are probably one of the most popular ways of getting a quick loan that is currently on the market. In most cases there is no need for a credit check and cash can usually be in the applicants bank account within a few hours.

These services sprung up in the UK after the credit crunch, what people suddenly started to find was that the money they used to be able to lend from the bank, dried up. The only way to get round this was to pay a much higher APR and get the loan over a smaller period of time. The average APR for a payday loan is about 1300%, but how does that compare to getting charged £30 for going overdrawn with your bank for a few days? So both have their benefits in the long run and of course their downsides.

With payday loans, you will need to show you are fully employed and have the ability to pay the money back on payday. Some lenders will allow applications from part time workers.


Pawnshop Loans and Cash for Gold Schemes

Sorry to burst the bubble of what appears on the TV adverts to be a simple solution to raising quick cash, most of these are really scraping the bottom of the barrell when paying out for gold. How much would you consider a fair price for gold, 60% of market value would be fair in our opinion for someone wanting to raise quick cash again gold, maybe even at a real push 40%, but 6% of current market value is really taking the Michael in our opinion. That is what Which found in  a recent investigation into these schemes.

On a whole the industry average was about 17% of actual market value from those that operate on TV and the internet. The best prices were actually found from the high street with them willing to pay around 25%. This is still poor but not as bad as the others.

Doorstep Lenders

Not a million miles away from the way PayDay Loans operate and targeted at people with poor credit ratings. As the name suggest an agent of the lender will pop round to the home and lend cash to the occupant. Usually they don't need to be employed as the amounts loaned are often very small to start with and as the customer proves they can pay the money back, the amounts the company loans will increase.

There are two main players in this industry; Provident Financial and Cattles which usually trades as Welcome Finance and Shopacheck. Be careful not to fall pray to loan sharks which are lenders who won't usually be registered with the FSA (Financial Services Authority) as the law requires them to be. It's worth understanding that any loans from people or organisations from companies that aren't registered with the FSA, won't usually be enforceable under England and Welsh Law and subsequent repayments should be cancelled be any court.


Advance Fee Loans and Credit Brokers

Do not fall for these types of people and rogue companies they really are the scum that operate in this industry. Of course their is scum that charges stupid interest rates etc, but these are worse. The reason we feel so strongly about these types is because unlike the others they will take money of the people who really are desperate and promise to find them a loan, yet have no intention to and constantly bounce them around 4-5 companies with stupid paperwork or get them to ring premium rate numbers until the applicants gives up and writes of the £40-£50 they have already paid them.

One company that gets many complaints is a company called "Yes Loans", stay away from these is our opinion based on the complaints we have received.

Whatever you do, never pay upfront for a quick loan, loan companies and brokers will get paid massive commission from lenders to arrange a loan, there is no need to pay them extra. They will if they are are genuine fall head over heals to arrange you a loan.

You would be surprised how many people that still get scammed by these people everyday.


Weekly Payment Shops

With offers of "no credit checks" these types of stores will often be the only way many people can get any type of credit for household items.

The repayments are high but again so is the rick to the providers of the finance, they know that the default rate of some of their customers will be higher and have to account for that. These types of lenders do get a lot of stick from the media and other observers, but would those in the media lend to people they have never met before without doing any credit checks? No of course they wouldn't.

In our opinion these are totally ethical business and customers should be treated as adults, if they don't like the price that is on the repayment statement, then don't agree to it. That's not to say that the extra insurances these shops have been accused of adding is ethical. They have been accused in the past of adding extra policies to the customers payments, most of which were never asked for and totally illegal.

Remember that lenders can not force you as a part of the lending agreement to take out extra policies.