Personal loans are known to be one of the most versatile loan types in the UK. The funds obtained from a personal loan can be used for numerous personal expenses and financial obligations, whether you are planning for the future, consolidating past debts, or putting the money towards a once-in-a-lifetime event.
Overdrafts and outstanding payments on most credit cards will usually incur some type of charges and fees, which should always be considered before progressing with either of these options.
Payday loans are relatively easy to access and quick to receive. If you are accepted, some lenders can fund the loan in as little as one business day.
Payday loans are a way of covering emergency expenses between payments and are a form of high-cost, short-term lending (HCSTL). Thus, they are an expensive form of borrowing. Many people in the UK that need to borrow money online will inevitably turn to payday loans as a solution.
Open banking is when third-party financial service providers are allowed to access your consumer banking information. This typically includes your transactions and payment history within your bank account. You may find that open banking is utilised when you are looking to borrow money online through a bank or other credit provider.