Confused to choose the best loan to take could happen to you when you need money more than your regular income. You may know about payday loans. But, there is a better option which is called Guarantor loans.
The comparison of guarantor loans and payday loans
From the representative APR, the guarantor loan has alower presentation which is less than 50%. The payday loans have representative APR which is more than the guarantor loans. It is about 1270%. The loan term from the guarantor loan is longer than the payday loans. It allows you to take the one year until seven years for the payment method. Then, the payday loans only allow you to pay it less than six months.
Moreover, the guarantor loans give bigger funds for loans and it ranges from 500 Pounds to 15,000 Pounds. On the other hand, the payday loans only allow you to apply for aloan with 100 Pounds until 1,000 Pounds. Both of the loans do not need upfront fees but the guarantor loans need aguarantor and the payday loans do not. When you apply guarantor loans or payday loans, you will get the funds at the same day of approval.