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Lenders vs Brokers

Many of us have experienced months when we are faced with unexpected outgoings. These may be costs that we cannot afford to postpone paying, but due to being unexpected there may not be enough money left in your account.

In these instances we may ask a partner, family or friends if they can help, however if they are not able to do so many of us would use Google to search for potential solutions. Likely search terms being used for these situations are short term loans, payday loans, emergency cash etc.

Depending upon the search term you use you will see different search results, but likely matches are PaydayUK, Payday Express, Wonga, Peachy, Sunny, Quick Quid, Mr Lender and Pounds to Pocket. These are all direct payday loan lenders, which may be able to offer you a solution to your short term financial need.

Searching for loans such as payday loans you may also get search results such as Kwik Payday, Cash Lady, CashTilPayday etc.  Although these websites look similar to lenders such as Wonga, Peachy, Sunny, Quick Quid, you may even submit an application on their site, they are payday loan brokers.

A broker is essentially a middle man between you and the direct lender and they do not lend you the money but direct you to a lender who can lend you the short term money you need. All brokers need to state on their website that they are a broker. When applying for a payday loan through a broker it is important to know if they charge any fees for finding you a suitable lender.

Also, when the broker directs you to a lender such as Wonga, Peachy, Sunny, Quick Quid it is essential that you familiarise yourself with the specific lender and their terms as this will vary depending on the lender.

Before applying for any loan whether it is with PaydayUK, Wonga, Peachy, Sunny or Quick Quid, it is important that you make sure you can afford to repay any payday loans you take out, and that you are familiar with the charges as well as the terms of the loan. It is also important to note that payday loans are only suitable for short term financial needs and should not be used as a long term financial solution. If your financial need is longer term or if you are in financial difficulty then you should seek an alternative solution.

Representative Example:£300 borrowed for 3 months. Annual interest rate of 292% (fixed). Total amount repayable is £487.71 in 3 monthly instalments of £162.57. Representative 1186% APR.

Warning: Late repayment can cause you serious money problems. For help, go to

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