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Low APR Loans

The idea of the instant payday loan has been developed to help out with those unexpected problems where you need cash in a hurry without having to jump through hoops or pay extremely high interest rates, and they can be a good source of low apr loans. Everyone has been in the situation where the car breaks down or the TV needs replacing, but it is a week or two until you get paid. In the case of car repairs, they need to be done straight away so that the owner can get to work.

This is where short term, low apr loans really have an advantage over the traditional channels such as those available from high street banks. They provide that bridge between when you really need the money and when you are due to be paid, and can really help your peace of mind when you know that you don't have to make a choice between paying the rent or mortgage and fixing the car – you can do both with an instant payday loan.

The basic principle is that an instant payday loan acts like a cash advance on your wages. It is expected to be repaid by your next pay day, or within 28 days, although it is possible to spread the loan out for a longer time. Be careful if you do extend the repayment time though, as the associated fees and applied interest can change the easily repaid low apr loans you wanted into a costly exercise.

All you need to apply for an instant low apr loan is a bank account and a job so that the loan can be repaid. Most companies will allow you to borrow from £75 upwards, depending on your needs, and you aren't restricted to what you can spend the loan on – if you want a low apr car loan, for example, you don't have to take the sellers expensive finance.

Applying online or over the phone will give you an instant loan decision, and the money can be sent to your bank account on the same day.

In most cases there won't even be a credit check, so there is no record of you taking out the loan and no problems if you have had any difficulties with credit in the past.

Although the headline rates are very competitive, to ensure that they are genuine low apr loans you need to make sure that you are able to repay the full amount within the agreed timescale, usually within 28 days.

You will only be allowed to have one instant payday loan active at a time. This protects the lender from defaults and protects you as it stops you from borrowing so much that you can't repay it.

You should always shop around to make sure you really are getting one of the best low apr loans. Use comparison websites and read the terms carefully to make sure that you can meet the requirements for repayment.