Every month the editors of the periodical “Bankers” cover the British financial market and analyse individual offers of loans, payday loans, quick cash advance, and credit. We take into account not only the final price of obtaining money, but also the availability of loans as importantly as the speed of obtaining them. We update the results of this analysis every month and present it below.

Who thought up the ranking for loans? Why do we use the credit ranking listed below?

We have dealings with finance every day. In our profession, we repeatedly see that clients from numerous financial institutions are drawn by advertisements whilst taking financial decisions essential to their firms. The online loans, payday advance and credit chosen by clients are on the basis of advertising spots and not on the basis of the details of the mathematical economic analysis.Online loans and cash credit are frequently advertised in a manner of little ethics and its final cost is very rarely presented. It is frequently the case that loans via the internet, instant online loans, instant cash advances as well as quick cash loans, are advertised at practically bus or tram stop.

What is crucial is that every financial method must be profitable for the borrower if we only take into consideration the current financial situation and abilities to maintain the current repayment obligations.

That is precisely why we have decided to create a place on the British internet where it is possible to find current analysis of the most current solutions for obtaining a source of credit and other financial services, such as quick cash loans, credit, social loans or instant loans.

And what of the online alternatives? A loan today or an instant cash advance?

Additional motivation for the creation of the portal below was for us to show the alternative financial possibilities which the majority of internet users do not take into consideration. What can you do if the small loan or credit in your bank is not possible in your case? Social lending such as ZOPA present an interesting alternative for people looking for additional cash. Social lending with the aid of ZOPA may be the solution in your financial situation if the format, cost and repayment period of this method meets your requirements. However you must not have a bad credit history.

If you do not have a guaranteed source of income, then it is certain that the offer of ZOPA will be a definite alternative for you. It is worth remembering that it is always possible to take instant online loans or payday advance with a variety of companies. If no other institution is willing to grant you credit, it is worth checking with private companies how you may sometimes make use of their offers of fast loans via the internet.

So how do you choose between instant credit, cash loans and social lending?

An absolutely essential matter when looking for financial services is choosing such a solution that not only meets our needs but, most importantly, does not generate additional costs that worsen our financial situation. It is not true that the so-called ‘instant loans’ or ‘emergency payday loans’ are a disadvantage to us and that social lending involves us in a long period of waiting for money.

It is always worth bearing in mind the fact that cash loans, instant loans, emergency payday loans and bank credit have their own advantages and disadvantages. It is always worth taking into account in financial decisions, and spending time on, getting acquainted with the offers of a number of financial institutions so that the decision we make takes into consideration not only the availability of financial support but also its cost.

The best credit card or a bank accounts or maybe payday advance?

Here the choice is also not simple. It depends on first of all examining not only the price of products such as a bank account or credit cards, but also their accessibility, transparency of the conditions of their contracts, and additional parameters. The best bank account should offer us basic services free of charge, such as, for example, statements, access to online services and internet transfers. The best credit card is one which offers a long period without interest of the option to take out short-term credit completely free of charge. Credit cards should be chosen with a great deal of consideration beforehand, and it is always worth investigating offers of a number of banks before we choose the product which fits our needs.

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We review the offers of quick loans in the majority of British cities. Credit agents offering cash loans in towns such as London, Birmingham and Leeds come out on top in terms of our criteria. Their offers have characteristic clarity and the financial products accompanying them come with a comparatively attractive price. Somewhat worse are Glasgow, Sheffield and Bradford although these three towns are at the forefront of the test of financial products. The worst firms offering credit and financial brokers are from towns such as Edinburgh and Liverpool as well as Manchester and Bristol. Here the proposed source of finance for clients does not always fully explain the entire cost of obtaining money.

All credit offers are not equal. Bank accounts in UK.

It seems that in the case of known British banks both the cost of credit as well as the ease of obtaining it should be similar irrespective of the town you live in. Nothing could be further from the truth. Loans in towns such as Plymouth, Stoke-on-Trent and Wolverhampton appear to be not only more expensive but are also harder to obtain than loans in the same banks in towns such as Derby and Swansea or, for example, Southampton, in which obtaining loans was extremely time-consuming. According to our test of the worst towns, in terms of the cost of obtaining credit, the bottom two were Salford and Aberdeen. Not showing very much better in the results were Westminster and Portsmouth.

Creditworthiness? All Brits are not equal.

The curious fact which not many credit applicants are aware of is the method of calculating the ease of obtaining credit from banks and other financial institutions which takes into consideration which region a British citizen lives in and makes note of not only the location of our place of residence but also the size of the town we live in. Within this category it appears that there is a greater ease of obtaining credit in towns such as York, Peterborough and Dundee compared with similar credit applicants in other regions of UK (for example Lancaster, Oxford or Newport). One of the non-banking institutions in Britain is particularly unwilling to grant loans to the residents such as Preston, St Albans and Norwich or, for example, Chester.

A bank representative at home? Only for a few. Bank accounts overview.

In the streets of some British cities you can observe sales reps of banks who, in their company cars, travel the streets on their way to potential clients with their offers of quick loans, quick cash advance and other financial products. It turns out that in towns such as, for example, Cambridge, Salisbury and Exeter, it is enough just to phone the bank or independent finance agent and request a free home visit from a financial advisor who will be all too willing to present offers from banks and other financial institutions. It is undoubtedly a great convenience for customers who, in the comfort of their own home, may examine the offers of the leading banks in Britain. However, such a convenience is difficult to obtain for credit applicants in towns such as Exeter, Gloucester Lisburn, Chichester and, for example, Winchester. Here borrowers must either go to the bank in person or book a visit from a bank representative several days in advance. A better deal is had by the residents of towns such as Londonderry, Carlisle or also Worcester – here they have to go to the bank in person or take advantage of the offers of internet-based financial products.

Fast Internet banking? Yes, but not everywhere. Bank accounts differ.

It seems that in the twenty-first century everything can be sorted out on the internet. Several of the British banks offer the possibility of opening an account completely via the internet without leaving the home, irrespective of whether we are living in a place such as Durham or Lincoln or a place such as Cumbernauld or Cork. However, in our analysis of the offers of physical banks, it frequently turns out that in order to open a bank account correctly, we must put our signature to the deal in the bank’s branch. That is the case in one of the well-known British banks in towns such as Canterbury and Newry, as well as Galway and Wells. Some banking institutions in towns such as Canterbury, Armagh and Brighton offer the possibility of sending the contract to the customer by courier, but it must be emphasised that this process takes about a dozen days. The worst situation appears in towns such as Armagh and Drogheda, where it is necessary to go in person to the bank, unless we choose a bank which is strictly internet and has no physical branches.

The Nine Commandments of loans, or, what must always be remembered when familiarising yourself with loan offers.

When choosing a bank or another firm concerned with the distribution of loans, it is worth jotting down on a card basic questions which are fundamental in comparing loan offers. Cash loans, as the name implies, differ greatly and for that reason it is worth making enquiries before making a decision in order to have a clear outlook when examining the proposals.

1. How is the rate of the loan which we have to pay calculated? Remember that the phrase “rate of loan now from £20” is simply a marketing trick created in order to draw my attention to their offer because it is definitely not concrete information which I, the borrower, need in order to make a decision.
2. Why is the nominal interest rate expressed as “from” some number, for example, 2%? Does that mean that if I earn £2000 I must pay a percentage higher than someone earning £5000? And if that is not the case, then if I earn over twice as much less, the higher percentage is for me far more inconvenient than if I earned £5000.
3. Why does the nominal interest rate differ so greatly from the effective interest rate?
4. Is insurance mandatory? Even if I need a loan of a small amount constituting half my monthly salary, is it absolutely necessary to purchase insurance, which will raise my loan repayment rate by almost 0.5% per month?
5. Does the lender levy a charge when a loan is paid by bank transfer? If so, how much? Is it possible to obtain the loan in person? The cost of a transfer increases the commission I pay, so cash would solve the problem.
6. Why must I have an account in the lender’s bank for the costs of the loan to be lower? In accordance with banking regulations and statutory rights, I may have an account with another bank and there may not be discrimination against clients using the services of others. Credit or cash loans should be accessible to all, without exceptions.
7. Does the agreement for a cash loan have to be in writing? 8. Does the lender provide for the possibility of early repayment of the loan? What are the consequences in such circumstances? There are institutions which allow repayment at any time without the necessity of interest charges throughout the entire period of the loan, but only after a time appropriate to the sum borrowed. Why do lenders not appreciate clients who have a preference for paying everything back quickly and do not want to have anything left to repay?
9. Why are there so many clauses and regulations in my agreement written in such small print? I would like to know what I am agreeing to. Causing a client to make a mistake creates additional costs both for the firm and for me. Firstly, I do not ever want to have to go back and effectively discourage my acquaintances, and secondly, the cost of lawyers and court cases is not only a negative consequence for me but also a bad advertisement for the firm.

The objective of these nine minimum questions is to ensure full understanding of the detailed conditions, of the kind connected with the awarding of cash loans and faxless payday loan in the UK market. You may know the answers to some of these questions before you start looking for a loan, but remember – those who ask do not go astray, and you will feel the results in your wallet.

The product offer (faxless payday loan, credit, quick loan) is available to people of all backgrounds from towns like:

Hereford, Armagh, Inverness, Stirling, Canterbury, Lichfield, Newry, Ripon, Bangor, Truro, Ely, Wells, St Davids, Dublin, Cork, Laoghaire, Limerick, Galway, Port Láirge, Drogheda, Dún Dealgan, Bray, Cumbernauld, Ayr Clydebank, Glasgow, Livingston, Edinburgh, Hamilton, Aberdeen, Kirkcaldy, Dundee, Paisley, East Kilbride and Inverness.

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