Purple Payday are not a direct lender but instead a broker. One big advantage of applying for a loan through Purple Payday is that you only need to complete one application form and they'll submit it to several lenders for you until they find one that accepts you. They provide a speedy service and will secure you a payday loan as quickly as possible - usually within a couple of hours. If you want complete control over which lenders your application form goes to then it's best not to use them but instead apply to each lender directly. Comparison sites typically allow you to apply to several lenders directly.
The charges and finance costs they advertise are not strictly true for all payday loans they broker as not all the lenders they use have the same costs - but the APR they advertise is accurate as it's the Typical APR that customers are charged. And Purple Payday manage to achieve the lowest APR in the market - this is good news indeed and one great reason to apply through them. The finance charge of £25 for every £100 borrowed is typical across the payday loan sector.
Purple Payday offer a free BACS (up to 3 working days) funds transfer service to your bank account BUT if you apply before 3pm your cash loan will be funded on the same day.
As for credit checks, some but not all of the lenders they use do credit score applications and use Credit Reference Agencies. However, if a lender chooses to decline your application Purple Payday will send your application to a lender who does not use these methods, thus giving you the best chance of gaining an approved loan application.
If for a good reason you cannot repay your loan by due date then you have the option of deferring the loan. This is also known as rolling over the loan. You can only defer twice but when you do this you do have to pay back the interest charge (but not the loan balance). After deferring the payday loan twice they'll ask you to start reducing the balance. Deferral will incur new charges for every month the loan is deferred - but still at the same fixed rate - and there are no additional charges.
Purple Payday offer loans up to £1,000 - one of the highest amounts in the UK payday loan market.
They have a secure online application form on their website.
Main Advantages highlighted in this Purple Payday Review:
- they have the lowest APR rate, at 1355%, in our comparison table and so it follows that they have one of the lowest APR rates in the payday loans market;
- it is not always necessary to repay your personal payday loan by debit card
- direct debit may also be considered. You must contact them to arrange this. This is obviously great news for those of you that do NOT have debit cards. Very few payday brokers or lenders offer a no debit card payday loan.
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