Find the Lowest APRs at Pay Pony

The APR or annual percentage rate is the most significant element of payday loans. The rate of interest determines the total amount you must repay and hence the cumulated quantum of debt you are signing up for. Many people look for lenders that have a relatively easy application process. Eligibility is definitely quintessential. The policy of a lender pertaining to how much loan amount a borrower can seek and get approved for also influences the eventual choice. However, none of these factors are as important as the annual percentage rate.

Pay Pony simplifies the application process for borrowers all across the United Kingdom. It is unnecessary to worry about the specific process of every lender. A simple online application form that takes barely two minutes to fill up and submit is all you have to do to get quotes from numerous lenders. The policy pertaining to loan amount and eligibility can be easily sorted when you get the quotes so you can start comparing the rates of interest.

It is imperative to find the lowest annual percentage rate when you apply for payday loans or short term loans. You will notice that some lenders have particularly high annual percentage rates and others are more reasonable. Comparing these rates is easy but you should also bear in mind other charges that can be levied on the loan or the amount you must repay. Some lenders may have processing charges. Pay Pony does not charge you any service fee, commission or processing charge. But lenders can have their own charges that will effectively reduce the loan amount you get or increase the total sum of money you must repay.

Your quest for the lowest annual percentage rate should not omit or overlook the possibility of being charged any kind of fee that will effectively make it an unwise proposition compared to other options. You should also note if the rate of interest is fixed or variable. Having a low annual percentage rate at the outset and then being compelled to pay a higher interest due to a review can put your financial management in jeopardy. Both fixed and variable rates have their respective share of merits and demerits. You ought to compare the pros and cons while bearing in mind the effect of both fixed and variable rates on the amount you are expected to pay. Go for the least annual percentage rate with Pay Pony while also ensuring the other terms are favourable.

There could be a tricky scenario wherein more than one lender has the exact or similar rate and their propositions may also seem to be identical. It could be difficult for you to make a decision in such instances. Read all the terms meticulously and you may find some difference in their propositions. Also consider if one lender is more lenient with its assessment of your eligibility and more flexible with the repayment. If there is no difference of financial liability, you should prioritise convenience in all other aspects while choosing a lender for payday loans.