Finding a payday loan alternative could allow you to broaden your search for a suitable short term loan for your circumstances.
Finding a flexible loan solution means you may be able to broaden your financial horizons and, whilst payday loans may serve a purpose, they often end up contributing to increased stress.
Stepstone Credit is an FCA Regulated credit facility that allows you to apply for a credit facility of up to £1,000, which is easily accessed via your account and the Stepstone mobile app. You then simply drawdown as much or as little as you need and only ever have to repay what you use plus interest, meaning that you will never have to apply for a ‘rounded amount’ as with payday loans that may not be exactly what you need.
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By setting a fixed amount over a fixed amount of time with the potential of very high additional interest and late payment charges, most payday loans do not offer the flexibility that Stepstone does by its very nature. Being able to set up a flexible credit facility with Stepstone is a viable and suitable payday loan alternative that removes a great deal of pressure from borrowers allowing you to potentially improve your credit rating and dictate your own financial future.
We believe that your financial past and those little misdemeanours should not lay all of the foundations to your future. Rather, we understand that mistakes are made and that you may well have improved your finances and be on a far more viable financial path. By utilising a 3 month bank scrape, we ensure that there is true affordability and that you will never have to borrow or repay what you cannot repay.
Apply today for a credit facility of up to £1,000 with Stepstone Credit.
Drawn down credit: £300 for 105 days
Interest rate: 292% APR
Daily Interest Charge: 0.8%
1st Minimum monthly repayment: £32.20
2nd Minimum monthly repayment: £72.00
3rd Minimum monthly repayment: £74.40
Final Minimum repayment: £374.40
Total Interest Charges: £252.00
Total Amount Repayable: £552
Representative: 1188% APR
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One of the most innovative Alternatives to Payday Loans
Payday loan applications can be a long and tedious processes requiring a huge amount of time in order to answer the generic questionnaires used to assess affordability. By utilising this method, payday lenders may not form an accurate picture of the prospective borrower’s true financial situation and ability to afford the loan in question. Stepstone Credit however takes a different approach.
Rather than bogging you down with all nature of sometimes unnecessary and overly intrusive questions, we simply request some personal details and then perform a bank scrape of your finances from the last 3 months. Using the latest encrypted technology to do so, this gives us a much more accurate picture of a borrower’s affordability. We also take into account the repayments that will be required and we look at how much is to be borrowed against the overall affordability of the borrower.
This way of doing things makes us a viable payday loan alternative as rather than having to fill in endless questions, then not necessarily even being accepted, our application process is quick, accurate and convenient.
Improving Your Financial Future
As part of the application, any loan provided to you will be as a result of your true ability to afford the loan. Therefore, you are much more certain to be able to repay what you owe in a timely manner, and if you do, improve your credit rating for the future. Furthermore, utilising Stepstone properly means that you should only use the credit you actually need, helping you to form better financial habits.
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The Disadvantages of Payday Loans
Whilst payday loans have been around for a long time and whilst they have helped people in the past, there are a number of practical disadvantages of payday loans that often end up damaging borrowers’ credit ratings and financial futures. Many of these disadvantages are why increasing numbers of people are seeking out a viable payday loan alternative such as Stepstone Credit:
Application Processes – Payday loan application processes typically go through a large number of stages and only then are the necessary checks performed. Moreover, the checks that are carried out are usually based on the questionnaires required by payday lenders.
The borrower’s financial past as far back as possible is taken into account. For example, a County Court Judgement (CCJ) 5 years ago may influence a lender’s decision even though the borrower is now in a more stable and affordable position. Our bank scrape means that our application process is much faster and that if you pass the scrape, you are provided with the necessary credit.
No Rewards – Unlike payday lenders, Stepstone Credit rewards loyal and responsible borrowers, providing rewards two-fold. Firstly, by only borrowing what you can truly afford then repaying in in a timely manner or earlier than needed, you will improve your credit rating. Secondly, the more that borrowers use Stepstone and repay on time, the lower the next application’s interest rate with us will be, making us a payday loan alternative like no other by rewarding your responsibility and loyalty. However HCST loans should not be considered a long term solution and you should research your financial options before reapplying.
Money Management – By their very nature, most payday loans provide a set amount of money over a predetermined time period. For example, a borrower may borrow £500 over 30 days. After this period elapses, the borrower will need to be able to pay off the loan plus any interest in full whether they used all of the funds or not. With Stepstone however, you may secure a £500 credit facility but only end up using £300.
With us, we only require you to repay what you have used so the borrower would need to repay the £300 plus interest and they would still have their credit facility available to reuse by drawing down as much as is needed at any given time.
Easy Management and Repayments – Unlike most Payday loans that do not let you truly manage and monitor your loan, your Stepstone Credit account can be managed and your loan repaid via your secure online account or by using our mobile app.
Flexible Alternative Credit
Financial mistakes happen and everybody has a past. However, we believe that your financial past should not entirely dictate or form the basis for your future and that everyone should be given the chance to improve their credit rating for the future in a manageable and sensible manner. Rather than just rejecting everyone with a CCJ or other minor financial infringement on their credit record, we assess applicants’ true affordability.
Our quick and easy application process saves you time and hassle, allowing you to potentially get your finances back on track and your credit record improving for the future. Providing a credit facility rather than a standard loan provides a real alternative to payday loans as it allows you to more effectively manage your finances and repay your debts on time.
By doing so, you will improve your credit rating by showing responsibility and viability as a borrower. Furthermore, by being able to drawdown only what you need, in time you may find that you need less and less as your finances get back on the right track and you repay only the amounts used rather than the amount applied for in the first instance.
Truly Alternative Loans – Apply Today
Stepstone provides you with a flexible credit facility and a viable path towards financial recovery and true affordability. Apply today for a credit facility of up to £1,000 and start getting your finances back on track and your credit rating working for you.
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