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Payday loans are a great opportunity for people that need a relatively small amount of cash. This type of loan is also called payday advance and it is usually provided within a single day and after a simple application process.
A payday loan is usually limited to a smaller amount of money. Most financial institutions provide up to £1000.
Payday loans is relatively simple to get because it demands no phone calls and no security. The application takes place online and the approval is typically received within the same day.
There are no charges or additional fees that you have to take in consideration when applying for this kind of loan. You simply have to consider the interest. It varies from one financial institution to the other. Shopping around and doing some comparison is a good idea and it will help you get acquainted with everything that the market has to offer.
Who can Get a Payday Loan?
The requirements that will qualify you for a payday loan are relatively easy to meet.
In order to get a payday loan, you need to be aged over 18 and you need to be a UK citizen. The second important requirement involves your work. The loan is available to people that are employed by a UK company and that are receiving a regular salary.
Debit card details will be required during the application process, as well.
Applying for a Loan
All financial institutions will let you apply for a payday loan online. You will have to fill the application out, providing personal information and details about your employment.
Approval is typically received within the same day. You will receive an electronic version of the documents needed for you to receive the loan. E-sign the documents and you are done with the procedure. Once the documents are processed, you will receive the amount of money that you were looking for.
Benefits of Quick Loans
A payday loan is a great opportunity because it is much less limiting than other types of credit. It is fast and the money will be gotten the very same day.
Almost everybody can apply for a payday loan. It is available to people that have a bad credit score and it is in fact one of the very few opportunities that they can benefit from.
Finally, a cash loan is convenient and you have up to several weeks to repay it. These advantages determine the popularity of this financial product.
Bad Credit Payday Loans
Have you suffered from a bad credit rating and found it difficult to get a loan from your bank or building society? Do not worry you are not alone and there is help available through us. We will provide you with a Payday Loan even if you have suffered from a bad credit history or rating. If money is tight do not worry as we can help you with your finances. We can talk you through the process of getting a Payday Loan.
We understand that you sometimes need help with money and may not have any left over to help until your pay day. We make the process fast and pain free and our friendly staff will guide you through details so you will be clear on all the details of your loan. They are happy to answer any questions you may have about your Payday Loan.
We do everything we can to make getting a loan simple, even if you have bad credit, we make it easy for our customers, because we realise that bills won't wait!! We know you are busy and do not have time to fill out long forms, also our staff realise how hard it can be to get a Payday Loan and that is why we employ friendly and helpful advisiors to help you. So dont waste any more time,contact us and let our knowledgeable staff will give you the advice you need to help you with your application. Make sure you do waste any more time waiting for the cash, but get your hands on your Payday Loan quickly.
Our Payday Loans are the answer to your money worries and we make getting one fast and easy. Do not wait for the bills to pile up, contact us now and let us help you to get a fast and easy Loan for you today, regardless of your past bad credit. We are looking forward to helping you apply for a Payday Loan, give us a call or apply online now.
Payday loans are a form of short term borrowing that are often used by people finding themselves short at the end of the month. They are not recommended as a long term solution if you keep finding yourself in the same situation month after month, but are ideal for people who have had an unexpected expense come up that needs to be paid for before pay day.
It is quick to obtain a payday loan, and many lenders will give you an instant decision and deposit the money into your bank account the same day. This is very useful when an unexpected expense does come up, as you should be able to obtain the money before you take your bank account overdrawn or beyond your overdraft limit.
Short term loans are usually only available for relatively small amounts of money – usually up to £1000. These loans usually come with a high annual percentage rate (APR), however as the idea of them is that you pay them back within a month they can often work out cheaper than bank loans, as whilst the APR is high, you are not borrowing the money over a long period of time and your interest won’t be compounding month on month.
As payday lenders only loan money out over a short period of time, and the amount of money that they will loan any individual is fairly limited. These cash advances are often available without credit checks, meaning that even people with a very low credit score can borrow money. These loans are un-secured, so your home or property will not be at risk if you are unable to make your repayment, however as the APR is so high, you will quickly find yourself owing a large sum of money if you do not pay the loan back quickly.
Whilst payday loans are easy to obtain and a very tempting way to bridge a shortfall, they are a financial commitment just like any other form of loan, including credit cards. Because of the high APR, you must be sure that you will be able to pay back the loan on time, otherwise you could quickly find your finances spiralling out of control. This is not to say that they are not a useful form of lending however, as if you do require money quickly to pay for a one off expense that you know you can repay by your next payday, they are not only more convenient than a bank loan, but can work out cheaper too.
Originating from the US, payday loans have become a fast growing industry in the UK. It is estimated that 1.2 million people in the UK will take out a payday loan to help them with their expenses with up to a total of £1.2 billion being borrowed annually.
Insolvency advice experts have estimated that in the next six months, 500,000 people living in London alone, will use a payday loan to help them with the costs of the festive season.
A payday loan is a short term loan that can be paid immediately in to the bank account as soon as the application has been approved.
Loans like this can be helpful in situations where money is short and the next payday cannot come fast enough.
Many companies offer an easy online application and approval. The money can be deposited in to the dedicated bank account within a short period of time whilst some companies even claim that money will be deposited in to the bank account within a period of 30 minutes or a 1hr.
To be eligible for a payday loan; one must be 18, a resident in the UK and employed. There are some companies who offer payday loans to those who are in part time employment too. A person must also have their wages paid in to a bank account where a debit card has been issued.
Once the application has been approved, usually within 5-10 minutes, a borrower can choose how much they wish to borrow and have payment almost instantly.
However, a payday loan does have a high interest rate which could cause difficulties if it has not been repaid when the borrowers pay cheque was due to be debited. Late repayments could lead to the borrower incurring costs such as bank charges and payday lender charges in instances where a cheque has bounced or the payday lender has debited the money from the account although it has insufficient funds.
Payday loans are definitely not a good idea for those cannot be confident of paying back their debt at the time their employment wages are received as the high interest rates could leave them in a far worse debt.
However, for those who are genuinely using this as a short term loan to help with a rainy day or a difficulty where they cannot wait till the end of the month; then this is a viable option where instant cash is guaranteed and there is minimum fuss and quick approval subject to eligibility.