Wednesday, March 6, 2013

UK Payday Loans - Support for Credit Availability for the Working Poor


Increasingly, it seems we're need of some quick quid well ahead of payday. Many Brits are unable to get easy credit from the high street banks, especially at a reasonable interest rate. That leaves a lot of lower wage workers in the lurch with nothing to fall back on should they need cash to pay emergency bills. If credit worthiness measures anything, it seems to measure the ability to meet bill payments and other payments coming due with a backup cash source.

Since many low wage workers and even others who have outrageously high living expenses such as rent, utilities bills, auto fuel expenses and so on, can't always make every paycheque last until payday, cash until payday companies fill the void. These services are sometimes called cash advance, quick cash, fast cash, cash before payday, pay advance and other terms.

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There have been more than enough negative responses to the easy availability of funds from payday loan companies, but think of the situation from the borrower's point of view. Many people really do need a helping hand during the month. Competition in the UK payday advance industry ensures that borrowers get the best rates and terms from lenders. Competition is always the best way to ensure fairness in lending practices.

Don't expect the high street banks and finance companies to come to the rescue of the average Joe and Jane. They're interested in their profit goals and keeping competition at bay. Political movements to restrict easy cash lending only serve to strengthen their stranglehold on UK finances. With some payday loan companies, borrowers don't even have to pay interest if the loan is paid within two weeks. Would the major banks offer this kind of lending? Even credit cards charge interest from the date of purchase. Does this tell you more about the grass roots power of payday loan activity?

What you need to open a payday loan account:

1. You need to have a job in which your salary is paid into your current account.

2. You need a chequebook and cheque-guarantee card.

3. You need to be at least 18 years old.

Repayment Terms

With some payday cash advance companies, your payday loan repayments can be as painless and flexible as possible, with three repayment options:

1. Pay the loan in full plus the interest charge when you get paid.

2. Pay just the interest charge and defer the balance of the loan to the following month.

3. Pay the interest and part of the balance - as much or as little as you can afford. This reduces next month's interest charge. You can even make a full or part payment on the balance within 14 days of your last paydate and pay no interest.

One of the advantages of a modern financial and credit system is that it meets people's individual credit needs. The UKs banking and credit system isn't developed to help low wage earners, and when these low wage earners are late on payments, it hurts their credit rating. These events don't really help anyone's cause much less these consumers. Having fast cash advances available means they can avoid these bad marks on their credit rating and be able to live more confidently and comfortably. For students living away from home with no one to fall back on financially, these cash sources are very important. Try working for a low wage for a short time yourself and you'll be able to sympathize soon enough.

Payday loan accounts can be managed responsibly and effectively. If higher lending costs are evident, it is a small price to pay for such convenience. Many payday borrowers have expressed satisfaction and relief about having their account. It's easy and simple to apply and after setting up their account they can get cash almost instantly. If you have a job and a cheque guarantee card, then you too may be able to open an cash advance account.

Online payday loan companies are becoming more prevalent and may offer faster service and lower rates because of their lower overhead costs.

If you have a payday loan account, express your appreciation for the payday lenders and the availability of money for your use. Let them know how the big banks are serving your personal needs and how you can count on them. If you can't think of any big banks that do so, tell them why payday loans are a necessity today.


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