For some people, the combination of dealing with paperwork and crunching numbers can make getting a loan their worst nightmare. But immediate payday loans may be different.
A pay day loan is like a cash advance on your next payday. Typically for smaller amounts than with traditional loans (around £100 - £250 but this can vary among pay day loan companies), this loan is designed to tide you over during a tight financial month. It is repaid on your next payday (or the one after, depending on dates) together with any interest and fees.
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Easy to apply for
Online pay day loan companies typically ask their customers to fill out their online application forms. Instead of going in and out of every detail about you and your finances, lenders may typically need to know just a small amount of information, including:
your name; age; your address; details of your job (including how much you get paid and how often); and your bank account details. If you are aged 18 or over and a permanent UK resident, the payday loan company may typically be able to identify you electronically. Unless they have any specific questions, there may be no need for dealing with actual paperwork by fax or by post.
A quick decision
With a traditional loan, it can sometimes be soul destroying to wait ages for a decision about whether you have been accepted for a loan. But with immediate payday loans, payday lenders typically aim to give you the news as soon as possible.
Some lenders may also carry out a quick credit check. This helps them decide whether or not to give you a loan. Just because you have been turned down for other forms of credit, it does not necessarily mean that you may be declined for a payday loan, although no guarantees are offered about who will be accepted.
Getting fast access to cash
Payday loan companies generally aim to get the money to you as quickly as possible. The exact timescale depends on how quickly your own bank can accept the funds. In some cases, some lenders may even transfer the money within a few hours, so you can log off your computer and spend the money almost straightaway!
How much will a payday loan cost?
The cost of immediate loans may vary between lenders, so it may be worth shopping around to look for a rate that you consider appropriate for your particular needs. Reputable payday loan companies may typically make it easy for their customers to understand exactly how much this debt will cost them, and let them know exactly how much will need to be repaid on their next payday.
Paying the money back
There is no need to worry about forgetting to repay immediate pay day loans, as the lender typically takes care of that for you. By giving your bank account details or details of your debit card, borrowers typically give permission for the pay day lender to claim the repayment funds automatically on their payday.
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