We often count the hours until our next payday! For a lot of us it's never soon enough as we try to keep up with bills and the costs of daily life. You never know when an unexpected expense will come up or someone you love will need some extra financial support.
A payday loan can help you get the cash you need now. The following article explains all you need to know about payday loans including how they work, the fees and who they are right for.
Payday loans. How do they work?
The idea is simple - no matter what you need cash for you can take out a loan ranging from £100 to £1000 that you will repay on your next payday.
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You will, however, need to ensure that you can cover the loan on your next payday. The amount of the loan will be determined on this basis for each individual. You can also gain an extension of your loan as long as you apply within 1 business day and pay the interest for the previous period.
What fees are involved?
The great thing about a payday loan is that there are no hidden costs or administration fees. The amount you owe on your next payday will be laid out for you from the start!
The only fee you need to look for is how much you pay back on what you borrow - this is a fixed amount and charged at £30 for every £100 borrowed. Some examples are: If you borrow £100 you pay back £130 or if you borrow £400 you pay back £520.
Is a Payday Loan right for me?
As long as you have a steady job that pays straight into your bank account, an active bank account and a debit card, a payday loan may be the solution for your short term cash needs:
To pay off an urgent debt - If you need to pay something quickly a payday loan could can help clear this up.
An unexpected life twist - Unforeseen things can leave you needing cash, a broken down car for example.
Bad credit? No problem! - As long as you are able to pay back the payday loan then no credit history is taken into account.
Pros and cons of payday loans
Pros: An easy solution to your short term cash needs!
You can regain control of your finances in a dignified way allowing you to stay away from long term debt and avoiding the hassle of dealing with a bank.
Cons: Not a solution for long term lending...
The higher rate of interest doesn't make a payday loan the ideal situation for long term lending, although these loans can save you money if paid back in a timely manner! Payday loans are an easy short term solution.
How do I get a Payday Loan in the UK?
All that is required is an active bank account with your salary paid electronically into, a debit card on the same bank account and that you be currently employed full time. Here are the exact requirements:
- Be over 18 years of age
- Be currently in full time employment
- Be paid directly into your bank account
- Have a debit card on the same bank account
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