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Sometimes we just can't make ends meet. Unexpected emergency expenses come up. There are recourses that take this particular circumstance into account. A £50 payday loan might be the solution in these situations.
Almost one-third of UK households live paycheck to paycheck. 1.2 million British citizens take out payday loans every year. They receive anything from £50 to £1000 loans, depending on their needs.
Here is all you need to know about £50 payday loans.
Luckily for you, the application process for a small payday loan tends to be efficient and speedy. You will be asked for all the necessary documentation like with any other type of payday loan. Follow your direct lender or loan broker's guidelines. This will increase your chances of getting your application approved.
One thing you should look at when taking out a payday loan is interest rates. Take the time to shop around and decide what’s right for you – you don’t want a downturn on your credit rating for such a small loan.
There’s no need to go-without or live in a state of worry before your next paycheck. Try out a £50 payday loan today and live with the ease-of-mind that comes with financial security.
Once you've submitted your application, you may need to supply employment and payroll records. This is to prove that you are currently working and will be in a position to pay back the loan in its entirety.
To guarantee reimbursement, the lender might request a postdated check to cash in if the repayment is not made on the agreed date. The check will bounce if there are not enough funds in the account to cover the loan payment. This can lead to the increment of account fees alongside possible fees added to the loan.
Make sure to pay your loan back on time to avoid any late fees as well as any impact on your credit score.
Nowadays, it is no longer a need to visit a payday loan shop prior to receiving money. There are now multiple online services through which one can submit an application and receive the sum directly into their bank account.
As stated before, if you don't pay back the full amount of the loan and additional interest payments, the sum of the loan will be automatically withdrawn from the account. And if you don't have enough funds, you might have to deal with overdraft fees.
When taking out a payday loan, the possibility of credit checks can surface as a great worry for many. Perhaps you have bad credit and you fear your loan application won't be accepted. Whether you receive the money or not, your credit score may further drop due to a denied loan.
The only way to avoid these possibilities is to shop around when looking for lenders. Do the necessary research before undertaking any loan application processes. Using a loan broker is a great option here. Brokers often work with lenders who care more about your ability to pay back the loan rather than your credit history. However, lenders will always have to do a credit check. Working with a broker helps, because based on their soft search they will connect you to a lender who will most likely fund your request. Avoid going from lender to lender, you don't want to end up with multiple hard checks on your file.
Be honest about your payday and your records. Lenders will check the information you supply them with and will perform a hard credit check - they are required by law to do so. If you are untruthful with the details you provide, it will not go undetected and your loan request will get denied. This can negatively impact your credit score.
You will generally need to supply your name, contact details, address, income source and amount, monthly expenditure and bank account information. Be sure that you do not submit any wrong details and that there are no errors in your application.
The Financial Conduct Authority (FCA) limits the number of fees and interest rates you can be charged. And if you don't repay your loan on time, the most you can expect to pay in default fees is £15. Plus interest on the borrowed amount.
This makes taking out loans much safer and the overall cap means you never have to worry about having to pay back more than twice the initial amount of your loan.
When looking for £50 payday loans, make sure the direct lender or loan brokers you use are FCA compliant.