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Sometimes we just can't make ends meet. It's close to the end of the month, or mid-month and we know our purse strings simply won't stretch until the next payday. With the cost of living so close to what we earn in this day and age, there is an increasingly large number of us with serious money problems. If an unexpected emergency expense comes up, or we simply need a little boost to tide us over. . . A £50 payday loan might be the solution in these situations.
You are not alone. 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. Taking out a short term £50 loan could solve small and short term money problems.
A small loan is great because it can tide us over until payday without needing to take more credit than we actually need.
Warning, late repayment can cause further money problems. When taking out loans you need to repay them on time
Here is all you need to know about £50 payday loans.
Payday loans are short term, cash advance loans. They are designed to help us make emergency payments. The idea is that you repay the loan amount on our next payday. If this month you’ve been suddenly hit by an unexpected bill or have simply run out of cash and need some to get by, a payday loan may be the solution.
Traditionally payday loans involve heading to a payday loan shop to get in a line, filling out lengthy forms, and then waiting for your loan application to be reviewed and approved. These days the payday loans online market is booming. There is no more having to get in line when you can make an application online and you could get the credit in as little as 15 minutes. Fast payday loans are far more convenient. Get the money you need in minutes with online loans.
You can apply for payday loans online to several online lenders. Once you've submitted your application, it is reviewed by the lender. When approved the credit will appear in your bank account in as little as 15 minutes. On occasion, it can take a few working days for the credit to clear.
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. 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 your bank may charge you additional fees.
Warning late repayment can cause lenders to charge additional fees. You need to make all agreed repayments on time to avoid loans costing more than they have to.
If you find yourself looking for payday loans, chances are you may not be eligible for more traditional loans or a credit card due to existing bad credit. Often you will find companies offering to pay out without a credit check.
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 due to your credit history. Whether you receive the money or not, your credit score may further drop due to a denied loan.
Please be advised that lenders will always have to do a credit check. If you find a lender offering to give you a loan without a credit check please avoid them.
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.
We can connect you to a lender in minutes, even if you have bad credit.
Luckily for you, the application process for small payday loans tends to be efficient and speedy. You may get the money you need within one hour!
Every direct lender has their own application requirements for loans. You can view online these requirements on their website before starting your application. This means that the information required may differ slightly from lender to lender. However, you can expect to be asked for the following personal information as standard when applying for online loans:
Personal Details - Name, date of birth, home address, email address, phone number, a copy of valid ID.
Income Details - Employment status, proof of income amount, how often you are paid, employer s contact details.
Bank Account Details - You will be asked to provide the details of any banks you have open along with details of any savings.
The lender will then carry out a credit check and review your application. You will be notified on-screen or via email as to whether your loans have been accepted or not. You may need to supply further information.
Follow your direct lender or loan broker's guidelines. This will increase your chances of getting your loans application approved.
One thing you should look at when taking out a payday loan is interest rates. Take the time to shop around and explore lenders and loans to decide what’s right for you – you don’t want a downturn on your credit rating for such a small loan.
You also need to remember not to make numerous loan applications. Making multiple applications may seriously harm your credit score. Loan applications may stay on your credit report for several years. Future lenders will see these loans and applications within your credit history and they may reject applications for future credit if they believe you have been borrowing irresponsibly.
Apply through Loanza instead. This saves time and energy on research. We will assess your needs and point you in the direction of one of our trusted lenders!
We can connect you to a lender in minutes, even if you have bad credit.
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.
Payday lenders and online lenders in the UK are now authorised and regulated by the financial conduct authority. The financial conduct authority is a financial regulatory body in the United Kingdom. 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.
The FCA have capped interest rates and fees on loans to make sure that borrows don't enter into spiralling payday debts or ruin their credit rating as they could have done in the past. The cost of payday loans is capped by law, under rules made by the Financial Conduct Authority (FCA). The lenders should also be registered in England or another part of the UK. If you make sure that the lender you borrow with is regulated by the financial conduct authority then your interest rates and fees will be capped.
Warning late repayment can cause serious money problems. For help, go to www.moneyadviceservice.org.uk
Payday loans are not a long-term financial solution to ongoing difficulties. If you are experiencing serious money problems a payday loan might not be your best option. You should contact one of the debt advice services that will help you restructure your finances free of charge. Remember that later repayment can cause further financial issues.
With the cost of living spiralling and life always throwing financial surprises our way, small £50 payday loans may be a life saved in times of need.
The application is easy and we can still access these loans with bad credit. It is important when taking out any form of loan we make the repayments on time to avoid unnecessary fees and protect our credit score.
Warning late repayment can cause serious money problems. For help, go to www.moneyadviceservice.org.uk
