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Payday loans are short term loans that you can use to get out of a rough spot. These loans are available online and are also known as high-cost short term loans. The amount that borrowers can be loaned ranges from between £100 to £1,000 and the repayment period stretches from 1 to 6 months or longer.
Payday loans are usually taken to cover unforeseen expenses that one cannot cover with a regular income. And they are available to individuals with poor credit scores as well. Approval of a loan application is never guaranteed, but bad credit doesn't automatically disqualify you.
You don’t need collateral or a specific credit score to get your payday loan approved. Payday loan brokers and loan providers increasingly prioritise affordability (income-expense ratio) over credit history.
You might be asked to provide a postdated cheque that will include the full loan amount, the fees and the interest charges. Your lender will hold the cheque until the loan's due date. If you fail to pay the loan or renew it, your lender will proceed and cash in the check.
If you do not have enough money to cover the loan, you will have a bounced cheque. This might trigger a fee due to the overdraft on your account and your payday loan will still remain unpaid.
You can also repay the loan by authorising the lender to electronically access your bank account. The loan will then be deposited to your account and the lender will ask you to permit the lender to deduct the amount from your account when the loan is due.
If you choose to renew the loan, the lender will only withdraw the additional fee. This payment option will allow the lender to get paid ahead of your other bills and expenses.
You can also use a debit card to secure your payday loan. Some customers use reloadable prepaid cards to address their financial needs. Nevertheless, these cards are commonly used by unbanked households. Underbanked borrowers with bank accounts can also use various alternative financial services like payday loans.
If you choose a prepaid debit card, the loan will be deposited to your card then the lender will ask you to give the lender the permission to deduct the amount from your prepaid card when the payment is due.
If you need cash urgently in the UK, all that you need to do is apply for a payday loan. The loan can help you in sorting out emergency bills such as home repair or medical bills.
Most lenders ensure that their customers get the funds within 24 hours. You will not have to wait for long as can be the case with conventional loans.
A bad credit score doesn't automatically mean you can't get a payday loan. When you are applying for a conventional loan, the lender will evaluate your credit score before approving the loan.
Even though payday lenders will assess your credit history, they are more interested in your ability to repay the loan rather than your financial history.
Most payday lenders prefer their customers to use online applications. This makes the loan application process very convenient since you do not have to visit the lender’s physical office to get the loan approved.
The eligibility terms are also clearly outlined on most loaners' websites, and both the application and approval processes are fast.
To get approved, you only need to verify a few details such as your name, identification, phone number and the loan amount that you need.
Unlike traditional loans, payday loans come with high renewal rates of up to 80%. If a borrower is used to borrowing this type of loans, they can get into a debt cycle. This is why it's recommended to only take out loans for emergencies.
Applying for payday loans is very easy since everything is carried out online. This eliminates the need to call the lenders or book appointments with them. Additionally, there are a few basic requirements that you are supposed to meet for you to access the loan.
Not exactly. There are lenders who offer personal loans without performing a hard credit check, but they will still carry out a soft credit check. This doesn't affect your credit score. Some of these loans include payday, car title and instalment loans.
If you have a bad credit history, you can fill out an online application form and then submit it to the lender. The lender will then scrutinise your details to determine the amount of loan that you will get.
You will not need a credit report for these type of loans since the lender will perform a soft credit check on you.
You can apply for a quick loan online. There are several types of loans that you can get, for instance, personal, payday, automobile and Payday Alternative Loans.
Most of these loans are unsecured. Getting a cosigner could be a less expensive financing option if you need money urgently.
You can also use proactive strategies such as planning ahead of emergencies and building your credit to avoid payday loans.
Currently, there are hundreds of loan brokers in the UK, with a bulk of them operating online. The most common type of convenient and fast loans provided are short-term loans.
Additionally, there are a few lenders who offer long-term financial solutions using similar models. To get a fast loan, you can contact a broker or ask a lender to help you in finding the right credit provider.
Getting payday loans fast (either immediately or within 24 hours of borrowing) is now possible, and you can submit a payday loan application from the comfort of your seat and get approved within a few minutes.
Due to their convenience, payday loans are perfect when dealing with emergencies.