How many times have you had to ask a friend or family member for a loan until payday? It may be for a very real expense, or might be a simple case of wanting a good night out to celebrate a friends birthday. Either way you know that when payday comes you will have the money to cover this small extravagance or required expense.
It can prove very embarrassing to be constantly asking people you know and care about for small loans just to ensure you can afford your bus fares or a night out which is why payday loans are now offering their services.
Payday Loans are originally an American concept that proved so popular UK companies soon followed suit. In 2009 £1.2 billion was borrowed by UK employees from payday loan companies and other similar short term finance companies. With the number of people taking this form of loan quadrupling in only four years – The Guardian
While currently the loans are given by specialist short term finance companies it is hoped that in the near future these loans will also be offered by high street banks.
While many calls have been made to ban the loans, many users of the loans agree that they find the service offers them a certain amount of comfort. While many have people they can rely on to borrow small amounts of money, many do not. While repeatedly taking a payday loan should never be advised it can provide a certain amount of comfort knowing that this finance would be available if required and in emergency circumstances.
People have quoted a number of reasons why they have applied and from these it is easy to understand how a loan until payday may have helped, if not resolved what may have otherwise been an unmanageable situation.
Some reasons given for taking a payday loan.
Broken Down Washing Machine, Vehicle Repairs, Replacing Stolen Money, Unexpected travel expense to attend a funeral, Potential bank charge of £35.
Whether a payday loan is right for you or not I think they will be around for sometime to come. The only advise worth giving is only borrow what you can comfortably afford to pay back. The comfort of knowing it is available should it be required may be all you need to sleep easier tonight.
There are a huge number of lenders that make their money by lending to those with less than perfect credit, but there are not that many that will consider lending to those with very bad credit. If you have very bad credit most lenders will assume that they will never get their money back if loaned and will therefore not offer you a single penny.
*Use our quick comparison below or visit our home page for full comparison!
| Lender | Debit Card | Loan Amount | Interest | Documents | Apply |
|---|
| 3. | Payday UK | Not Required | £80 - £750 | £25 per £100 | Not Required | PROCEED |
| 2. | Quick Quid | Not Required | £100 - £150 | £14.75 per £50 | Not Required | PROCEED |
| 4. | Payday Express | Required | £80 - £800 | £25 per £100 | Not Required | PROCEED |
| 1. | Payday Bank | Not Required | £80 - £750 | £25 per £100 | Not Required | PROCEED |
| 5. | Purple Payday | Not Required | £100 - £750 | £25 per £100 | Not Required | PROCEED |
In recent years payday loans have become the short term loans of choice on both sides of the Atlantic, but why?
Speed of application
Most payday loan companies offer a five minute online application that will ensure you do not waste too much time before knowing for sure whether you have been accepted for the loan or whether you will need to look elsewhere. In addition the online payday loan applications are easy to understand and only ask the questions that are required – not like a meeting with your bank manager.
No Credit Checks
There are now a huge number of payday loan companies that will offer you a loan without ever performing a credit search on your finances. Credit checks take time and often delay the payment of loans; you are often requested to give 6 years address history along with proof before this can even be run- People are just no longer willing to go through this process without very good reason.
Easy to understand interest payments
Often when loans stretch out over months or even years it is difficult to keep up with what repayments you have made and what interest rates you are paying. Loans can be especially complex if they are taken on a flexible rate and therefore your repayments change overtime- in an uncertain economy where redundancy is rife it sometimes pays to ensure that you only borrow what you can afford. If you are to be made redundant in 6 months on 24 month loan how will you repay it? By borrowing on a month to month basis you are always sure that the repayments are affordable to your current circumstances.
No meetings to discuss personal details
Bank loans are notoriously difficult to obtain, but the process is made much more complicated when forced to discuss your plans, finances, and other personal circumstances that you would prefer otherwise not to discuss with a total stranger. Payday Loan companies do not ask what the money is to be used for and will only request the information required to adhere to their lending policies as well as other governmental policies to ensure they are only lending to those capable of paying the money back.
No longer needing to borrow money of friends
It is often the case that when faced with a monthly shortfall due to an unforeseen expense people will often be forced to approach either family or friends to ask for assistance. This assistance comes at a cost- even if it is just embarrassment.
Easy & fast cash
Following your application and online acceptance of the loan it is often the case that the money can be paid into your account the very same day or within 24 hours. Conventional loans are often not paid for a number of weeks and when paid are often done so by cheque- not ideal when the money is needed immediately.
Easy repayment methods
Payday loan companies ensure that when you repay the loan it is on or shortly after your pay day. These companies do this to ensure that they do not take the money from your bank at an unsuitable time resulting in further bank charges. You will always know the day the repayment is due and do not have to make the payment manually or over a counter, it is automatically taken from your account – unless you decide to roll the loan over to the following month with just a payment of the outstanding interest.
Applying for a loan often seems like an intimidating, hefty feat for a borrower. You may feel as if you are at the mercy of the lender, and if you have less-than-perfect credit, it can be a very stressful process. Not only can it be stressful, but it can be downright discouraging. Moving from lender to lender, spending countless hours filling out paperwork, and waiting for an approval only to find out you do not qualify can really leave you feeling hopeless- especially when you are in a tough financial situation and need quick relief. With so many different opinions floating around about the types of loans available, deciding which one to choose can become increasingly frustrating.
One type of loan that is reasonable and offers quick relief in times of serious need is a payday loan, also called a cash advance loan. Cash advance loans are a breath of fresh air amongst the lending world, and they are exactly what they sound like. They provide you with an amount of money that is equal or similar to your pay check amount, and you repay the lender when you receive your next pay check or shortly after your get it. The loan period is very short, usually no more than thirty days. They are fast, private, and you do not need amazing credit to be approved. All you need is proof of your regular income, documentation that shows you reside in the UK, and a valid debit account which will be used to deposit your money.
After you find out about the pros and cons of a payday loan, you may want to know which steps you need to take in order to get one. In general, there are five easy steps to securing a cash advance loan and successfully closing the account out once you have spent the money. First, find a reputable lender. There are many companies that specialize in payday loans which have store locations you can physically go to. One of the more popular options is a secure, on-line lender. On-line lenders are the quickest way to get your money because you can apply directly on-line, receive an instant decision, and have your money transferred right away.
Once you have found your lender, you will have to go through a simple application process. You will have to provide proof of your income, residency, and bank account. Next, you will receive your money. Wait until the funds clear in your account, then take the next step- spend it! Use the cash for whatever it is you need. Whether you pay off a medical bill, need to get your heater fixed, or need to make a late payment, the funds are readily available and can be used immediately.
Finally, once you pay for what you need, it is time to repay the amount you borrowed. Although it sounds obvious, many borrowers fail to repay their loan on time or they get behind on the payments and end up racking up unnecessary interest and extra finance charges. As soon as you have the money available to pay the loan back, pay it right away in order to clear your record and to officially close out the loan account. Following these five simple steps will help you make your way through the payday loan process quickly and with ease.
There is no denying the fact that mortgage loans are in vogue now seeing a huge traffic in the demands of the common people. It has been seen that most of the people are recommended for this type of loans and the financial institutions also have no problem in granting the loans because of the security deposit. Mortgage means anything that you give to the lender or lending agency for securing the loan and it is a good idea for getting the correct amount of loan very rapidly. The report goes that most of the people in US, UK and Australia are getting these loans easily due to the lower interest rates and long tenure of the payment. You may mortgage your home, farmhouse, and any business statement that is with you or any asset that can compensate the loan for the company.
Mortgage loans are very favorable loans and it means that you are really talented and lucky to get it as compared to the other types of loans that are based on the false promises. There is no shadow of suspicion that these loans are very flexible and serve your any purpose for which you are taking the loan. It has been seen that the agencies are really assisting in nature to the valued customers. When you take the loan, you must keep certain things to assess before you finalize the deal with any company. First of all, you must see that the interest rates you are getting on the loan amount are affordable to your monthly income. Secondly, it must be seen that the tenure of repaying is maximum or quite long enough to repay the amount along with the interest included. The monthly payments or installments to the company should also be within a certain limit so that you have no problem in paying the monthly payments.
The lender should have the option of consolidating the loans if you are unable to pay the debt in the specified time period. Also, the rates should be flexible so that you get the appropriate conditions to fulfill your dreams with your extra money. It may happen that when you do not pay the loan in the given time your mortgage will be seized and declared at the verge of foreclosure. You must know the basic credentials of the mortgage loans so that you may not face any difficulty in the future regarding the payment. Basically, these loans are of many types but the most prominent are fixed loans, adjustable loans that are also called floating rate loans. So, you should decide first to get the loan which best suits you. The concerned person must take care of the down payments.
If you wish to break free from your vicious credit card debt cycle, you must give a serious thought to credit card consolidation. There are different means of consolidating credit card debts. You can consolidate them even if you’re not a homeowner. Through credit card consolidation, you can merge all your credit card bills into one and make just a single affordable monthly payment. Usually, the terms are fixed, which shows you the way towards debt independence.
* If your credit score is satisfactory, then you can qualify for a credit card balance transfer. In this way, you can shift all your card balances to a low or no interest credit card. Search for a card that provides a small introductory rate. Introductory rates usually run from 0% to 2% and the rate stays the same for a period of 6-12 months. After transferring all your balances to the new card, you can pay them off faster since the interest rate is nominal.
* Request for a home equity loan. There are two home equity options available for homeowners. You can request for a home equity line of credit or loan and utilize the cash to pay down your cards. The second option is that you would send monthly payments to your home equity loan provider. This is a better choice for homeowners who have less than adequate credit. Since the home equity loan is backed by your home, becoming eligible is not so difficult.
* You can take out a secured debt consolidation loan. One more simple technique to consolidate your credit card debts is to request for a personal debt consolidation loan. Credit unions, banks and other financial service providers are the sources of these secured loans. In order to be approved, you would require both collateral and good credit. Collateral value should be equal to the amount of loan and might incorporate automobile title or any other important assets.
* You can talk to a debt consolidation agency. Non profit debt consolidation agencies like American Consumer Credit Counseling can assist you in paying off your credit cards and becoming debt free. They would communicate with your creditors, convince them for a reduced interest rate and set up a new payment schedule.
It used to be the cse that if you had poor credit the chances of obtaining a loans would almost be impossible unless you had a house to use as security, this is no longer the case.
In the late nineties two types of bad credit loans were introduced in the US that required no credit checks, these type of loans would later be introduced in the UK.
Payday Loans
Payday cash advances are loans for a period of thirty days or less and usually require no credit checks, however they do require you to be employed and have an active debit card. If you meet the minimum criteria it is likely that you will be offerred guaranteed acceptance. Charges for these type of loans vary but are usually approximately £25 for every £100 borrowed.
Logbook Loans
Logbook loans are the UK’s version of title loans. Although these types of loan require no credit checks they do require you to use your car as security. In most cases your car will have to be under 10 years old and clear or almost clear of finance. Logbook loans are also available over a longer term and can be taken over a period of up to 2 years.
If you live in the UK and are trying to obtain quick money via a payday loan, you are in luck as there are many options out there for you. UK payday loans are available at the business address of the payday loan company or through online payday loan companies. Whatever type of payday loan you are searching for in order to meet your cash advance needs, you are certain to find it in the UK. When looking around for the most favorable UK payday loan, there are five features in particular which your cash advance options should contain.
Large Enough Monetary Amount to Suit Your Specific Needs
First, you want to ensure that the UK loan amount is large enough to meet your specific payday loan needs. Since individuals obtain payday loans most of the time in order to meet a specific purpose, you want to make sure that you are able to borrow all that you need in order to meet your needs. Therefore, before borrowing money from a UK payday loan company or an online payday loan company which caters to UK residents, make sure that the money will suit the purpose.
Low Fees on the Loan
When acquiring a payday loan you should always expect to pay certain cash advance fees. With that said, when obtaining a UK payday loan you should not pay a fortune on the cash advance. Make sure that any and all of the fees which you might have to pay on the payday loan are low in amount. Do not pay exorbitant amounts of money with regard to UK payday loan fees as there are companies which will offer lower ones.
Favorable Repayment Terms
Most UK payday loans are due to be repaid within a few weeks or by your next payday, hence the name payday loan. When reviewing the loan terms, make sure that all of the repayment terms are favorable in nature. This relates to when the payday loan repayment is due and what fees are charged along with the repayment of the loan.
Reputable Payday Loan Company
When borrowing money through a UK payday loan, always try to use a reputable company in which to borrow the money from as this is an important feature. Reputable payday loan companies will charge reasonable amounts in fees, offer repayment terms which one can meet and be recommended by others. Efficiency and friendly customer service representatives may also make a payday loan company more reputable overall.
No Credit Check Required
Lastly, when borrowing money through a UK payday loan, make sure that no credit check is required. The whole purpose behind a payday loan is to obtain money quickly without the hassle of traditional loans. A credit check takes a while and let’s face it, not everybody will have favorable credit. You want to deal with a company which gets you in and out with cash in hand in a quick fashion and no hassle. Therefore, do not deal with UK payday loan companies which make you fill out credit paperwork in order to do a credit check on you as this is completely unnecessary for a payday loan situation.
