Now, Payday Loans are the only solutions in your emergency financial crisis. The reason behind it is because Payday Loans are the easiest & convenient way to derive funds in times of urgency. With the help of these loans, you can able to pay credit card dues, pending electricity bills, medical bills, shopping and other daily expenses.
Payday Loans are short term unsecured loans. It means these loans are approved without any credit check, the approval comes instantly. In fact, in some cases, the amount is transferred in to the bank account within the same day of application.
Under the rules & regulations of the loans, you can able to take the amount in the range of £100-£1500, which then has to be repaid on the eve of your next payday. This is why the loans are available with you for a maximum of 14- 31 days. In some circumstances you may extend the repayment period for more few days more but for that you will have to pay a small fee excluding the interest rates and inform the lenders office.
Before taking this loans you have to fulfill some below conditions: They are..
1. You must be employed for the past few months
2. The monthly income drawn should be a minimum of £1200
3. Your age should be more than18 years
4. You have to avail a valid bank account
The only major minus point of these loans are its high interest rate. Lenders in the absence of collateral and short repayment term tend to charge a high interest rate and this makes the loans a bit expensive. But with a detailed research of the market, you will certainly be able to get the best deals on these loans.
But then also with the help of Payday Loans, you can get relief from any emergency financial crisis. That is the major plus point of these loans.
6 comments:
Great one...but what will happen if a person takes too much of these payday loans and can't repay it?? will it affect the credit report??
Top post! I appreciate the knowledge you have for the subject, keep posting the way you have always been, thanks.
I took out a Payday loan from Pay Day UK in the past to help me pay for a rather large car repair bill. Its good that there are companies out there that can get you out of trouble at such short notice, but it is also important to be responsible and ensure you can afford to pay the debt when you get your wages.
I've used pay day uk once in the past and was happy with their service, however recently I decided to check out cash genie loans who are a new payday loan company (bit of a risk I guess) but I think they are better than pay day uk. I completely agree with this post, and with your comment Hannah as it is so easy to get tempted by taking out payday loans not realising that you do have to pay this all back in a short period of time.
Payday Loans do offer a great form of short term borrowing. They serve a great purpose to bridge the gap to next payday. Quick Loans like this are great.
Frank @ Secured Loans
Yes you are right. There are numerous benefits of payday loans. The aspect of the payday loans is like a benevolence at financial crisis. http://www.apayday.co.uk/
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