What is a Payday loan you ask? To summarise, it is a low value short-term loan. With a typical bank loan it can take months or even years to clear the debt. But with a payday loan the time period is usually only several weeks. The point is that you can take out money now and pay it off with your next pay packet.
With this kind of borrowing the lenders usually check your employment history due to the fact that they need to know that they will be receiving their loan back. In as much as most lenders do check your history and assess your ability to pay back there are those lenders who don?t check at all. Probably best to stay away from these ones!
With a payday loan you basically borrow a small amount of money and you are expected to pay this off on your next pay from work with interest. As a sort of guarantee, you are generally required to provide your banking details to the lender who will then take the repayment back at the agreed time period. Of course if you don?t have enough money in your bank account then you will incur charges by the bank for insufficient funds as well as incur additional charges from your lender.
The payday loan is a good resource as a bridging loan, a very short term loan to get your through the month if and when you have unplanned bills or payments. But it is essential that you pay it off at the agreed timeframe otherwise it will cost you a whole lot more and impact on your credit rating.
On the downside payday loans by their very nature, charge a high interest rate, but then this is to balance the fact that this is high-risk lending on the lenders part. It?s not always bad though because this kind of loan is a great option for a lot of people. What?s more, it?s a quick and easy way to obtain a loan without going through many checks of traditional lenders. It is also the way to get a loan when you can?t get a loan elsewhere especially when you need it badly and immediately in the case of emergency.
Another benefit of a pay day loans is the speed. With normal high street bank loans, it can take days before you can get access to the finance. With a payday loan you can often get access to the finance within a day or so. This is because there is less red tape and checks involved. It?s the perfect solution for people who just need instant money for a one time deal without having to go through all the paperwork one has to go through to get a normal loan.
It?s very important to remember that it?s a short term loan that must be paid back on time in order to prevent further charges. If you can be disciplined and do this, then a payday loan could be the solution you have been searching for.
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Payday loans often come with extremely high APRs! Sometimes it can be worth considering a gold loan instead; with the current high value of gold, and the amount of micro-lenders on high streets all around the UK, this can be a good way of borrowing a small amount of money on a short term basis without getting stung!
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