Trustful Payday Loans
What are Payday Loans?
A payday Loan otherwise known as a pay check advance or a short term loan is a small unsecured loan that is used to tide you over and help in a financial crisis until your next payday. Typically borrowers lend anything from £100 to £1000 in a similar way that you would generally pay for something by check; the credit advance is then used for your specific requirement. An amount is set and fee is charged with an agreement that the amount is to be paid by next payday. Unlike other loans No collateral is needed for payday loans.
Why do people use Payday Loans?
People use payday loans for a number of different reasons, the advantage being a credit allowance is borrowed to purchase something that you urgently require and financially do not have the funds to cover the cost at that specific time.
It could an unexpected bill that has sprung up out of the blue, a mortgage payment, car repairs or any other emergency that requires instant funding, or It may be something of lesser importance but still very much required like a holiday payment or Christmas funding perhaps!
Payday loans are very similar to making out a check where a credit advance is set, but unlike credit cards which can be fairly difficult to obtain and can be a lengthy process, people are more likely to take out a payday loan because they are quicker and relatively easier to attain, especially for those who have poor credit history.
What are the exact steps needed to get a Payday Loan?
Firstly make sure you fit the requirements ‘ABC’ a) 18 or over b) A regular source of income c) A valid bank account.
Find a legitimate company that offers Payday loans, credit advances or short term loans. Online is your quickest route! Or seek a company that searches the network to find matches for lenders and providers to save you even more time.
Always check the company’s reputation by checking out the customer reviews section for the services they offer.
Be realistic with your budget! Make sure you fully understand what you are borrowing, what the fees are and what you are required to pay back and when and be sure you can afford the amount before you sign on the dotted line.
Make sure you have all necessary documents and resources to hand before you start, most companies will perform some sort of checks on applicants and it saves time when you are readily prepared.
Once you are happy with your chosen provider, fill out the application forms and proceedings will begin.
What if I don’t have good credit?
Your easiest option would be to use a company online that searches the database and network to find a match for you.
Some companies specialise in offering a guaranteed Payday loan and highlight a service where they provide Payday loans for bad credit. Many companies also offer a service on a Payday loan no credit check basis however all companies will require you follow the ABC rule as mentioned above and most will query various consumer databases and review your past Payday Loan history.
How long does it take to get the money?
Providing you are matched to a lender you can obtain an Instant Payday loan in a matter of hours. You simply fill out the application forms and if you are a successful applicant the cash advance is wired straight to your bank account.
Due to competition many companies are now striving to provide Quick Payday Loans to defeat off other providers and finding a company that provides fast efficient service should not be a problem.
What are the requirements to get Payday Loans in the UK?
The requirements are relatively easy in the UK when seeking a Payday Loan. All companies will require that you must be 18 or over, have a job or some kind or regular income and have a valid and active bank account in your name.
Different companies have different rules when it comes to what they will lend and who they will lend to. Some providers may not offer you their service for whatever reason, it could be anything where as others would. Generally to be successful you will need to meet the requirements of the specific lenders approval criteria.
Do not be disheartened if your application is unsuccessful on your very first attempt, it may be that you did not meet that particularly companies specific requirements. Chances are with so many different providers out there now, you are sure to find a match so it’s worth trying again.
To sum it up!
In Today’s economic climate we see the cost of living rising rapidly whilst our sources of income are staying the same or even going down as Struggling companies are cutting back workers hours or be faced with liquidation! More and more people are experiencing ‘Hard times’ than ever before right now. Payday loans are providing a service to people at a time in need, and for some it may be there only option! For example We see people struggling to make a mortgage payment and are being faced with losing their homes over a few hundred pounds, energy prices are increasing and people are being cut off or having to conserve it and suffering in the process, a Payday loan is there to support people in any current financial crisis to enable people to get back on track until next payday. Payday loans are often faced with bad press despite the fact that they provide a much needed service at a time in need saving people a lot of stress, worry and heart ache, for some people a payday loan is a life saver. Unlike any other loan a Payday loan is an unsecured loan that requires no collateral and credit checks are quite rare too, for people who desperately need cash right now and do know where to turn, a payday loan is the only fast efficient way of enabling you to do so, it could be your safety net or life line for when you least expect it.