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Payday Loans – Independent Review and Help
Loans from £50 - £1000
We have found there is very little awareness in the UK of the payday loans and hope with our website to give you more detailed independent information.
This type of lending was starting in the USA and has been introduced to the UK over the past 5 years and there is now a large choice of suppliers offering this service. Payday Loans are basically short term cash loans from one fifty to a thousand pounds, that are repaid to the lender on your next payday. This service is used by people who require an urgent cash advance until they next receive their wages and do not have access to any other form of credit. The reasons for taking such a loan are varied and can range from holiday spending money to paying a large unexpected utility bill. Many users also use this service to help avoid high bank charges for going overdrawn if they have a large number of unexpected costs in one month.
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Because the need for a loan is generally very urgent many of the best payday suppliers can now transfer the loan into your bank account on the same working day. In the past applicants were required to fax documents to complete the loan but improved websites now allow same day processing online. Due to the way payday loans are processed they are often able to help customers with a bad credit history. To qualify you must have a bank account and a bank debit card from which loan amount will be repaid from on your specified payday, you will also need to be employed and over the age of 19. To ensure customers only borrow what they can afford to pay back payday loan companies will only lend you a percentage of the money you have left each month after all bill and set expenses are paid. As a result most pay day loans are under fife hundred pounds. Most reputable payday loan companies will limit the number of loans offered to one customer to four per year.
As we have stated this type of loan offers a useful service but you do pay for the privilege with high rates of interest. Most charging structures are based on a fixed fee approach rather than a percentage rate, e.g. twenty five pounds for every hundred pounds borrowed is a popular model. It is worth noting that huge annual percentage rates (APR) rates quoted by companies are a result of the short repayment period of the loan. This type of finance is best looked at as a quick fix rather than a long term financial solution.
This website has been designed to help you access information on payday companies as quickly and easily as possible. All payday loan providers represented on our site have been trading for over 3 and are specialist in helping real people like you.
To find out more and apply online complete our search form opposite today
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