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Lenders and the Application Process
There may be times when you only need to borrow money from Lenders for a short space of time. This could be because you have had an unexpected expense. Such as car repairs that you will be able to take care of when you get paid. However if this is still some weeks away and you can’t wait that long. There are lenders that offer short-term loans. Where you will receive a cash advance that will be repaid in full up to 30 days later. These types of loans are often referred to as payday loans. Because the idea is that they will be repaid on your next payday. Read More
What Are The Advantages Of Payday Loans?
Payday loans give you quick access to the money that you need when you need it the most. An application for a payday loan may not be as detailed as those for other types of loans. Therefore it can be completed quickly.
Once the application has been approved by the lenders, then the money can usually be paid out very quickly. It is not uncommon for the money to be in your account within thirty minutes and it is not usually any longer than 24 hours. The whole process of applying and getting your money is very quick compared to other types of loans.
The amount of a payday loan will only usually be for a few hundred pounds. There are not many other lenders that will lend this small amount of money as most bank loans only start at £1000. If you only need to borrow a small amount of money then some cash advance lenders will allow you to repay the loan over a period of several months.
Payday loans may also be available to people with bad credit. The lender will have to carry out a credit check. But having a bad score will not necessarily mean that your application will be declined.
What Are The Disadvantages Of Payday Loans?
One of the biggest disadvantages of payday loans is that the interest rates can be very high. You can pay back a lot of interest on a fairly small amount of money. However, recent legislation caps the amount of interest that lenders are able to charge. Hence there is more protection for borrowers than there used to be. You can also reduce the amount of interest that you pay if you are able to pay the loan back early.
If you do not pay back the loan in full on your next payday. There may be charges added which will increase the cost of the loan. These charges can soon mount up and therefore payday loans can be a very expensive way of borrowing.
If you find yourself short of money on a regular basis, then a short-term loan may seem like a quick solution. But it is easy to find yourself in a spiral of borrowing and repaying that can be difficult to get out of.
How To Apply For A Payday Loan
There are Lenders on the high street that offer payday loans where you can apply in person. You will usually be told there and then whether your application has been successful. If it has then you will usually be given the cash then and there.
Another option for applying for a payday loan is to do it online. This is often more convenient because applications can also be made by mobile phone. Which means you are able to make an application wherever you are. If your application is successful then the loan will be paid straight into your bank account.
However you apply for a payday loan, there is certain information that you will need to provide. You will need to prove that you are in permanent employment. You will need to show how much you usually take home on payday. They will also need to see proof of your identity. The lender will also carry out a credit check.