The Insider's Guide to Payday Loans

Payday loans are also called cash advances. These loans are affordable solutions and respectable options for borrowing money. Payday loans are short term loans that are available against the next payday cheque. There are many times when you might have faced financial crunch due to unforeseen circumstances or expenses like medical emergencies, grocery bills, emergency travel, car repairs, accidents and petty expenses and so on. You have absolutely no means of borrowing money and payday loans come as boons. There are many lenders offering the service of payday loans for purpose of fast cash or instant loans.

People who are in need of fast cash to pay up the unpredictable expenses can solve their financial problems easily by way of payday loans. Payday loans are available to people of all kinds. Borrowers with ratings of bad credit can also qualify for payday loan. With payday loans, you are able to cater for all the unexpected medical bills, grocery bills, travel expenses, vehicle repairs, different utility bills and other trivial expenses that crop up suddenly. These trivial expenses can blow up to be bigger financial problems, if they are not paid on time. Hence, it is advisable that one pays off such expenses on time, so that the financial problems are not blown out of proportion.

Payday loans are made available quickly to the people in need of fast cash. The borrower has to fill up a simple online application form by furnishing personal information like name, age, income, particulars of bank account, contact details and amount required and so on. This personal information is safeguarded and kept confidential. If the borrower fulfills all the conditions as per the lender’s requirements, then the loan amount is directly deposited in the borrower’s bank account immediately on the same working day in a time period of twenty four hours. Payday loans are unsecured loans and are free of collateral.

The repayment schedule of payday loans is easy and simple. It is in the range of seven to fourteen days and the borrower has an option of extending the repayment period up to one month. The extension of loan period will come with a higher interest rate. The loan amount that can be borrowed by way of payday loan is in the range of £200 to £1,500 and this loan amount is decided on the basis of the borrower’s income. Payday loans are affordable in all kinds of emergencies. No credit checks are carried out for this type of loan. There is minimal or no paperwork involved in the payday loan.

The application for payday loans is simple and easy and the processing is carried out quickly online. The borrower’s financial information is kept completely confidential. The borrower has to qualify for certain eligibility criteria for availing payday loan. The eligibility criteria includes minimum age of eighteen years, currently employed status, regular and recurring income source, minimum monthly income of £ 1,000, UK citizenship and current and active bank account with cheque facility. Now, there is absolutely no need to worry about cash shortage. Go ahead and apply for fast cash by way of instant payday loan.