Payday Loans UK
Payday Loans have become extremely popular in UK. These loans have turned out to be a source of instant cash for many people and the best thing about the lenders of these loans is that they cater to the needs of both people with bad credit history and good credit history. There are OFT regulations in place and some lenders may not accept bad credit. However, there are creditors who will no mind bypassing the OFT regulations and will accept applications from those people who have poor credit history and give out loans to them. These lenders will actually charge a higher interest rate to accommodate the risk they take by not checking the credit history or even accepting bad credit records.
Payday loans UK are a loan of convenience for those who are in need of help at challenging times, sometimes they may be referred to as a short term loan or even a pay check advance however each variation has the same meaning. Unlike any other loan a payday loan is different in the sense that no collateral is needed in advance. Generally with Payday loans UK a fee is charged to lender with an agreement that the amount is to be settled following the next payday, it is almost comparable to the procedure of a check payment where a credit advance is put in place for the lenders specific requirement. Payday loans are usually small amounts with borrowers lending anything from around £100 up to a maximum of a £1000.
In today’s economic climate we are often faced with challenging times and a payday loan could be a life saver at any given moment. People use Payday loans for many different reasons with the most common being a household bill repayment especially with the rising costs of energy prices, a mortgage or rent payment or car repairs. In extreme circumstances Payday loans UK could be useful when an unexpected situation such as bereavement happens and families are finding it hard to fund the funeral costs or it may simply be of lesser significance yet very much required like a holiday fund or help with Christmas expenses.
What is great about a payday loan is that they are far more accessible to people in need than any other type of credit payment. Credits cards for example can be extremely difficult to obtain especially for those who do have a poor credit history and the process and procedures are often lengthy too. When people require quick cash upfront a payday loan is your quickest and easiest option of doing so which is why more and more people are turning towards them.
If you are considering a Payday loan there are procedures in place but unlike any other loan they are relatively simple and generally people only need to fit the requirements of the ABC rule! A) Firstly you must be 18 or over, B) a regular income, C) A valid bank account.
When looking for a payday loan company try searching online for a legitimate company that offers them and to save even more time you could try comparison companies that actually searches the network to find suitable matches for lenders and providers. Once a company is found always check the customer reviews and complaints section to get an idea of how reputable the company is and what services they can offer you.
Time to lend! Remember that it’s vital that you are realistic with your budget, only borrow what you can afford to pay back and before you sign on the dotted line make sure you fully understand what the fees and costs are!
Once you are happy with a provider and have all your necessary documents at the ready (to save even more time!) you can begin proceedings by filling out the application forms and you are well on your way to receiving your very first Payday loan.
Commonly asked questions:
What are Payday Loans?
“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.
What are the Benefits of Payday Loans?
Payday loans UK have several benefits which makes it immensely popular. The list of benefits are mentioned below:
Clearly, bad credit record is no longer an impediment to loan access.
These are very short term loans and hence, they do not put too much burden on the borrowers.
Lenders do not ask for too many documents and hence, the application process and the approval process are quick.
Cash is credited instantly to the borrowers’ accounts when the applications are approved. This means that borrowers do not have to wait for days and months to get access to the money. Thus, they can take care of their short term monetary crisis immediately.
Lenders never trace the spending patterns of the borrower. The borrower is absolutely free to spend the money in whichever manner he or she desires.
What are the Characteristics of Payday Loans?
Here are some of the most important characteristics of payday loans:
They are short term loans and must be repaid once the borrower receives the next pay check from employer.
Payday loans can be used for repairing credit records. Lenders report to the credit bureaus about good repayment behaviour of the borrowers. Bad repayment behaviours are also reported to the credit bureaus and this can lead to further blemishes on the credit history.
Payday loans UK are personal loans and hence, lenders do not approve these loans to business entities.
These loans are specifically designed for people with bad credit history but those with good track records can also take out these loans.
How to Apply for Payday Loans?
Lenders generally have a very simplified application process. Most of the applications take place online. Here is a quick look at the steps involved:
Fill up and submit the online application form.
Email the scanned copies of the documents required for application or fax them directly to the creditor.
Wait for the approval.
Who Can Apply for Payday Loans UK?
Anyone who is a citizen of the UK and is a permanent resident of UK can apply for the payday loans but must fulfil the following additional criteria:
The applicant must be at least 18 years old. Even one day short of 18 will not work.
The applicant must have a permanent job with a minimum (defined by the lender) net monthly salary.
The applicant must have a bank account with a UK bank with direct credit and debit facilities.
The applicant must have a mobile number registered on his or her name and the number must be functional. The applicant must also have a valid email ID.
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.
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.
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.
Risks Associated with Payday Loans
Payday loans UK are very popular but they can be a risky affair if not correctly approached. Some lenders are known to be involved in bad lending practices where they don’t disclose the interest rate properly and do not have concrete set of well documented terms and conditions. They can also have hidden fee and heavy late payment charges. This can push the borrower into a never-ending spiral of debt which will eventually shatter the financial equilibrium of the borrower. These fraudulent lenders do not comply with the OFT (Office of Fair Trading) regulations which are meant to protect the interest of the borrowers. Thus, the borrowers must ask for proofs of OFT regulations compliance from the lenders before applying for payday loans in UK.
Payday Loans Online
If you are looking for a payday loan at the moment the best place to start is online. Online pay day loan companies are extremely competitive at the moment and you are guaranteed to get the better rates from an online company rather than a high street store or doorstep lender.
As well as competitive online pay day loan lenders all competing to lend their money to you, you may have noticed already that where there’s a loan company there is also a broker nearby. Brokers are the ones who claim to find you the better deals and for those who are unfamiliar with all of this, it sounds very promising. Many brokers insist that they will save you lots of time during your process of finding a suitable pay day loan on line and in all fairness they probably will. What a Broker often fails to mention though is that their service does in fact come at cost and those costs are placed into your repayment plan once the loan has been purchased. Some people fail to notice that they are in fact paying the brokers fee as well as the loan interest because more often than not those fees are hidden and go unnoticed.
When looking online for a payday loan remember that although the application process is relatively simple and straightforward there are some procedures in place still and successful applicants will need to meet the companies criteria. The is generally straightforward and as follows, borrowers who can prove they are over the age of 18, have a valid bank account and reliable sources of income are successful.
Do not worry if you are thinking about applying for a pay day loan online but are worried about your previous bad credit scoring as most pay day loan companies do not judge a person’s credit history prior to issuing a loan and some don’t do any checks at all. The priority of lender is to be assured that the borrower is willingly able to make the loan repayment and that they will be finically secure enough to continue the repayment plan once the loan has been issued.
It’s very important that you remain realistic with your budget and never try to lend anymore than you can afford. The interest rates are higher on the payday loans online and the sooner you can pay them off the better really. Another important factor to consider is how reputable the company your are lending from is, a great way for you to check this is by taking a look at their customer reviews and complaints columns which are usually found on their websites. It’s better to be reassured that you are lending from a good company that has some honest good feedback from their customers prior to taking the plunge.
And finally try not to be taken in by what a company is claiming to offer because although those pretty headlines reading ‘quick cash today’, ‘loans for bad credit’ seem appealing ultimately each application will be processed uniquely taking into consideration your personal circumstances.
Guaranteed Payday Loans
‘Guaranteed payday loans’ are vastly becoming a familiar sound. Everywhere we look or turn, on the high street, on the internet or at our front doors we see or hear the sound of ‘Guaranteed payday loans’ or ‘same day payday loans’ ect that is because the payday loan phenomena is massive right now.
Although payday loans do not seem to get the best press lately and mainly due to their higher interest rates we cannot deny the fact the guaranteed payday loans is pretty much the only kind of loan accessible to people right now. Banks loans and credits cards are not the easiest to grasp as more often than not only people will with good credit scoring, current employment or capital can get anywhere near them. With guaranteed payday loans they offer a more relaxed approach to a borrower’s credit scoring to be able to offer relief to person in need and its usually people who hit rock bottom that require the most help.
When seeking a guaranteed payday loan it is very reassuring to know that they are available to people who are in a bad situation right now, they are also an extremely quicker process from paperwork to cash than it would be if you were to try and seek a loan from the bank. Many borrowers can fill out the simple application forms from the comfort of their own homes if they wish and be guaranteed to have the money either the same day or the next. For people in a desperate situation this is extremely important because people are trying to get their hands on cash today rather than next week for whatever reason that may be and payday loan companies do pride themselves in being able to offer people that service.
To see the words ‘Guaranteed payday loans’ is somewhat a sigh of relief to the seeker in need and who’s in a situation not knowing where to turn but conditions are still required to enable you to get your hands on one. Unlike bank lenders these conditions are fairly straight forward in that as long as the borrower is over the age of 18 and has a valid bank account with a reliable source of income more often than not they do automatically qualify. With guaranteed pay day loans any source of income is deemed viable including state benefits as long as the borrower can assure the lender that are able to meet their criteria by being able to make repayments for the loan on time.
If you are worried about your current credit score rating or that you may even be black listed remember that guaranteed pay day loan companies tend to overlook these situations and are not usually highly focussed on a borrowers past but more so on what they do in the future, so if you are concerned do not let this put you off applying for payday loans because it may surprise you and may find that you do still qualify so it’s very worth a try.
Payday Loans Direct Lenders
When people are seeking a payday loan the internet is a great place to start. Payday loans are big business at the moment and they are currently advertised all over the internet with many different companies trying to offer you the best rates. What you may have experienced is that not only are payday loan companies everywhere but so are the broker companies. Broker companies are not actually payday loan lenders but in fact are only acting as a third party company who seek out the payday loan lenders and match them to the borrowers.
For anybody that is thinking about currently getting a payday loan it is advisable that to go straight to the Payday Loans direct lenders rather than through the brokers, since any third party involved will incur extra cost. Although using a broker can save time it will add dividend to your interest rate when you purchase the payday loan. Direct lenders cut out the ‘Middle Man’ and therefore the only incurred costs to your loan will be payday loans interest rate.
Direct lenders are not difficult to find because payday loan companies are everywhere right now but finding a company that will lend money to you may be slightly more of a challenge. Although payday loan direct lenders are borrowing money more so than the banks these days it does depend on each individuals circumstances how much they will lend to you or if they will lend anything to you. As with all loan companies the borrower will need to prove that they are able to make the repayments on the loan by providing a source of income as the proof. Some companies are willing to give loans to those who are on benefits provided that they are satisfied the borrower can afford the repayments. Some payday loans direct lenders may even ask for proof off two benefits like Incapacity benefit and child allowance for example, this is usually as a precautionary measure to reassure the lender that there is enough income coming into the household to be able to afford the payday loan.
It is no secret lately that payday loans do hold the higher interest rate and the reasoning behind this is due to the fact that they unlike many other loan companies at the moment the payday loan option is by far the most accessible and that is why people are taking them. Sometimes an unexpected scenario happens completely out of the blue and you find that you are suddenly in a position where you need some instant cash. This can be an extremely difficult time for anyone so it’s reassuring to know that there are loan companies willing to lend you the cash at this time. What you do not want to happen is to be in a position any worse off than you are already which is why it is advisable to seek a payday loan through the direct lenders at this time, the money can be borrowed to deal with whatever situation you need dealt with and then can be paid off much quicker this way.
Payday Loans No Brokers
When people are in a difficult situation and are seeking a quick cash bail out it can very distressing. The banks tend not to lend small amounts over shorts amount of time and when they do lend it can be very difficult to be accepted in the first place let alone the lengthy process it takes until you can actually get your hands on the cash! When people are in desperate need of instant cash they do not have the time to wait around for banks to make a decision because it’s often an incident which has sprung out of the blue and people are seeking help today rather than tomorrow.
Payday loans no brokers are by far the best option for anybody in this situation because not only is it a less stressful and easy route to take but more importantly you can avoid all the hidden fees which are incorporated with the use of brokers. Brokers are the ‘Middle man’ so to speak, they are the ones who will gladly find you the ideal payday loan to suit your specific needs but they do come at a cost. That cost may not always be noticeable since it’s often hidden inside the payday loans fee and the borrower is usually unaware of it. The truth is a payday loan sought through a broker will entitle the brokers fee and this is added to your balance and will be payable by you.
When people are in difficult financial situations and are seeking a payday loan for relief the last thing you need is any added expenses to your loan. As many people are already aware payday loans already carry the higher interest rate because they are only short term loans paid over a short amount of time, although this higher rate of interest has little effect on a short term loan it’s still an expense. For the person in need who has borrowed money from a payday loan company keeping the repayments policy to as little as possible is absolutely vital and by cutting out the brokers fees in the first place is a very good way of doing this.
It’s not difficult to find a payday loan company online but try to avoid any broker who is offering to do all the hard work for you. There is no ‘hard work’ because as I’ve already said it’s not difficult to find one and especially at the moment when payday loan companies are thriving. Remember that a broker cannot lend you any money; instead what they do is find a company that will and then transfer you onto them taking their ‘Cut’ out of it. Going straight to the lender directly will ensure that you do not pay any hidden or extra fees and in the long run the amount you borrower will have a lesser balance fee added, ultimately enabling you to pay it off much quicker.
Beware of the brokers and search online for some legitimate Payday Loan companies remembering to take interest in their customer feedback to verify their reputation before you take the plunge.
Payday Loans For People On Benefits
Payday Loans Uk are often accepted for those who are seeking help and are currently on benefits but as with any other loan, procedures are set in place and the borrower will have to provide some proof and reassurance to the lender prior to your application being accepted.
Payday Loans for people on benefits who are currently unemployed are commonly accepted if the income can be proved as a viable source. In some cases the loan provider often likes to see a second source of income which may accompany your unemployment benefits for extra reassurance. For instance this could be disability allowance and child benefits or income support and child benefits.
If you are currently on benefits and are thinking about trying for a payday loan then you will need to fill out an online application to see if you are successful, although payday loans for people on benefits are available everybody has different circumstances which means that each application is unique. If you are currently on benefits seeking a payday loan its reassuring to know that the income from benefits is seen as a means to pay back the borrowed allowance and therefore can be provided as proof as means to pay.
It can be very difficult surviving on benefits and people are often faced with a situation where their income does not cover the cost of their out goings. Even the very best budgeters can be faced with financial difficulties and sometimes from no fault of their own. Life is never straight forward; you could be very happy in a stable job one minute and find yourself being made redundant the next, especially in today’s current economic climate. You could be perfectly fine one day going to work and then you are involved in some kind of accident which results in unemployment meaning that you can no longer work and all of a sudden you’re on benefits. Whatever the reason being it can and it does happen to people where they a find they are in a place of hardship and have hit a dead end. A payday loan for people on benefits is not a means to dig the hole you’re in deeper but more so a bunk up to help you back on the ladder. It’s a temporary relief to help you overcome the bad patch that you may be facing.
If you are currently thinking about applying for a payday loan for people on benefits it is very important that you consider your personal circumstances realistically before you go ahead. Can you afford any extra outgoings right now? Is this payday loan really needed? What can you afford to borrow and how much can you afford to repay each week or month? Try to be as honest as possible as failing to be honest about your current financial situation in order to gain the cash can lead to a bigger downward spiral when repayments cannot be made, and this is something that needs to be avoided by all costs.
Unemployed Payday Loans
Unemployment in United Kingdom is increasing at an alarming rate. Those who have lost their jobs and those who have never managed to get a job are often looked upon as useless people. That is how the society is. People think of unemployed people as burden to the family and burden to the whole society because they are not productive and they do not contribute to financial stability of the family and the nation. As a result of this attitude, those who are unemployed get into depression and stay frustrated. They don’t feel like socializing. This condition actually infuses self-destructive motives in them. Those thoughts are fired when a financial emergency arrives and people look at them with questions. The government needs to take corrective measures and it is actually taking but still, the government is way far from reaching goals of zero unemployment. To help these people, some lenders have come forward with unique loan products that cater specifically to the needs of the unemployed.
Some critics argue that these loan products are nothing business instruments for the lenders that allow them to earn money in form of interest even from the unemployed people who already lack a source of income. These critics are true in their logic but what they overlook is that these payday loans for the unemployed are actually sources of cash for the jobless people and using this money; they can at least take care of some financial needs of the family and in the process contribute to family’s financial stability and share burden with others. Speaking of profit side for the lenders, the unemployed people do pay interest but they are not forced to pay all at once. These lenders allow flexible repayment schedules that suit the needs of the unemployed people. This debate is kind of never ending and so, we will better not get into this and instead, take a look at the loans for the unemployed in details.
The very basic idea of Payday loans for unemployed is to provide financial aid to those people who do not have a job. It is true that UK government gives benefits to those who are unemployed but still, that money is just not enough. Just like every other people in UK, these jobless people also face financial crisis on top of their already tight monetary situation. These people have to deal with medical expenses, house rent, utility bills etc. In case they fall short of money and need some extra cash, they can opt for loans for the unemployed and take care of their needs.
Each application is different and it depends on personal circumstances when approving a payday loan for the unemployed. Some maybe successful with only benefits as a source of regular income providing that their current outgoings allows room for the added expensive of the repayments for the payday loan and many may have to prove that they can afford this extra expense. Other providers prefer to only issue a payday loan for the unemployed provided that the borrower can prove another source of income rather than state benefits alone, this could be a spouses income, child maintenance or a third party who lives with you and contributes to your household costs perhaps! It’s hard to say whether an individual would be successful without applying and completing the application process.
Payday loans for the unemployed are generally small amounts borrowed over a short space of time. Interest rates are generally higher due to the fact that they are only small loans and are paid back relatively quickly. Having said that the higher rate of interest should not be a deterrent on payday loans for the unemployed because it’s often unnoticeably harmful since the payment plan on these loans is very short-lived anyway. Yes you will pay extra for what you borrow like as you would with any other loan but looking at the bigger picture the good far outweighs the bad since payday loans for unemployed are more accessible than any other loan, and when people are in need of instant quick cash they can be extremely helpful.
The terms of loan repayment are very flexible. The lender sorts out the repayment term with applicant. The monthly installments are set only to that level which can be afforded by the borrower. Based on the installment that the borrower can afford, the repayment period is decided. However, in case the borrower thinks that he or she will fail to repay the money within the stipulated time frame after the loan is sanctioned and the money is used, he or she can actually reveal the problems to the lender so that the repayment terms can be redone to a more realistic one.
The Payday loans for the unemployed are generally associated with very little or no paperwork. Generally there will be nothing to fax or mail. The applications are all online and the applicants only need to fill up the online application and submit the same. The question of employment proof and pay slips do not come in because the loans are designed for those who are unemployed. The lender receives the application almost immediately and based on the qualification criteria if the applicant qualifies for the loan, the loan amount is wired directly to the bank account of the borrower within a couple of hours.
Mostly, the payday loans for unemployed do not require any credit checks. This not only reduces the paperwork but also expedites the approval process. It is because of this, an unemployed person with a bad credit history that involves late payments, arrears, CCJs, bankruptcy etc. can also apply for the loans and get approval.
There aren’t any money usage restrictions on the Payday loans for unemployed. The cash advances can be used by the borrower for any purpose. The money can be used for paying outstanding grocery bills, medical expenses, credit card bills, utility bills etc. It can also be used for funding party expenses and travel expenses. In short, the borrower is the king and can execute his will. No matter what, it is always advised that the borrowers act wisely. This money is meant for covering sudden unavoidable expenses. Using them for person happiness and leisure is not recommended as it is a blow on lender’s good faith that the borrower is borrowing money because it needs to cover contingency expenses. In addition to this, when an unemployed person uses the money only for leisure, it becomes a bad habit and the borrower will again borrow money for the same purpose and again and again. This will lead to a huge debt. Because the person borrowing the money is unemployed, such irresponsible use of money is not justified.
Payday Loans for the unemployed are unsecured loans and do not require any security deposit or guarantor and apart from that, credit checks are bypassed by the creditors. To compensate for all these risks, the creditors charge rates of interest that are higher than market rates for general or conventional loans.
Payday Loans for unemployed seems like an impossible task as most loan companies or credit cards will not lend out money to those who do not have a steady source of employment income coming in each week or month, yet it’s at times like these when people do often find themselves in desperate need for financial help!
Unemployment is a curse but that never means that you will have to succumb to your fate every time. You can still manage to keep your life on track with this quick financial aid from the lenders of United Kingdom.
If you are planning on getting a payday loan and are currently unemployed it may be worth checking online for a provider and filling in an application form to check whether you are successful first. If you are classified as a successful borrower it shouldn’t be difficult to find a suitable lender.
Quick Payday Loans
If a time of hardship suddenly hits out of the blue and you find yourself in desperate need of some urgent cash then a quick payday loan is the best option for you. Payday Loan companies are everywhere at the moment and it is not difficult to find a suitable one that will lend you the money.
If you have already searched online for quick payday loans then you may have already noticed that competition out there is strife at the moment, every payday loan company wants to offer you the best deals right now whether it be quick cash given on the same day, cheaper interest rates or cash for those with extremely poor credit history. Each Payday loan company offers pretty much the same as the next one anyway so rather than focussing on what it is they offer it may be better to find out what it is they can offer you.
Each individual borrower has different circumstances and although the application process is relatively simple for payday loans they do tend to take a person’s personal circumstances into account when deciding on what they will offer you, More often than not though most people find that they are successful.
To qualify for a quick payday loan the main focus is that you do currently have some source of income as the lender will require proof that the borrower is financially able to make repayments on the loan. Each applicant has to be 18 or over and they also tend to prefer the borrower to have a valid bank account but other than that they process is relatively quick and simple.
Some payday loan companies will offer an extremely quick service where the application process is completed on the same day as the money is transferred. If you are searching online for quick payday loans you may come across a broker who’s offering to do a match for you, although they will find a suitable lender that matches you in top speed, bear in mind that there is a cost for their service and that cost will be applied to your loan repayments and will be payable by you. It may be worth taking some extra time to find a suitable lender by yourself rather than opting for a brokers help, this may be a little more time consuming but once you do find a match the application process is usually very quick.
When taking a payday loan from a company online they usually prefer to transfer the funds straight to your bank account so it is very important that you do have a valid bank account to receive the funds. If you do not have a bank account and are in desperate need for a payday loan you should try calling a company and asking if they offer a home service or even pop in a high street store to see if they can help. Some payday loans are administered at your home with lenders offering you the direct cash or vouchers and will offer to collect repayments from you at home on a weekly basis.
Small Payday Loans
Payday Loans are extremely helpful for anyone who is struggling financially. When a crisis hits unexpectedly and people desperately need some spare cash to tide them over until next payday then a payday loan is the ideal solution because they are usually small amounts offered over a short space of time. Rather than taking out a bank loan or credit card which could potentially take years to repay, a payday loan is a quick sharp solution to temporary monetary problems.
With small payday loans people are often seek to lend anything from around £50 to £1000 with a repayment plan that will usually end around 31 days. Although small pay day loans do tend to hold the higher interest rates, they are only small and repaid relatively quick so the impact on the loan purchased is minimal at best. If you were to take out a larger loan with such a high interest rate you would undoubtedly feel the effect of that.
Small payday loans are extremely useful though and people who are struggling to find funds for an unexpected bill, rent, mortgage, car repairs or educational fees to name but a few they are a god send. A small payday loan is perfect for those who only need to borrow money until the next payday comes around.
Ideally a small payday loan is very accessible to people in need because they do not take a person’s credit history into account when issuing a loan. Credits cards and bank loans are extremely difficult to obtain especially for people who may have a poor credit scoring but not only that the process and procedures are incredibly lengthy too. When people are seeking a quick cash bailout a small payday loan is your quickest and easiest option, which is why more and more people are turning towards them.
If you are considering a small Payday loan there are procedures but these are relatively simple, basically the three main requirements are a) you are 18 years of age or over b) you do have a valid bank account although some may make an exception if the small pay day loan is brought at home and the applicant is willing to pay back the amount with by weekly door collections c) you do need to provide proof as evidence that you do have a reliable source of income coming in, this does not always have to be from employment it could be a welfare benefit. Some small loan companies may like evidence of two benefits like a disability allowance and child support for instance, this acts an extra precautionary measure to ensure the lender that there is enough income coming in and that the borrower can afford the loan repayments.
Although a small payday loan is usually only small anyway remember that it is vital that you only lend what you can afford to pay back, do not try to lend anymore than you need just for the sake of it. It’s always best to stick to a realistic budget and ultimately avoid making a bad situation any worse than it may already be.
Payday Text loans are basically micro loans. This means that the loan amounts sanctioned are not big. They are small amounts of money, generally a few hundred pounds that are meant for covering some contingency expenses. The maximum amount lent may vary from one lender to another. These loans are also referred to as instant cash source because the lenders generally credit the loan amount to the bank account of the borrower within few minutes.To understand these loans better, let us take a look at some of the special characteristics of these loans and learn how to apply for these loans so that they can be your savior when needed.
As the name suggests, people can apply for these loans simply by sending text messages to the lenders. Though it sounds simple, it not really that easy. There is a small twist in the story. In order to send SMS application, people will need to, at first, register with the lender. This registration can take place through the official website of the lender where there will be online applications. Willing people will have to fill up the form with necessary details and then submit it. There will be specific qualification criteria that people will need to fulfill in order to be able to use the SMS loan service. Failure to meet the criteria during the registration will mean that the person will not become eligible for SMS loans. If however, the person meets the necessary qualification criteria, he or she will receive a pin number and SMS loan for the registered number will be activated.
The best time to register with SMS loans UK lenders is when you are not in need of urgent cash. Once you complete the registration, you are all set. Then when a situation comes up when you need cash, all you need to do is to send one SMS to the lender with the pin that you receive and you will receive cash advances from the lender within minutes after they receive your text message. There is compulsion to apply for a loan after you complete the registration process.
The Payday Text loans are very short term loans can the maximum period allowed for repayment is 4 weeks. The maximum amount of fund that you can get is £1000. The rate of interest for SMS loan is fixed and is higher than any conventional loan product. There are three basic eligibility criteria for the SMS loans. First, you must be a citizen of United Kingdom. Second, you must be at least 18 years old when you register with any SMS loan provider and third, you must have a permanent job in order to become eligible for SMS loan. Given that you satisfy all three criteria, you will be able to enjoy cash advances from the lender you register with.
There is no limitation on usage. You can use the money for absolutely anything. It can be used for payment of medical and utility bills or payment of credit card dues. It can be used for party expenses or funding small traveling expenses. It can also be used for paying rents or college fees or it can also be used for car repair or small scale home improvement jobs. You are just free to use the money in a way you want. The lender will not track the expenses.
So, if you need some instant cash that can cover your immediate expenses, you can take a look at the payday text loans. They can save you from troubles!
While we continue to strive in money driven economy, we often find ourselves trapped in situations where funding immediately is a necessity but our income and savings are just not enough! We then start looking for alternatives that can help us to achieve an instant cash flow that can be channeled towards the requirement in hand. Luckily Payday Text loans can come to our rescue. These loans are new faces in business and they differ from the conventional loan products that we know. SMS loans or Short Message Service loans have become immensely popular and they have helped thousands of people who need cash almost instantly to cover unexpected expenses that have shown up without a warning!
The economy that we live in is completely driven by money. Everyone needs money to survive. Irrespective of the job, a person cannot say with certainty that he or she will never face shortage of funds. One of the classic examples where almost all people in this world fall short of money is an emergency medical situation. Most people fail to anticipate this when saving and even those who do save some money or get a medical insurance too find it difficult to cope with huge expenses. This is not just one situation. People generally have limited income and with that, they are supposed to cover numerous expenses. When some unanticipated expenses come up, they generally look for some financial aid that they can use to cover the expense to keep their lives on track. This is where the doorstep loans fit in very well. In this article we will be learning about various aspects of doorstep loans and understand how it works.
No Credit Check Loans
No credit check Loans are often referred to as Payday Loans, Doorstep Loans or a Pay check advances where a small Loan is Offered to a person in need for a short amount of time. In most cases a Bad Credit history will not affect your chances of getting one of these particular loans since No credit checks are taken and there is no preference to those who have Good credit History over those who don’t.
Payday Loans no Credit Check are extremely useful to a person who is desperate need of obtaining a small amount of cash advance at short notice. Unlike many other Loan procedures which are often lengthy processes and include lots of form filling and faxing of bank statements etc, with a No credit check Loan the procedure is fairly straight forwards where a borrower is only required to fill out a simple form and provide evidence to prove that they are over the age of 18, they do have a valid bank account and they do have a reliable source of income however little that may be.
No credit check payday loans are a quick and simple way of obtaining cash on short notice and they process can be completed in the comfort of one’s home hence the common use of the name Doorstep loan. Unlike other loan procedures ones credit rating is not taken into account because a No credit Check Loan is a loan for those people who are in need and have no other alternative routes to take. When a person becomes Black Listed for whatever reason it’s usually very difficult to obtain any kind of lending whether it be a bank loan or a credit card and when a person is put into a unexpected financial situation for whatever reason that may be it can be quite distressing for that person as they realise that their past has caught up with them and they are now stuck at a ‘dead end’ situation. Just because a person has a bad credit history in the past does not necessarily mean that a person is not able to afford a loan at present. Many people who do have a bad credit history find that although they are trying to improve on that it seems nobody wants to give them a chance, to that person it’s almost as though they have been written off!
Payday Loans No Credit Check do not believe that people should be treated in this way, everybody deserves a chance to better their credit ratings and a No credit loan could be a great start to that process and the first step on the ladder for them, Having said that No credit Loans are not given willingly to anyone but more so to those who really need them and who are honest in their needs. People should not be embarrassed about needing a No Credit check loan as we do often find ourselves in tricky situations in life which are certainly never planned. Although bad credits history is often due to bad decisions we may have made in the past Sometimes a time of hardship can be of no fault of our own and it’s what we do in the future to improve that situation that counts!
When seeking a no credit loan its always best to stick to what you truly believe is a realistic amount to help you out of your current time of hardship. The key is to use these services as a financial gain rather than another notch to your debt belt. Many people have different reason as to why they seek no credit loans in the first place it could be a rent or mortgage payment, educational fees or an unexpected bereavement in the family that has suddenly hit unexpectedly and the person has found themselves to be in a bad time of hardship. A no credit check loan can offer those people a sigh of relief and a chance to help get back on track financially.
No credit check payday loans are often small amounts ranging from about £50 to £1000 and are often only given on a short term basis from 1 to about 31 days, the idea is to help a person overcome the bad patch they are in thus not prolong a financial instability. Although interest rates are generally higher with no credit loans and it’s often noted in the press showing bad publicity for these services its worth pointing out that these loans are small and on a short term basis which in fact it does not have much effect on the overall loan amount.
When seeking a no credit loan the competition is strife at the moment and finding a lender should not be difficult but it’s worth checking out the reputable companies and feedback from customers posted on their websites is a great way of fishing out the good loan sharks from the bad. It’s very important that you set yourself a realistic budget before signing on the dotted line because you do not want to end up in another situation where you cannot afford repayments, make sure that the amount you borrow can be paid on time and not another No credit check loan is going to be needed to pay the previous one. This does happen unfortunately and people who find themselves in situations like this tend to end up in a vicious cycle where one no credit check loan is taken out to pay then last one and so on! This situation needs to be avoided by all costs and realistic budgeting is the key to making it run smoothly. A good agent for No credit check loans will be able to help to consider your financial situation and to help you to make the right decision that suits everybody.
To speed up the process of No credit loans try the comparison sites online which instantly match the borrowers to the lenders according to the details you provide and if you are considering an online application make sure that you have the necessary documents at hand so that a the simple application process can begin immediately and you are well on your way to receiving your very first No credit check loan.
Bad credit Loans
Bad credit is something that has haunts thousands of people in UK. Bad credit can be caused be due to many reasons. However, the cause is not really important. The effect is more profound! Once a person’s credit history is spoiled, the financial balance of that person can wobble and lead to numerous financial problems. Regular credit institutions like banks and other lenders will simply decline any kind of credit application from a person plagued with bad credit history. This can lead to numerous problems and can lead to disastrous effects because of absence of cash flow. Some of the situations where absence of cash flow can lead to serious impacts on a person’s life.
There are many other situations like these where instant cash is required and monthly salary may not be enough! It is actually never enough! If a person has a bad credit, he or she is pinned down with zero alternatives and has nothing left but to face the consequences of those situations. However, there is a way out! Opting for Bad Credit Loans can help people. These are loan products that are designed specifically for people with bad credit history.
Bad credit loans do not require any credit checks. This is means that those who have a bad credit record or history can still get a loan. This loan product is therefore a good vehicle for anyone with a bad credit rating to repair the records. Repeated use of payday loans with timely repayment will improve the credit rating of the borrower and with entitle him or her for bigger long term loans in future.
These loan products are designed to help people with financial crisis over a certain length of time. These loans take a long time to be processed and they are not granted to people who have bad credit records. This is because of the fact that a bad credit record reflects a debtor’s bad paying habits and high default rate. The creditors cannot take the risk because of high probability of default. So, are these people with bad credit records not eligible for any kind of loans? There is a simple logic in place. If those who have bad credit records are not granted any loans, they will not be able to repair their credit records. If they cannot repair their credit records, they will not get any loans! This is more like a vicious circle and if all lenders decide not to sanction loan applications for bad debtors, the bad debtors will always remain bad debtors.
Payday loans are often offered to people with a reliable source of income which is the main focus for the lender, despite a person’s previous bad credit scoring the main objective is to show how the source of income you receive now will cover your cost of living in addition to obtaining the loan. Any source of income whether it be employment or benefits is acceptable for proof of income provided that the borrower can convince the loan shark that they can afford the loan and will be able to manage the repayments.
No credit check loans are by the fastest and simplest way of obtaining cash on very short notice because when the time consuming process of checking ones history is removed the rest of the application is fairly straightforward. These types of loans can be sought online or even processed on the same day in the comfort of one’s home.
For a person who has a bad credit history or maybe they are black listed it can be very difficult to turn it around. What people in this situation usually find is that nobody will even offer you a chance to be able to improve on what’s happened in the past and when a time of hardship hits it suddenly dawns on you how severe things have become. Payday loans are given to people with bad credit to offer them a helping hand and a second chance when nobody else will; they are also very good for helping a person to improve their previous bad credit history and to help them back on the ladder to stability.
Short term Loans
Short term loans, also known as payday loans, have become a mainstream financial product catering the class of citizens who are plagued with bad credit history. There can be numerous reasons for bad credit history but once that happens, a person will actually lose the credit trustworthiness. When this happens, the person will fail to take out any loans from reputed banks and financial organizations. These reputed lenders generally have very strict lending criteria and they do not accept applications from those who have a record of defaults and arrears. So, they generally look forward to alternate lenders. These alternate lenders are none by microfinance organizations that tailor their loan products to serve the needs of people with past history of defaults.
Loan market in UK is saturated however; the market for short term loans in UK is still growing and is extremely competitive. The bad part is that there are very few regulative government policies that can actually regulate the short term loan market in UK. The other name of this type of loan is Payday loans. These short term loans are different from long term loans like mortgages.
So, what makes these loans different? These payday loans have some characteristic features that distinguish them from other loans. These have very short term. As the name suggests, they must be repaid by the borrower during his or her next payday or salary date. It is because of this very short period that they are called short term loans. These loans do not have a long list of qualification criteria. The borrowers need to be of a particular age as mentioned by the lender and they need to have a steady monthly income source. These short term loans are processed very quickly and they are not disbursed hand to hand. The money is credited directly to the bank account of the applicant. The processing generally takes less than 24 hours but some lenders process the applications within a matter of a couple of hours or less. Credit checks are not done for payday loans.
Who takes out these payday loans? People often face sudden financial crisis. There can be situations like the salary earned does not give enough saving to buy a birthday gift for someone special or perhaps, some extra money is needed for a sudden medical emergency etc. Payday loans provide that instant stream of money needed to deal with the situation in hand. Borrower commit to repay the loan when they receive their next salary check or their when there next salary is credited to their account.
How to get the best short term loans in UK? Now this is a serious question. Sad thing about most borrowers is that they do not compare the payday loans. Just like any other loan, one must shop for the best payday loan. The first step is to compare the APR or the Annual Percentage Rate. This is actually the rate of interest charged by the lenders. Some lenders may settle for 20% with some lenders may charge as high as 35%. The next important thing to do is to use broker services. There are some big brokers in market. When you disclose your interest for a payday loan, the broker sends you information to all major lenders and gets different quotes for you and helps you select the best offer. This can save a lot of time and eliminate risk of bad decision. Next, look for a lender who provides a discount code for the initial charges. Not many people know about this and not all lenders will provide just codes. Those who provide actually think of the customer satisfaction and look for loyalty in return. They are good lenders.
Loans play a very crucial role. They help to keep financial problems at bay while giving the borrower the leverage to repay in instalments which takes of burdens. However, traditional loan vehicles will always require a borrower to have a strong and trustworthy credit history to access those loans. Lenders actually need some kind of insurance against the money they lend. This insurance is generally broken in two parts: (a) interest charged and (b) a good credit history that will allow the lenders to develop a faith that the borrower will repay. The second element, i.e. ‘good credit history’ is not a constant factor. There are millions of people who do not have a good credit history and hence, the lenders simply decline their loan requests or applications. Credit history can be scarred because of several reasons.Whatever be the reason behind the bad credit history, as a rule of thumb, financial lending organizations will not entertain any loan applications from those who have bad credit scores. So, is there a way out of this problem? Even those with bad credit history need loans to keep their lives on track. What can they do to secure some external funding? To help them, a new loan sector evolved which is referred to as payday loan sector.
Same Day Loans
If you are struggling at the moment or find that something has crept up out the blue and you are in need of some urgent quick cash it can be very distressing and extremely difficult. Payday loan providers are the more accessible route to take for anybody in this situation because not only are they the only ones who seem to be lending any money these days but also they do so in a much quicker time scale and some even offer the service of a same day payday loan.
Things can happen to anyone in life, you could be perfectly happy the one day and extremely distressed the next, it could be due to an unexpected high bill that’s just dropped through the door or an educational fee, a mortgage or rent payment has come at a bad time or more commonly your car suddenly breaks down and you need to pay for the repairs. Whatever the reasoning behind your need for quick cash and it can vary from person to person, it is equally very important to the person in need at that time. When we do find ourselves in these challenging situations one thing’s for certain most people are seeking quick cash bail out today rather than tomorrow or next week.
Same day payday loans do exactly what they say on the tin they are there to offer a service to a person in need today. People can apply for same day loans and providing that they meet the fairly straight forward criteria of the lender when filling out the application form, more often than not they will be able to get the hands on the instant cash.
Same day loans tend not to take the a person’s credit history in to consideration and usually no credit checks are performed at all so if you are worried that your bad credit history may prevent you from getting a same day pay day loan you may be surprised so it is well worth a try. Same day payday loan lenders prefer to focus more on a borrowers future rather than what’s happened in the past which is great for the person in need and also a great way of helping the person with previous bad credit history to be able to improve on that. A second chance so to speak!
Same day payday loan companies will require some valid proof of a source of income before they issue a loan to anybody but unlike the more complex rules usually set by the banks with same day payday loans any source of income is acceptable even benefits. Like with all loan companies same day payday loan lenders do like the borrower to provide proof of income as a kind of reassurance that you will be able to keep up the prepayments. Same day loans providers will also require the borrower to have a valid bank account and they must be over the age of 18, other than that anybody is free to apply for a same day payday and the only way of really knowing if you will qualify is by doing just that.
Another similar alternative to Payday Loans Uk are Doorstep loans are very short term loans and the amount lent is not big. These loans are designed to help people with their short term cash requirements. As the name suggests, the loan money is delivered at the doorstep of the borrower and then the repayment installments are collected from the home of the borrower by the agents of the lender. It is because of this convenience that the loans are referred to as doorstep loans.
Unlike other loans the procedure with a Doorstep loan is fairly straight forward. A burrower does not have to visit the lender personally and submit a number of forms including the faxing of bank statements to get the loan approved as all formalities can be distinguished at the comfort of the borrower’s home, it’s more simplistic and it’s less hassle!
Doorstep lenders have their websites where they have put up an application form. The applicants need to fill up the application with some basic information related to the loan requirements as well as residence address and other information. Once the lender receives the application, the lender sends a learned agent to the residence address of the applicant. The agent then discusses the loan repayment terms and other features like rate of interest and other aspects of the loan and hands over the cash to the borrower if everything is acceptable. Every week on the repayment date, the agent will revisit the borrower at home and collect the installments.
Doorstep loans are small loans that are designed to meet sudden financial crunches. The amount lent by the lenders can vary but generally ranges with £50 and £750. This money must be wisely used and should not be used for leisure expenses and other unnecessary needs.
Doorstep loans do not have any usage restrictions. The money can be used by the borrower for any purpose. It can be used to pay grocery bills, utility bills, medical bills, car repair bills etc. It can also be used for covering small scale home improvement expenses, college fees, party expenses and travel expenses. The borrower’s expenses are never tracked by the lenders. However, doorstep lenders do suggest that the money be used only for legitimate causes and not for something that is not necessary. For example, using the money to buy a nice bracelet is actually wastage of money. A bracelet is not a necessary commodity and spending money for the same is just a bad expenditure.
Doorstep loans are unsecured loans and hence, there is no defined cap for the interest rate. The doorstep lenders are free to charge whatever they want. The good thing is that there are many lenders in market competing against each other to acquire new clients. It is because of this, the interest rates stay competitive. A potential borrower needs to look for the best rates before applying for a doorstep loan. However, it must be remembered that because the home collection loans are unsecured loans, the interest rates will be higher than the interest rates for any secured loan.
Doorstep loans are meant for providing financial aid to those who are in need of urgent cash to cover some unavoidable expenses. This means that anyone can apply for the door to door loans. However, the applicant must be a UK resident and must be an adult (at least 18 years old). These loans have different variations too. There are doorstep loans for the people on benefit and there are doorstep loans for unemployed people too! These different versions slightly differ from each other but the basic remains the same.
This depends on the creditor or the lender. If the lender thinks it necessary to conduct credit checks, it may however; most of the creditors won’t run credit checks on the borrowers. This means that if a potential borrower has a history of late payments, CCJs, arrears or bankruptcy, he or she still be eligible for doorstep loans. Since the lender will not conduct credit checks, the lender actually takes a risk and to compensate for this risk, the lender will usually increase the interest rate. This is a general practice followed by all creditors. This is one of the reasons why the door to door loans have high interest rates.
The repayment period of the doorstep loans generally range between 1 day and 30 days, i.e. 4 weeks. A representative from the lender will visit the borrower at his or her home every week for collection. However, if a borrower faces some financial trouble and think that he or she may not be able to repay the loan as per schedule, the same must be reported to the lender before the next repayment date. A representative will then visit the borrower and rework the repayment schedule with more realistic repayment goals that can be easily achieved. However, failure to inform the lender ahead of time will invite late payment charges.
There are many lenders offering doorstep loans. Even some regular banks offer these loans. However, the easiest way to find a lender is to browse the internet and use popular search engines like Google, Bing or Yahoo! to get the list of lenders in a given area.
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.