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What is a Payday Loan?
A payday loan is a convenient short-term loan that you can use for emergency expenses, to tide you over until your next paycheck. They are very easy to qualify for, and there is usually no credit check–chances are, if you get a paycheck, you can qualify! Beware though, payday lenders are notorious for ridiculously poor terms and high interest. Fortunately, the market has become competitive, and some payday lenders do offer more favorable terms. You’ll never get prime rate from a payday lender, but you will be able to find one with more affordable terms.
Apply Online! The more reputable payday loan providers allow you to apply online. Local storefront payday lenders may offer a convenient location, but before you stop in, take time to use an online loan portal like MoneyLend.net to comparison shop. There’s no need to take time out of your schedule and stand in line. The online application takes only a few minutes to fill out. You get a decision almost immediately, and the money is put directly into your bank account within 24 hours!
Easy to Qualify! In most cases, you can qualify for a payday loan when no other lender will talk to you. There is no credit check! All you need is a regular paycheck and a bank account, and you’re in.
Is a Payday Loan Really a Good Deal? What we’re really talking about is opportunity cost. A payday loan is a quick way to get cash to cover emergency expenses. Suppose your rent is due, and you have no way to pay? What would be the result? Eviction? Late charges? The payday loan presents an excellent alternative and an easy way to avoid trouble. Most borrowers find them to be well worthwhile.
Compared to taking a cash advance on your credit card, the payday loan is more expensive, and if you have enough credit available on your credit card, this is the more economical option, and should be the first place to turn. However, not everybody has or wants credit cards, and if you do, you may not have enough available credit. Similarly, if you can arrange for a line of credit at your local bank, you’ll get a better rate. But, banks don’t make short-term payday loans, and bank credit is getting harder to come by for everyone.
So is the payday loan a good deal? Absolutely. It’s available to almost anybody, and you pay it back usually in two or three weeks, and then you don’t have to worry about it anymore. In most cases however, if you need a little extra time, you can roll the loan over for another two to three week period. If you use payday loans only when necessary, repay them promptly, and work towards improving your credit, it’s the best deal around.
Loan Pitstop Reveal Their Bad Credit Loans and Payday Loans UK Service
In these economic times, consumers are looking for creative ways to meet their financial obligations and access new sources of credit. Loan Pitstop, which can be accessed at loanpitstop.co.uk, has direct access to 200 lenders and can help identify the best loan option for you. Many of the lenders available through Loan Pitstop are not available on other loan comparison websites.
Loan Pitstop makes it possible for the consumer to complete the application and find out what types of loans may be available without any obligation or upfront fees. This provides a chance to shop around for the best loan option, and the best interest rate and terms. The process frees the consumer from the requirement of visiting multiple lending institutions and banks, filing numerous papers, sending faxes and waiting to hear from lenders with their decisions about loaning the money or extending credit.
Loan Pitstop simplifies the process, and gets the consumer started in just minutes. The first step in the process is for the consumer to complete an online application recording some basic financial information and answering questions about the type of loan being sought. The second step begins when Loan Pitstop searches through its bevy of lenders to find suitable loan options. The third step involves a call back to the consumer to discuss the loan options available, and begin the process to get your loan approved.
The types of loans featured on the site include mortgages, secured and unsecured loans, bad credit loans, no credit check loans, payday loans UK, and log book loans.
Cheap Loans UK:
Even in todays market, there are a variety of loan options available, and there are numerous cheap loans UK that will meet your needs. Whether your needs are related to purchases you wish to make such as a car or improvements to your home, or you need to consolidate existing unsecured debt, Cheap Loans UK can find a solution for you.
No Credit Check Loans:
Some loans are possible without completing a credit check at all. Lenders can be found through Loan Pitstop that are extending credit to consumers without checking credit scores and credit histories. These no credit check loans are especially attractive to consumers who have bad credit, bankruptcies, loan defaults or other judgments that make it difficult to obtain traditional loans.
Payday Loans UK:
These loans are practical solutions for people who need short term cash for unexpected expenses, and plan to repay the loan with subsequent paychecks this is how this type of loan became known as a payday loan. A Payday loan UK delivers cash into the consumers bank account on the same day that the loan is approved, and the consumer pays the debt back plus interest in approximately two weeks.
Bad Credit Loans:
As the credit market has become more competitive, lenders are now extending credit to consumers who have bad credit histories. Because many people in the UK are experiencing dips in their credit scores, bad credit loans are more common than they were even five years ago. These loans may initially have higher annual percentage rates than you would like to see, but as you consistently make your monthly payments and your credit score improves, you will qualify for loans that carry lower interest rates.
With these loan programs, Loan Pitstop can work with you to match a lending opportunity with your specific circumstance.
For more information about our whole range of loan products and services, contact us at: www.loanpitstop.co.uk