Tag Archives: payday loans
Instant Payday Loans: A tool of immediate assistance for emergency expenses
Instant payday loans are given for a short period of time. These loans are availed when an individual is short on cash and payday is nowhere near for a while. When an individual need a fast cash, instant payday loan UK can assist us in smooth way. These loans are tailored to meet the instant requirements of a person which he encounters in his daily life. There is no need for faxing of documents which is why they are also known as ‘payday loan no faxing’. The borrower need not to undergo the tiring process of being in queue and faxing the documents. There is no requirement of credit check in these loan. That’s why these short term loan in UK is popular among the people.
How it works???
One has to follow a very simple process to get the loan amount. You will have to take few steps to access the required cash to meet the urgent financial needs.
First, you have to fill an application form with required details You will be required to furnish the salary slips of your monthly income A message of approval will be sent to you. If no, check your e-mail All the informations will be provided to you by the service providers after you submit your application form
Once you will be considered eligible for the loan by lender, the amount will be transferred into your working account.
Instant payday loans have some special advantages such as:
Easy and fast approval process Affordable rate of interest Helpful in urgency Changeable repayment date up to 3 months No time-consumption in documentation and faxing process No need of placing any security against the amount
Eligibility criteria for procuring instant payday loans:
The age of applicant should be 18 years or more Should have the residential proof of United Kingdom Should have a valid bank account Should have a permanent source of monthly income
Beside these few conditions no extra restriction is there to avail these loans. There is no need of placing any collateral and ‘no credit check’ are features that make these loans popular in the market. These loan product are any-purpose loans which can be used for financing any kind of demand except an unlawful one.
In short, instant payday loans are the best methods to meet our urgent demands. So, no need to think too much and apply for this best financial deal if you are a salaried employee.
Comparing Payday Loans To Personal Loans
Payday loans have, in many people’s eyes, a reputation as being an expensive form of credit. It’s certainly true that the imposition of a flat fee of 10% to 25% of the loan amount works out to be a very high APR when you take into account the short term nature of the loan, and although taking out a payday loan may actually work out to be cheaper than some other forms of finance such as long term credit card debt, the interest rate will still be much, much higher than that of a personal loan. So why do people take out payday loans if they’re so costly?
The first reason is simply speed. Many people resort to a wage advance when they literally don’t have any money left at the end of the month, and yet have bills to pay and food to buy. A payday loan can be arranged on the same day you apply, with the cash in your account the next day. A personal loan simply can’t compare to this – there will be complex forms to fill in, credit agreements to sign and return, credit checks to be carried out… the list goes on. When you need quick cash, a payday loan might well be the only answer.
Another advantage of these loans is the fact that you can borrow only a small amount if that is what you want, just enough to see you through your current cash flow problem. Most personal loans have a much higher minimum amount you need to borrow, and if you don’t need that much then you’re saddling yourself with unnecessary and unwanted debt.
A related point is that the repayment term of a payday loan is, by its very nature, a lot shorter. While the APR rate on a personal loan might appear to be much lower, by spreading the repayments over a longer term you may well end up paying more in interest overall. The combination of having to borrow a larger amount over a longer period is certain to cost more in the long run than taking out an advance of just the amount you need over as short a time frame as possible.
The final reason is that because of the way payday loans work, they’re very easy to be approved for. People with all kinds of credit ratings are likely to have their applications accepted, which is certainly not the case with other forms of finance.
No personal finance expert would recommend taking out a payday loan lightly, especially if you get into the situation of having to renew the loan every month, but taking the above advantages into consideration it’s easy to see why sometimes payday advances can actually be a perfectly prudent way of bridging a temporary financial gap.