What is a Payday Loan?
A payday loan is a short-term cash loan which is intended for:
- covering unpredictable costs like medical bills, car or home repairs and so on;
- purchasing a gift for your friend’s anniversary;
- maintaining one’s life till next payday;
- solving any financial emergency when money is immediately required.
All in all, £50 – £1000 can be taken as a loan. The amount of money is dependent on a specific lending company. The loan should be repaid from 1 week to 12 months from the loan origination date.
What is the difference between a traditional loan and a payday loan? No need to wait in a long queue and fill out a pile of papers. Internet is the only tool you’ll need.
What is Required For Getting a Loan?
There are minimal requirements that are mandatory for getting a loan. First of all, a legal age threshold is 18 years old. Second, a loan taker must be employed either on a full or part-time basis. And the last but not the least requirement is permanent and current residence in the UK.
No credit history check is required in most cases. So everyone can apply even with bad credit histories. And it’s a distinguishing feature of online payday loans that makes this service available for almost anyone.
What are My Steps to Receive a Payday Loan?
Receiving a payday loan is very simple. The first step is to fill-in the form by clicking a button below. During the application process you need to enter the sum of money you need, the loan term and personal details. During a few minutes you will be informed if a lender is willing to offer you a loan. If approved, you will receive an email notification about how to sign the loan agreement electronically. As soon as you sign the agreement you’ll have your money transferred to your bank account. The time when money comes to the account ranges from an hour to a few days. When repayment time comes, you’ll have to repay the payday loan you took out, plus some fees called interest.
The Pros, Cons and Important Information
As we all know, there are two sides to every coin. Let’s explore some pros and cons of payday loans you need to know.
|Easy and fast application||Interest rate is high|
|No credit check||Don’t help you build credit line|
|Small requirements and no paperwork||Late repayment can cause you money problem|
|Not guaranteed by your personal property||Sometimes considered unaffordable by many people|
So thinking of borrowing a short term loan, you must weigh the pros and cons. Take money only when you expect to pay it back without any issues.
If you’re ready, just start by clicking the button below.