Payday loans are designed to help get quick cash to solve your financial problems as you wait for your next salary. A payday loan is just like an advance on your next pay check, and so your pay check will be used to repay the loan.
It’s worth noting that Payday Loans in Nottingham aren’t used to finance significant investments such as the purchase of cars and houses. The amount of the loan you can qualify will depend mainly on your income.
Normally, interest rates for payday loans are exorbitant due to the high risk associated with them. The borrower is expected to repay the loan in full immediately he or she gets the next pay check.
As said above, payday loans are just an advance of your next salary, and the amount you are eligible for will rely on your next paycheck. Most lenders offer payday loans ranging from £100 to £1000. Once issued, the borrower will be expected to pay within a short timeframe.
Besides, short repayment term, payday loans impose hefty penalties to anyone who misses the repayment date. Payday loan lenders do not require the borrower to provide a collateral.