Payday loans have made it easier for people with bad credit to apply for a loan in case of emergencies. Cash loan products have short repayment terms, typically around three months, and allow the borrower to repay the loan on an instalment basis.
However, these loans also come with high interest rates, which make them among the most expensive loan products. But if you need the money for an emergency, a payday loan allows you to get it on short notice.
What to Consider Before Taking a Payday Loan
Just a three questions you need to check before requesting a loan:
- What is the APR?
- What are the repayment terms?
- How much are the charges for late repayment?
APR stands for annual percentage rate and indicates how much you are charged for the loan. It includes not only the interest rate, but all other fees and costs. Knowing the APR makes it easier to decide which lender is offering you the better deal.
Before signing the online loan agreement, you should always read the terms and conditions of the lender. This will tell you the terms under which the loan is being given, so you can decide if they are acceptable to you.
You should also look at how much the estimated repayments are, and decide if you can afford to pay them off on time.
What Makes Us Different
When you send your application it’s shared with Glasgow lenders in the web panel. If one or more of them indicate that you may qualify for a loan, you will be contacted with the one that offers the best terms.
Availing of these services spares you the hassle of having to find individual lenders and getting in touch with them to compare loan terms. The lenders we work with will not charge any fees for using loan services.