Payday loans deliver easy access to small amounts of cash for a short period and are ideal for people who are suddenly faced with an unexpected bill.
To speed up the process, you can apply online-without the red tape normally associated with lending.
Accessing payday loans from anywhere
With its flexible repayment options, the amount you apply for will help see you through to your next payday.
You have the option of applying for an extended repayment period. People that successfully use payday loans understand that they're only meant as a short fix and must be paid back on time.
These loans are, however, not ideal if you want to access extra cash on a regular basis or, if you are resolving a long term financial issue.
Read as much information as you can about payments and, what happens when you don’t pay on time. Always keep in mind that small short term loans are temporary not, long term financial solutions.
Emergency loans that you can access instantly
A payday loan can is useful when you're faced with an unexpected financial crisis.
The online application is so straightforward and, there's always a dedicated online team that is ready to assist you with any questions that you may have.
If you're approved, you'll usually receive your money within 15 minutes but, this also depends on who you bank with.
A payday loan can be very useful when you're faced with an unexpected financial issue. Though many people have their reasons for taking out a loan, the most common ones are usually medical bills or car and house repairs.
Because of the sometimes urgent nature of the loan, many lenders have made the process a lot easier and faster, so that you can have access to your money sooner.
When you'll have to make your repayment
Payday loans can be paid back when on your next payday, however, many people pay it back over several months as short-term loans are easier on the budget.
This longer repayment term removes the temptation of applying for another loan too soon. When you split the repayment into smaller payments, it becomes a lot more manageable.
Your term will depend on what you agree to when you accepted the loan. Small loans are paid back over a shorter period, whereas larger loan amounts are paid back over a longer period.
If, for any reason, you find that you can’t pay your loan back on time, immediately contact your lender. They will help you find a solution so that you do not fall behind on your payments.
Is it possible to apply online?
Yes. There is an ever-increasing demand for online services and, many lenders have used that to their advantage, as many now offer payday loans online.
This offers you access to many different lenders. You can use any device, such as your phone, tablet or laptop and apply from any location.
Simple to use, mobile online loan applications are very similar to your traditional paper-based application with regards to the information that is required. So after completing all the required fields, your application is dealt with really very quickly.
You can do all this from the comfort of your own home. Applying online has become one of the most convenient ways to get cash fast.
Payday loans have become one of UK’s most sought after credit forms simply because of how quickly everything is done. Even if you have bad credit, you can still access credit.
How safe are such loans?
It's normal to have concerns and reservations about security and not having your information leaked. However, there is no need for concern as security measures have been put in place to secure your information at all times.
Payday lenders in the UK can now guarantee that the details and information you share online will remain completely private, helping to give you peace of mind.
With breakthroughs in data protection and security, online lenders can now strive to give you the best online service and access to quick, convenient credit when you need it.
Are payday loans regulated?
Yes, and they have been since 2014. All lenders have to register under the authority of the FCA which is (the Financial Conduct Authority).
The CCA of 1974 requires all lenders to have a licence to offer consumers credit.
Make sure that you use a well established, regulated and reputable lender for your payday loans and, that they adhere to the processes and regulations that have been set for them.
How expensive are payday loans?
More people are making use of payday loans to help them out of tight financial situations and, it’s so popular because of the nature of the loan. Lenders must also be transparent and have the APR interest displayed on all advertising.
When comparing a payday loan with a personal loan, the interest may seem high but, it’s only because the period of the loan is much shorter.
In other words, they have a shorter time frame to make any returns on the money that they loaned, so the interest rates will reflect this.
There has also been an increase in competition among lenders, which is a good thing for the consumers as rates are driven down.
How fast will you get your cash?
The loan application is designed to be quick. Lenders have done their best to streamline it. A payday loan is ideal for when you need cash quickly.
The truth, however, is that, even though the lenders say that the money will be in your account within a matter of minutes, they can't deliver if you use a different bank to them. The speed may depend on your bank but, most payday lenders can make instant payments to all major banks in the UK.
Many payday lenders don’t have to get their customers through as much red tape as banks do, which is why they're so popular and most people in the UK that need a fast loan opt for them.