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Learning About Payday Loans

Waiting for the next payday to arrive sometimes take forever, especially when you’re dealing with sudden expenses can’t. Emergencies just can’t wait, thus you need a fast solution that would help improve your financial aspect. In times like this, payday loans come in handy and it can be utilized in more ways than one.

The unsecured short-term loan is not only helpful when you need urgent cash, it’s also a feasible option when you need a fund to tide you over the next month. But before sending an online payday loans application, it’s important that you get to what the loan is about first.

What Are Payday Loans?

Payday loans are types of short-term loans that can be obtained in just one day or less. Compared to banks and conventional lending facilities, this advance requires only a few prerequisites, such as income and a bank account. Normally, there’s no credit check, a guarantor, or collateral involved, thus reducing the waiting time. The lender quickly releases his decision and it won’t be long until your cash is transferred to your bank account, providing that you’ve been granted.

While it is undeniable convenient and quick, every borrower should consider its downsides as well.

why choose payday loans

Every advance comes with a principal rate, interest, and fees for some; however, payday loans carry a higher interest compared to other loans. This makes repayment more difficult and debtors usually end up repaying for more. Remember, as a short-term loan, you need to settle it within two weeks or one month, and failing to provide a one lump sum repayment means additional charges. Loan extension or rollover is possible but this means paying for another set of fees.

The amount provided is small, thus it’s not enough to cover larger expenses. It can’t be used to purchase properties, expand a business, or as a part of a long-term financial planning. Nevertheless, it is easy to obtain and the advance can suffice urgent bills.

What Are The Prerequisites Needed For Payday Loans

Every payday loan provider has their own set of requirements and you may call them for clarification. Meanwhile, here are the basic prerequisites that they may look at:

–    Complete application form

–    Employment details

–    Valid bank account details

–    Social security number

–    Paycheck

Can Borrowers With Bad Credit Apply For A Payday Loan?

It’s no secret how loans are unattainable if you have a bad credit, but not with payday loans. The short-term advance accepts borrowers with bad and poor credit scores and even those who have no credit history at all. Your credit check is not the sole factor to determine your creditworthiness; however, you need to provide a proof of your capacity to pay the debt. It can be any form of income – such as employment, pension, or benefits. But normally, being employed gives you a higher chance to get the lender’s approval.

How To Apply For A Payday Loans Online?

If you need payday loans and you want it fast, you can start looking asking for a referral from your family or friends. Chances are you’re not the only person who is in need of payday loans. Otherwise, you can look for an online loan provider on your own. Find at least three lenders and compare their rates, terms and conditions, and other relevant information to find out which option is the best.

Once you found a licensed payday loan provider, you can complete the 2-minute application form, submit it and wait for a verification call from the company’s customer representative. After which, they will release the approval in a matter of hours and once approved, the money will be sent straight to your bank account.

Where To Use Payday Loan?

Covering Medical Expenses

Accidents and other emergency situations occur unexpected and it becomes worse when you have little to no savings at all. Using payday loans, you can use the money to cover hospital expenses and address medical bills. This makes a significant difference when you have no health insurance or even when you do; sometimes, the health insurance is not enough to cover all the expenses.

Debt Consolidation

It’s usual for a person to have multiple debts, although it is not ideal. It is hard to settle and one feasible option to resolve it is to merge all the debts. Debt consolidation, using payday loans, will allow you to combine small accounts into a single lower interest loan. This is a relief since you can finally settle minor credit card bills and other outstanding loans or debts. Just be sure to find a loan provider who can provide the lowest possible interest and fees.

Home Or Car Repair

Car accidents happen all the time, no matter how cautious you are. Unfortunately, your car insurance will not be enough to cover all the repair expenses. Luckily with payday loans, you can have your car repaired in an instant. There’s no need to wait and it won’t be long until you can get back on the road again. No more waiting for the next paycheck to arrive!

Funding For Family Vacations

Payday loans are not cheap, and most financial experts might suggest using it only as a last resort. However, not everyone has the luxury to go out and have a vacation. A quick getaway, using payday loans, gives your mind away from work and a valuable time to spend with your family. After all, burning out from work causes negative effects not only on your body but on your mind as well. Just remember to borrow only the amount you can afford to settle.

For Investment Or Small Business

Employment, alone, will not lead you to financial stability, thus having another source of income is a must. With payday loans, you can start investing in stocks or start a small business, probably online for cheaper costs. Perhaps, this is the best way to use payday loans since you are not just involving yourself in a debt, you’re also building a new source of income which is beneficial in the long run.

why get payday loans


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You will need to be over 18 and a UK resident with a valid UK address.

You must also have a monthly income (from benefits or a job) and a UK bank account.

5 most recent personal loan reviews

Review of Wage Day Advance

After being turned down everywhere for a loan even know I had more than enough coming in my bank to repay I was being turned down. Then my last hope was Wage Day Advance. They don't judge by previous mistakes in life they were simply looking for a promise of payment which I said I can do. I used a close and helpful friend to cover my back and we had the money In my bank account within 2 hours! Guys if your like me and seriously need that debt consolidation then these guys will help you out! Highly recommend! Best company by far.

Review posted by Benn Stokes, Peterborough

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Review of Compare The Market

Fantastic service from compare the market! Application was quick and easy. The website is very straight forward and the staff are very friendly, polite and helpful.

Review posted by Jade Woodward, York

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Review of UK Fast Loan

The process was very quick and customer service I received was 10/10, rate and interest are not ridiculously high and I was able to pay off all the debts and clear them, I would definitely recommend them to anyone!

Review posted by Hannah Wright, Swindon

  • Customer Service
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All reviews have been sourced from Trust Pilot to ensure an entirely nonbiased basis of accounts.

Representative Example:
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)

Please note:
Loanora is NOT a lender – we are a licensed broker working with the most popular direct lenders in the market to find you the most suitable short-term loan plan. Our FREE quoting service compares more than 40 lenders quickly and finds you a lender with the lowest rate that they are willing to lend to you today.

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