A fast way of getting emergency cash when needed quickly. No hard credit checks required either.
Payday loans are short-term financial assistance payments made into your bank account that can come in handy during emergencies. Nevertheless, they tend to be costly and have limited repayment periods, so they should only be considered as a last resort if you find yourself truly struggling financially.
If you take out a payday loan and your payments continue to accumulate, there are two options: setting up either a continuous payment authority (CPA) or standing order to automatically pay the debt each month. A direct debit is usually the better option as it’s covered by the Direct Debit Guarantee Scheme which ensures there will be no issues with payments made through direct debit.
Payday loans come in two primary forms: online and in person. A payday loan is a type of short-term cash advance that’s paid into your bank account and must be repaid within an agreed upon period.
A payday loan company can assess your credit record and other financial information to determine if you’re likely to repay your loan on time. With lower scores, however, the lower your chances are of being accepted for a payday loan. This could result in higher interest rates and further rejection from other finance products in the future.
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