You may have many questions about pay day loans and how they work. Hopefully after reading this article you will feel more informed about what is your best financial option to suit your circumstances.
What are pay day loans?
These are loans that are traditionally for small amounts for borrowing over the short term. As the market of pay day loans have become more popular, the amount you can borrow up to is significantly higher.
You also have the choice of how long you would like to repay back rather than just paying back on your next pay day.
Representative 277.5% APR - Representative Example: Amount of credit: £750 for 12 months at £119.21 per month. Total repayment of £1430.52. Interest: £680.52. Interest rate: 140% pa (fixed). 277.5% APR Representative.
How do pay day loans work?
There is a simple and quick application form that takes basic personal and employment information.
Once the form is reviewed and if you are successful in your application, the money will be transferred to your bank account usually within 24 hours.
This is the same account the repayment will be taken out from on the designated due date that was agreed.
What can you use pay day loans for?
These type of loans are great for short term borrowing for things like unexpected bills.
This could be an urgent home improvement, vet bill, car repair or a broken washing machine.
No matter what the reason you require the loan, a pay day loan can help you sort the problem when you just don’t have the funds.
What is the criteria to be accepted for a pay day loan?
You must be 18 years and over to be considered. You will also need to show you have a regular income coming in, as well as a UK bank account.
If I have all credit types have I a chance of being accepted?
With pay day loans they will check your credit history when reviewing your application. Even if you have all credit types, the lender may still be able to help you.
Why should I take out pay day loans instead of going elsewhere?
The advantages to taking out a pay day loan is it offers almost instant access to money after approval.
This is great when it may be an urgent situation. Pay day loans are easy to manage and pay back as all fees and charges are clearly presented when accepting its terms.
Although payday lenders carry out credit checks, those applicants with poor credit may still be accepted when other lenders will not.
Pay day lenders are certified by the Financial Conduct Authority and so you can be reassured you are kept safe.
Click on the banners on this page to be taken to pay day lenders that can help, even if you have all credit types.