Payday Loans May be Quick Cash but Have High Interest Rates. You need money quick and only for a short time? For emergency situations a payday loan is probably the best solution.
Everyone can apply for a payday loan, as long as you can prove that you are over 18 years old and that you receive a regular monthly income. Don’t be afraid of applying for a payday loan if you have a bad credit rating. Due to the lack of a credit check, the acceptance rate is very high.
After you have filled in the online form, you will get the approval within a few minutes and the money within the same day.
Usually the maximum amount you can borrow is up to 1000 pounds. However, this depends on your monthly income.
As payday loans no credit check are unsecured loans they tend to have high interest rates. However, as the repayment period is only up to 30 days, the interest won’t be too high. There are still some really good offers available on the internet. As long as are sure that you will be able to pay back the money as soon as possible, you don’t have fear high fees.
Don’t just apply for the first loan you find. There are so many offers available which all differ in range, repayment period and interest rates. To find a lender which suits you best you can use online comparison websites to help you.
Cheap Payday Loans! The Best Payday Loan Deals! Compare Payday LoansPayday loans have a bad reputation because they are the most expensive way to borrow money. many people believe that payday loan companies take advantage of some of the most financially vulnerable in our society. Payday loans are available to people with bad credit which appeals to those who can’t borrow money anywhere else. However, lenders complain that because they lend to those with bad credit their risk of borrowers defaulting is extremely high and these costs are covered by high interest rates.
If you feel that a payday loan is suitable for your borrowing needs then it is worth comparing lots of different companies online in order to find the cheapest payday loans. The best payday loans are often provided by lenders and you should be able to find a representative APR of about 448% which is a reasonable deal. Make sure that you read all of the small print of any loan carefully in order to make sure that you understand the loan process and the obligations which you have regarding paying the loan back.
The Pros and Cons to Payday Loans.British citizens are continuing to tighten their belts as the financial crisis hits reign and the recession deepens. However it is no surprise that people are getting caught out financially and the demand for Payday Loans is escalating. In conjunction with this the growing demand for Payday Loans bad press is circulating on this topic at an equally impressive rate.
Why is there an increasing demand for this type of loan?
Payday Loans are an extremely popular financial product as they help individuals out with a financial emergency before their next payday. Loan amounts can vary from anything to £50 to £1000 and can be deposited in to your bank as quickly as an hour. This type of loan therefore means that if an individual has to pay for an unforeseen circumstance such as a cracked windscreen or a broken boiler they can be tide over till there next payday.
Why has the media attacked Payday Loans?
Payday Loans have received bad press essentially because the interest rates on these types of loans tend to be very high. Payday Loan lenders argue that interest rates are high due to the short term nature of the loan and the higher risk they take when lending to individuals with poor credit ratings. The main issue with Payday Loans is that they currently face a much lower regulation than other financial products, therefore allowing lenders to charge whatever interest they like. In addition to this there is an argument that people with poor credit situations are being taken advantage of. Tighter regulation on Payday Loans must be enforced in order to stop people in poor financial situations being exploited; one way to get around this would be to put a cap on interest rates which would reduce people from spiralling in to uncontrollable debt.
Cheap Payday Loans for People with bad credit!Payday loans are available to almost anyone
The popularity of payday loans has soared since the financial crisis and now that Britain has just gone into a double dip recession payday loans are likely to become even more popular. The reason for this is that during a recession or periods of economic decline the banks become more reluctant to lend. If you have bad credit this is not good news as banks are highly unlikely to lend to you. During an emergency this can be a disaster which is why some lenders now offer payday loans. Payday loans are short term loans of up to £1000 which can be borrowed by almost anyone even if you have bad credit. A payday loan company will still perform a credit check but even if your credit history is poor you can still be eligible for a loan. You will need to provide bank account details to the lender when you borrow and when your next payday comes around, usually within a month the lender will take the money they are owed from the bank account provided.
Payday Loans can be expensive
Payday loans should only be used in exceptional circumstances. This is because they are very expensive. The APR on payday loans is extremely high in comparison to almost every other type of loan. Because payday loans are available for people with bad credit the lender takes a much higher risk in lending to the bad credit borrower. The high interest on these loans essentially covers the lender’s risk in the case of some borrowers defaulting. If you do take out a payday loan it is really important that you pay back the loan on time. Payday loan companies are notorious for charging extremely high penalty fees and charges for those who default. Do not let the loan roll over into another month or the interest you will have to pay on the loan may spiral out of control.