Payday loan is a popular way of solving short-termed financial problems in UK. The borrower gets a certain amount of money (usually about £100-300 to cover unexpected emergency exes). The minimal amount of money is about £80 and the maximum sum one can borrow is £750. According to the bank agreement, the borrower must pay off within 14-31 days. Because of the little repayment period the rates are quite big, on an average 25%. So, if you borrow £100, you’ll pay off £125.
Many lenders nowadays don’t ask you to provide your credit history. It’s especially convenient for those borrowers who have some problems with credit history (bad credit history). In many cases to apply for a payday loan one should just fill a special application form online. After filling in, check the e-mail. There is a special easy instruction to get the cash (it works only in case it is approved). The whole process is really simple and it will take you just an hour. It’s especially good for those borrowers who have no time to wait for several days (especially if the situation is urgent and the money is needed as fast as it’s possible).
One should remember about payday loan requirements. First of all, age limit (not lower than 18). Surely, one must be a UK resident. It doesn’t matter whether you are from England, Scotland, Wales or from Northern Ireland. It’s impossible to get a payday loan without regular job. It’s a principal condition. Even if you have a regular job you may not get the cash. Everything depends on your monthly income. If it’s low (already taxed lower than £333.50) you won’t be able to apply for a payday loan. By the way, one should know about valid bank account, because your repayments are paid directly to the bank account.
Payday loan is a perfect opportunity for you to get extra money fast and easy. Minimal requirements will help you to save your time. It’s really good that applying for a payday loan you are unlikely to deal with hidden fees and upfront payments. Many lenders provide online financial service for you to ask F.A.Q. If you are not sure whether to apply for a payday loan or not ( if you are not certain in the bank agreement), consult financial information security agent ( special representative).
One should remember that it’s problematic even impossible to pay off other loans with the help of a payday loan. It’s also not desirable to solve long-term financial problems as a payday loan is a short-term loan. Try to remember it to avoid repeat loan deferrals and bad credit history.