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Payday Loans: What they are, how they work and the things that you can expect to enjoy

Faced with unforeseen bills and urgent expenses?  If you are, payday loans might just be the solution you need to enjoy that reliable funding for all those emergency costs. From necessary home repairs, medical payments, or grocery purchases, you can use the money that you get from payday loans for almost any legal purpose. And the best part is you won’t have to break a sweat nor wait for long to receive the money that you direly need.

What are payday loans anyway?

Payday loans are unsecured forms of loans that allow qualified borrowers to take out a quick and convenient form of credit anywhere from £50 to as much as £1,000. Because the borrowing amounts are small, the payment terms are also short, from 2 weeks to a month or typically in your next payday. Today however, there are numerous lenders who provide larger payday loans of up to a couple thousand pounds with payment durations that can last to 3 months. payday loans, payday loans, moneybolt.co.uk

How do Payday Loans work?

Payday loans are one of the most convenient forms of credit in the UK. The process in taking out the loan is relatively straightforward and will include only a few simple steps which include:

  1. Fill out an application form in the lender’s website if you wish to apply online. If you apply in-store, simply go to any of the lender’s nearby branches and make an application.

 

  1. Provide the information that is requested from you such as your personal identification, address, nature of employment, and income level.

 

  1. Submit the application once it’s done and wait for a decision from your lender which won’t take more than an hour and sometimes even earlier depending on the payday loan option and the lender providing it.

 

  1. If you are approved, the lender will present you with a loan agreement that displays the terms and conditions of your loan. If there are no questions and concerns in your part, simply sign the agreement.

 

  1. If you apply in-store, the money will be handed to you in cash right after you sign the contract. If you apply online, the approved loan amount will be transferred to your bank account in the same day or the next business day.

What you can expect to enjoy with payday loans

Payday loans are popular all over the UK especially to those who have bad credit and are looking for a quick way out from a temporary financial crisis. Aside from its seamless application, there are also a number of great things that you can expect from the financial products and they include:

  • All purpose loans – Payday loans can be used for any legitimate purpose, from covering essential bills and purchases to taking vacations.

 

  • Safe and legal – The short-term credit options are regulated by the FCA or Financial Conduct Authority which means that they are safe for use. There are also restrictions and regulations that the FCA has set in place for the type of loans to ensure that the borrower’s best interests are always considered.

 

  • Credit Score is not important – Payday loans can cater any borrower regardless of his or her credit rating. This means that you can still get approved even if you have bad credit.
The best Payday Loans in the UK

If you are considering taking out payday loans in the UK today, then you might want to consider the best options available. To get the perfect deal, here are some important features that you might want to bear in mind always: 1.) Offers instant funding You always want to choose the kind of payday loan option that offers instant funding so you can obtain the cash that you need without delay. If your car suddenly broke down or you found yourself short of cash to survive until your next salary, the best payday loans will allow you to obtain quick funding in just a single day. 2.) Caters Bad Credit When you have bad credit, it’s important to choose payday loans that will cater your credit rating. As long as you can afford the loan and meet its other eligibility requirements, getting approved should be quick and easy. 3.) Affordable It’s important to opt with payday loans that will allow you to enjoy competitively affordable interest rates and APRs. While the loans are known for their typically high rates, they will however, help you deal with those lingering problems that would otherwise cause some financial chaos in your life if not for the quick and convenient funding that the loans provide. 4.) Serves as a great opportunity to build credit When you apply for almost any type of loan, credit rating is always an important factor that lenders will look into to decide whether or not you are eligible for a loan. If you have a blemished credit rating, then payday loans will serve as a great opportunity for you to rebuild your credit rating back to favourable levels. With a higher credit score, it would be easy for you to access other loan options with bigger borrowing amounts and longer payment terms in the future. 5.) Allows you to be financially independent Sometimes, no matter how hard we manage our finances, a single unforeseen bill or emergency cost can leave us in a problematic situation. With payday loans, you can stay afloat until things become better financially or when you receive your next pay check so you can avoid borrowing money from your family and friends. This allows you to become financially free and stay on top of your finances without looking for your loved ones for help. And don’t forget that you should only apply for payday loans from legit and reputable sources. There are plenty of lenders online that can easily provide you with short-term cash loans but be sure to choose one that is determined to provide you with the best possible credit agreement and service. payday loans, payday loans, moneybolt.co.uk        

Competitive Examples From Other Companies

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IKANO

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1000-15000

Loan amount

1-5 years

Loan term

Very flexible

CUSTOMERSCORES

Representative Example: The representative rate is 3% APR (fixed) so if you borrow £10,000 over 4 years at a rate of 2.96% p.a (fixed) you will repay £221.17 per month & £10,616.16 in total.

TESCO BANK

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1000-35000

Loan amount

1-10 years

Loan term

Excellent

CUSTOMERSCORES

Representative Example: The representative rate is 3% APR (fixed) so if you borrow £10,000 over 4 years at a rate of 2.96% p.a (fixed) you will repay £221.17 per month & £10,616.16 in total.

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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.

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3 most recent personal loan reviews

payday loans, moneybolt.co.uk

Review of Avant

The online application is fast and efficient! I was hesitant about "linking in" to my online bank account......However this made the whole application process far quicker! I can honestly recommend Avant - especially if you are worried about being judged on any previous credit history problems......Avant didn't do that! Just a thorough and fair service with good APR.

Review posted by Trevor Donahue, Derry

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