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Published 2018-02-26 13:00:00

What are payday loans An Overview

What are payday loans?

Payday loans are designed for short term purposes to help get people through till payday. With them being small amounts of cash paid back over a short period of time there is extensive amounts of interest on top so make sure you are 100% sure you can afford the repayments. The payment (if accepted) goes straight into your bank account usually the same day as you apply. You then pay it back in full with the interest added. Some companies allow you to repay in installments over a period of three months but this option will no doubt add more interest.

What do you need to apply?

When applying for a payday loan you will need to meet the minimum age limit which is 18 years old in most states, have a valid and up to date bank account to ensure you can receive the loan and make payments back to the lender, have proof of your income to provide the loan company with evidence, this will ensure them that your income is secure and you earn enough to make the payments each month and lastly have a valid contact number in case the company needs to contact you regarding your application process.

Things to consider:

When taking out a short term loan you must go over your personal circumstances in the financial department to ensure you can make payments each month on a certain date. When asking yourself if am I eligible for a short term loan take into account that Not only will you be paying the amount you borrowed but also interest and extra costs that you will have to take into account. Will you be able to afford the payments if your circumstances were to change? These are the things you must consider before applying for Payday loans.

Finding the right loan for you:

The most daunting thing for people in the process of short term lending is the huge amount of loans there is to choose from and each differ to the rest so making that first step often puts people off, don't let it. There is websites that help you compare the different loans to make it much easier and saves you plenty of time it does the looking up so you don't have to. To help you on your way here are a few sites to check out.

  • Cash Carrot Finance.

Cash Carrot gives you the option of borrowing between £100 to £5000 guarantees to give you a quick decision and no paperwork as the whole process is done online. People lean towards a cash carrot loan because they do not charge any fees, they are quick with a decision and a secured lender with a representative 305.9% APR. 

  • Money

Money is a comparison website that helps people compares short term loans from different companies. The website helps you find loans to repay over a 12 to 24 month period.

  • Piggy Bank.

Piggy bank allows you to borrow between £100 to £1000 and allows you to repay within 7 days to 5 months depending on the amount you borrow. The representative APR is 1270%. There is no payout fee and no hidden costs. The company offers multiple payment options giving you more flexibility and more of a chance for you to find the right loan to suit your needs.

 Things you should know about Payday Loans.

  • The meaning of payday loans is just that, you get a loan and pay it back on your next payday or over several paydays with the added interest of course.
  • Interest rates can be very high, short term loans use a high percentage APR due to the low amount lent out and the time it takes to make the repayment.
  • When you get accepted that gives the lenders access to your bank account and payments are taken as arranged without consulting with you first.
  • They are only beneficial if you need quick money over a short period of time due to their high interest rates over longer periods of time.

Getting accepted for a short term loan is a lot simpler than a long term loan you would get from a bank. This is due to the process being more complex. You do not need a perfect credit score when applying for short term loans, you just need to prove you can make repayments on the dates agreed upon when applying.

Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk