With so many companies offering short term loans, it certainly is a Payday jungle out there. If you are considering entering into such a loan, it is necessary from the borrower’s perspective that the details are understood, so here are some facts that you should know.
A payday loan is usually taken out by people facing a temporary cash flow problem. The amount of money that you can borrow is between £50,00 and £400,00, and this is normally paid off within thirty days. Short term loans carry a higher rate of interest than more traditional methods of borrowing money, and you must be aware of what you are entering into before committing yourself.
In today’s economic climate there sometimes is a need to enhance your earnings with a short term loan. This advance can be used for consolidating other loans, paying an outstanding bill, or buying goods or services. There are many companies that offer a short term loan service and these loans are quick and easy to set up, but what are the requirements you need to meet to qualify?
If you are eighteen or over, take home a regular salary, have a credit card and a valid bank account, you are eligible to take out a Payday Loan. One of the positives for the borrower is that the lender will not carry out a search into credit history. Having been turned down for credit because of a low credit score will not disqualify you from a payday loan.
Before taking out a short term loan, do some research on the companies you are considering. Interest rates may vary between Lenders as will the amount you can borrow.
Always be 100% sure about the company you are borrowing from, and of course your ability to pay back in the given timeframe. Always take out an advance that you will be able to afford easily. If you think that you may struggle, then do not go ahead or consider borrowing less.
Payday loans are relatively new to the UK, but are considered to be the fastest growing method of borrowing.
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