Unless you were born yesterday or have just emerged from a deep coma, you will have heard about payday until Friday loans which are becoming more and more popular around the UK. As often as you may have heard the term thrown around, it’s always good to know exactly what something is.
A payday loan is a short term loan with a high interest rate, which has been created to help people bridge the gap between an empty bank account and payday. Loans are normally between £100 and £1000 and you get between two weeks and a month to pay the loan back.
Payday until Friday loans should never be seen as a long term credit solution but they can be very helpful in an emergency situation. If you have been in an accident or your bank card has been copied and your bank account emptied, it could be the ideal way to get you through the month – you know you will receive your regular paycheck at the end of the month or your money reimbursed by the bank so the loan acts as an advance on that money.
Payday until Friday loans have received a lot of bad press lately, especially since many families all over the UK have ended up in large amounts of debt from a loan of as little as £100 because they haven’t been able to pay the loan back on time.
In order to avoid becoming one of these statistics it is important to realize that you should never see payday loans as a long term solution which will allow you to live beyond your means. If you need to cutback your spending, do that before considering a payday loan as interest rates sky rocket when you miss a repayment.
If you have decided to take out payday till friday co uk loans, first work out what the lowest amount you can get away with is. Once you have this figure, compare interest rates of as many companies offering payday loans as you can. Scrutinize all the fine print (sometimes what looks good could have a huge catch should something happen).
Once you have taken a payday loan out, set reminders in as many annoying places as you can to ensure you repay your loan on time and don’t default on your loan.
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