So you've just been hit by a large, unexpected bill - perhaps its car troubles, or a household boiler breaking, or maybe you just want a bit of extra cash for a short trip or night out. Whatever it may be, the wait till the next payday couldn't be further away! This is where Payday Loans come in.
Put simply, you can get anything up to £800 with a Payday Loan, and fast!
For the most part, the actual amount that can be borrowed depends on the borrower's income, which usually has to be at least £750. You can expect to pay a fee of £25 for every £100 that is borrowed. Once approved, the loan is usually deposited into the borrowers account the next day. A cheque from this account to the lender for the loan amount plus the fee is then written. This will be 'post dated' for the date the loan is to be repaid; the lender will then keep hold of this as a deposit.
The time frame for Payday Loans is generally quite short, a month at the most, as they are only meant to carry you over to your next payday.
Due to the nature of Payday Loans, the usual long, tedious background checks and credit checks are not usually required. The only 2 main requirements in fact, are that borrowers are over 18, and are UK residents. Because of this, it is possible to fill out an application and find out if you qualify and if so, how much money you can borrow, in a matter of minutes on the internet!
As well as the two main requirements, most lenders also require borrowers to show current employment and ownership of a bank account for more than 3 months. Other things that may be requested include; recent bank statements, last payslip, proof of address and signature and sometimes a photocopy of the accounts debit card.
If you need a Payday Loan to cover your spendings for the rest of the month, then compare the best Payday Loans online now.
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