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Getting Money

is now as easy as spending

Easy application

Not only does the money come quickly, but the application process is also relatively easy.

High rates of interest

What undoubtedly puts a lot of people off getting a payday loan, is the amount of interest.

Collection methods

Many lenders use third parties to collect money that is due to them. Subsequently,

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on our website

Make a request on our website and wait for response to e-mail within 15-30 minutes from the time of the request during business hours.

Pros and Cons of payday loans

A range of factors should be taken into consideration when choosing the type of finance required to deal with an unexpected scenario. Many companies offer both long term and short term loans, each of which are beneficial in their own ways. One form of short term loan is the payday loan, the pros and cons of which are discussed below:

Instant cash.

Providers recognise that money is required immediately, to deal with emergencies. Cash is transferred almost instantly to your bank account preventing you from worrying further about how you might deal with your situation. 

Large amounts can be granted.

Typically, lenders are happy to offer £50 - £1500 without asking you too many questions. This could cover a range of emergencies, from finishing off your Christmas shopping, to being unexpectedly forced to purchase a new car after being informed that your old one is beyond repair.

Privacy.

 Loan companies offer complete privacy when taking out a payday loan. After all, why do they need to know how you are going to spend your money? Companies offer to treat your application with respect and dignity, saving you the embarrassment of having to explain your situation to anyone. Most lenders have a privacy policy on their website, which can be checked before applying.

Easy application

 Not only does the money come quickly, but the application process is also relatively easy. In addition to some personal details, lenders typically require just your next payday date and will check that you are employed; the process is very straight forward with responses generally received within 30 minutes. This saves you having to mess about trying to locate bank statements and other forms of id prior to receiving the loan.

Cons

High rates of interest.

What undoubtedly puts a lot of people off getting a payday loan, is the amount of interest that is charged on top of what is being borrowed. Legislation states that lenders must provide the rates of interest when applications are being processed (and many lending websites provide an in-built calculator which enables you to check how much will be due at the end of the loan). However, the high rates of interest mean that it is advisable to be 100% sure that you will be able to meet the re-payment requirements prior to applying.

Payday loans could negatively affect your credit rating.

If you are not able to meet the re-payment requirements, your credit rating will be negatively affected. Most (if not all) lenders are part of a credit rating agency. Therefore, if a payment is missed, this will adversely affect your credit rating. It is also worth bearing in mind that companies of whom you may make future requests for credit (e.g. for your mortgage, car finance, etc) may be able to view how many payday loans you have received in the past and subsequently refuse you credit. Caution is therefore required when choosing this option.

Fees added

Additional charges may be added if you are unable to pay back the loan when due, in addition to the interest accrued.  It is always advisable to read the terms and conditions of agreements before applying for a loan. On top of the charges issued by the lender, if a payment by direct debit rejects then your bank may also charge you for not having the money in your account.

Collection methods.

 Many lenders use third parties to collect money that is due to them. Subsequently, you may not be given details of the methods used to collect outstanding debt when you agree to a loan. Whilst these third parties must act within the boundaries of the law, you can expect a large amount of harassment if you fail to make payment in line with the terms agreed.

Perpetuates the debt cycle.

If you are unable to cover your expenses with your current income, will you be able to cover a further expense when it is due? Prior to taking out a loan, ask yourself if, in 30 days’ time, you will have a balanced bank account, having paid back this debt.

There are many situations which place often un-planned financial obligations upon every one of us, and it is important that each one is matched by a solution which has been carefully thought through. Payday loans clearly suit some people; the long-term existence of some of the well-known lenders prove that they are a popular source of finance. We hope that through careful consideration of the above points, you will be able to make a decision that is right for you.

Payday loans could negatively affect your credit rating.

A range of factors should be taken into consideration when choosing the type of finance required to deal with an unexpected scenario.

PayDay is the right choice for you if:

you are 18 or older

The minimun age to use our service is 18.

you are a us Resident

Must be a current resident of the United Kingdom.

you have a Bank Account

You need an active UK bank account to allow the money to be transferred to you.

you are honest and trustworthy

You deffinitely have to be a nice person.

you have a valid Address

Must be a current resident of the United Kingdom.

you have a regular income

You must have an income every month whether it be benefits or a job.

Why people choose us

We offer a totally new way of borrowing

Instant cash

Cash is transferred almost instantly to your bank account preventing you from worrying further about how you might deal with your situation.

Amounts

Typically, lenders are happy to offer £50 - £1500 without asking you too many questions. This could cover a range of emergencies, from finishing off your Christmas shopping

About

However, the high rates of interest mean that it is advisable to be 100% sure that you will be able to meet the re-payment requirements prior to applying.

The right decision,

at the right time.

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