Same Day Approval Payday Loans UK: 6 Things You Should Know Before Borrowing
Taking care of a household budget is both a skill and an art. Since splurging always seems much better than keeping the money safe for the rainy days, having enough when it is necessary can sometimes become a problem. This is when the thought of taking out a loan or borrowing money comes in. Here are six things that you should understand before that even becomes an option.
- A Convenient and Practical Option
Same day cash loans have become among the most accessible for those who need instant cash – and it has been so for several years now. In addition to having quick access to the funds you need urgently, these types of loans also have fewer requirements. In fact, most are pretty lenient when it comes to credit scores and financial background. They are also very convenient because most loaning agencies can also be accessed online. The following are just some of the advantages of getting same day approval payday loans.
- You will avoid the embarrassment of borrowing money from people you know and be able to solve your financial situation on your own without other people knowing.
- If you are after an instant source of money for something that you have to pay within the day, getting such loan could help solve your predicament.
- If you are after your security and don’t want to divulge a lot of your confidential information, getting this kind of loan is a good option. Most of the time, agencies would just require you to provide your name, age and proof of source of income before you can be approved.
- Your Credit Rating is Not an Issue
There are still some companies that offer no credit check loans, which can be very helpful to those people who are in need. However, you still need to be sure that you are dealing with a trusted and reputable lending company because there are now many online agencies that are involved in scams and other fraudulent activities.
- Very Few Requirements
For you to avail this kind of financial support, you are required to fill out the online application along with some simple qualification criteria, which include:
- being a legal citizen
- being employed
- having a periodic source of income
- having a bank account
- being of legal age (above 18 years old)
That’s it. There’s little documentation involved and you won’t even need collateral.
Payday Loan Brokers Are Not Hard to Find
Payday loan brokers are highly visible within the UK. These brokers bring customers and lenders together in a harmonious relationship. Believe or not, a perfectly chosen fast unsecured loan broker makes the entire marketing process done in just fifteen minutes. After submitting a correctly filled up application form, loan applicants are simply asked to wait for a short while to know the decision of the lender. That’s how easy and fast it is.
You Can Use a Loan Calculator
This is perfect for less experienced payday loan borrowers. This tool can be utilized to find out how much you need to pay depending on the amount you intend to apply for. This goes proportionally with the number of days you intend to pay it back.
- Payday Loans are Originally from America
The concept of payday loans really originated from the United States. But, then, the concept has reached other countries and has become quite popular in the UK. While not all countries or states see payday loans as an acceptable option, there remain areas where this practice is accepted, as long as the borrower is well-informed of the risks.
Representative 277.5% APR
Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed).
The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances
Non-payment could have a negative impact on your credit rating and have increased charges and interest rates.