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Payday loans are an alternative to conventional loans. These loans are suitable for meeting cash shortfall during the end of the month. Unlike traditional loans, payday loans can be obtained by individuals who have a bad credit history. Moreover, they are much easier to obtain as compared to the conventional loans.
Benefits of payday loans include less strict loan requiremnets and fast approval. However, these loans entail high interest rates. Here we will take a look at how payday loans work, and what are the associated rates and charges.
Payday loans are very short term duration loans, typically less than three months. Individuals can apply for payday loans online. In the UK, there is no limit to the rate charged by the lenders. Some of the lenders charge annual percentage rates (APR) as high as 2000%. That said, this figure is meaningless if the loan is availed for 2 months or less.
For instance, a payday loan of £300 that is repayable in 2 months, and has an APR of 2000%, will have the interest rate of £198. However, the longer the repayment period, greater is the interest that you would have to pay on the loan. You can calculate borrowing costs of payday loans by using the online calculator here
To apply for a payday loan, an individual will need to provide bank account information and proof of income. Lenders will usually approve the loan within 36 to 48 hours if the individual satisfies their lending requirements. The loan amount is transferred to the bank account of the individuals.
Individuals have two options to repay payday loans. They can either pay back the loan through check, or grant access to the lender to automatically deduct the amount from the bank account once due. The repayment period is specified by the lenders, though some lenders allow you to choose the repayment period.
Payday loans are not secured in that the payday loan lender does not require you to offer any collateral to obtain the loan. On the other hand secured short term loans, such as logbook loans, are secured against an asset such as your car. The lender will take ownership of the secured asset in the case of default of the loan.
In most cases an unsecured payday loan is a better option than logbook loans. The reason is that the logbook loans are not only expensive but you will also put your valuable asset at risk. These loans are availed by desperate individuals who have very poor credit history.
To sum-up, payday loans are suited for individuals who have to meet cash shortfall until their next pay-check. It’s suggested that you repay the loans at earliest. The reason is that the more you wait to repay the loan, the greater will be the interest charges. Also, it’s best to compare charges and rates of different providers before you take on these loans for meeting essential household expenses.
A one hour payday loan is basically just a specified amount of money that is borrowed to fund your emergency situations and is typically repaid once you get your next paycheck. One hour payday loans are growing to be notably favorite with the passage of time in the lending market place due to their instant availability with ease.
Expenses arise from every corner of the earth and one needs to be prepared, but if you ‘re not, running a little low on cash, then a one hour payday loan can be a wonderful solution to your problem. It can help you face emergencies like a medical crisis, immediate house repair, car breakdown and accidents with ease. You never know when such situations come up and you need to face such requirements.
You can apply for the one hour payday loan at various places. Apply personally to get money from the lender or go to your mall to find the particular loan store.
You can also apply online at https://paydayloans.quiddicompare.co.uk/. The process is safer and much faster online.
The best part is that you don’t have to go through complex processes and documentation either. The loan providers offer the borrower the luxury of receiving their loan approval within just a couple minutes. In this case the money is wired directly to your account within an hour.
Payday loan applications are very simple, they differ from lender to lender. But typically, you are asked to provide with your basic details like name, age, address, source of income and your local account information. Some might ask you various identifying questions over the phone too for proper verification.
One hour payday loan companies value their ratings a lot and you can easily find any good company which can deliver you the cash faster, by going through the reviews. Sometimes, for urgent delivery the lenders also charge a small fee. Because that it is best to apply for more than one loan company to secure your chances.
For the repaying of the loan, lenders ask you to select a payment option and also recommend a method that best suits them to directly draw money from your account on a set date. It s easy and all you need to do is just provide with a specific date, fund your emergency expense and let the lender take care of it. No hassle of visiting the office again and again.
Who knows there will come a day when you might be faced with a tough decision in an emergency, let a one hour payday loan help you out of a rough situation when the options are limited. No doubt, more and more people are opting for this facility due to the quick and safe service provided.