A few things you need to know before applying for a payday loan
Payday Loans are a very useful source of short term credit you can use a payday
advance for nearly any purpose from purchasing a new computer to finally affording the lump sum deposit on that new apartment you've had your eye on. The important thing to remember when evaluating payday loans is to find the best deal that meets your particular needs some lenders will offer a fixed rate charge of, for example, 25% on every 100 borrowed whereas some lenders will merely charge a flat 1% charge for the duration of the loan. If you only need your payday loan for a period of a few days then it obviously makes sense to opt for the daily charge.
You must meet some basic criteria before your payday loan application will be accepted. You must be over the age of eighteen years old, in full time employment and earning an income over 750 per month after tax. If you cannot meet the basic criteria then it is unlikely that your payday application will be accepted. Payday Loan Companies will not on the whole accept applications from self-employed people.
The main thing you have to look out for when evaluating payday loan companies are any additional charges that may be levied against your application, as well as identifying how you data will be used by the company or broker and also whether or not the company has a consumer credit license. Additional charges are usually found in same day transfer charges the average rate for a same day transfer of funds is 8. Always make sure you understand whether or not you will be charged for a same day transfer and whether or not this is included in the total cost of your loan.
All lenders and brokers should have a consumer credit license, this license gives them the legal authority to act as a payday loan company or broker within the UK. Always look out for the consumer credit license number at the bottom of a lenders website or within their terms and conditions. It's also important to be aware of how the company will use your data you do not want your inbox to be flooded by some made for marketing website that will send its fair share of unsolicited emails to your inbox.
A few things you need to know before applying for a payday loan