Are Online Loans As Good As They Sound?
When unexpected bills arrive on your doormat or you have the need to borrow cash
for a vital purchase trying to find the extra money can become an overwhelming and daunting task. Whilst it may be possible and a cheaper option to ask family members or friends to lend you the necessary amount, this can be embarrassing as well as not being a practical solution for many people.
Payday loans have been common place in the States for many years and as with many other consumer products and services they have travelled across the pond and are now common place within the UK, more especially if you use the internet.
Payday loans basically do what they say, they are a short term loan where you can be lent money until your next pay day, at which time the loan is repaid in full, along with the interest, to the lending company. These short term loans are typically small amounts, however, the exact amount you will be able to borrow will be dependant on your monthly salary or income and ability to repay.
As most lending companies don't carry out credit checks this option for borrowing short term cash is becoming increasingly popular, as those with a poor credit history will not be penalised as they may be if requesting a loan from a bank or building society.
You will have to shop around for the best payday loans as the interest rates, terms, conditions and restrictions applied vary between lending companies.
However, many people are finding that taking an online cash loan is more beneficial than falling out of favour with their bank by going into the red on a bank account.
Unauthorised overdrafts can be very costly with extremely high daily charges being applied. Unauthorised overdrafts can also leave you in trouble as standing orders and direct debits may not be paid, as well as cheques bouncing their way back to you with a high price tag attached!
This is where payday loans can be of great advantage. You do not have to tell anyone, including your bank manager that you are applying, just as long as you have the means to repay the lending company when you next get paid, only you will ever need to know where you obtained the extra money from!
Money experts and financial advisers remind people to be cautious when applying for payday loans, because whilst there are many reputable lending companies who have clear policies related to responsible lending, there are also many less reputable companies who charge extortionate interest rates and pray on those who do not have the means to repay their loan in full each month. This can lead to a downward spiral of escalating debts which people are unable to get out of.
Payday loans provide a definite advantage of having the ability to pay unexpected bills, make special or vital purchases without having to wait until your next pay day to arrive.
by: Richard Waterstone
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