Bridge The Gap Between Paydays With A Short Term Loan
Many people in the UK are taking advantage of quick and easy ways to have cash prior to being paid by their employer
. These short term payday loans are not designed to help people who are already in debt, they are designed to help people have instant cash prior to their salary being paid.
The work in a similar way as a bridging loan, as they bridge the gap between having cash before a salary is paid. Most of the lending providers do not want to know what you intend to use the money for, however the reputable lending companies strongly emphasis the importance of thinking carefully before applying, as they do not want people to spiral into a debt which they cannot repay at the end of the month.
Payday loans are a solution for having money to use as you wish, just so long as you have the means to repay the full amount borrowed, plus the interest on the agreed date, which is typically at the end of the month.
As repayment has to be paid in full most lending companies will only approve people who are in paid employment and have an active bank account, along with a debit card. The amount you are able to borrow will be dependant on your monthly income. Usually payday loans allow you to borrow a minimum of eighty pounds up to one thousand, however, this will be different for each individual person.
You do not have to be a home owner to be able to apply for a payday loan, however, this does vary between lenders, therefore you will need to shop around if you are a tenant rather than a home owner. Home owners need to give very careful consideration to securing a loan against their home, as failure to repay can mean that your home is repossessed. All lending companies require people to have a permanent address within the UK.
Poor credit histories are also taken into consideration by some lending companies, but even if you have a poor credit history it is still possible to have a payday loan, as long as you can justify the means to repay the full amount borrowed, plus the interest many companies are happy to provide you with instant cash.
In order to help prevent people entering into an endless debt, most lending companies will not provide another payday loan until any outstanding loan has been repaid in full. Responsible lending is paramount for reputable companies, they do not want you to become bogged down with debts which you cannot repay.
The terms, conditions and restrictions will be clearly shown on lending companies websites. The interest charged does vary between companies, therefore it is wise to shop around to find the best rates you can before committing yourself.
Many reputable lending companies will also advise that you look at other methods of getting your hands on instant cash, such as borrowing from friends or family. They also advise that you need to consider carefully the possible repercussions should you be unable to repay the loan. In short, payday loans are the ideal solution for having a short term loan to see you through until your next salary payment.
by: Richard Waterstone
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