Financial problems plague everyone at some point in time
. We may not always be prepared for these issues. To help us with all our financial needs, payday loans are devised.
These advances can be used to solve any financial worry that may come our way. They may be related to household or any personal expenditure.
Payday loans are easily available as there is no need for any documentation or credit check. The advance is given on the personal guarantee of the applicant. The credit granted ranges from 80 - 1500, with a maximum repayment period of 30days.
These advances are granted for a short period of time. The rate of interest charged and the amount lent depends upon the financial standing and credibility of the applicant. The interest rates are high in this type of credit, as the lender has no security if the borrower defaults in repayment.
Features of these loans;
Quick application process.
Instant cash loan.
No fax loan.
No credit check loan.
Bad credit history is not considered.
The eligibility criteria to be applicable for these advances are as follows;
The applicant should be a citizen of UK
The applicant should be over 18years of age.
The applicant should have a permanent job.
He should be earning over 1000 per month.
He should have an active bank account.
Payday loans can also be applied for online. The form takes under 5 minutes to be filled. Some lenders sanction credit within a few moments. The form contains personal details of the applicant which are required to be filled. These details may pertain to the name, address and bank account details. After the lender reviews these details the credit is transferred to the borrower account within a day.