What Is A Pay Day Loan?
A pay day loan is a loan which you will have to pay back when you receive your wage by your employer at the end of the month
. These type of loans are kind of an emergency loan where you need money to tie you over till you receive your wage for example your car has broken down and you need it fixed or you boiler needs fixing.Gone of the days where you had to have a cheque book to receive a loan, you now can apply over the internet for a loan, the process is straight forward and there"s no need to fill in any paper work.
To be eligible for a loan you must be over the age of 18, receive regular income; hold a debit card and you must have a bank account in your name that accepts direct debits. When the loan date is due the lender will take the money from your bank account.
There are no credit checks involved when applying for one of these types of loans, but you will be asked to prove your residential address for example you will have to provide the lender with a utility bill, also the lender will want proof you are receiving a regular income so they will want to see a recent bank statement or your last wage slip.
Different lenders charge different rates of interest so it"s best to have a shop around but as a rough guide most lenders charge 25 per 100 borrowed, this does sound a lot of money to pay but imagine going over drawn on your bank account, how much would the bank charge you?
Once you have chosen your desired lender and have applied on their website you can have the money in your account within 15 minutes, some lenders charge for this but normally the money will be in your account within 2-3 working days after your application has been accepted.
The money will then be taken from your bank account on the agreed date you agreed with the lender, this is why pay day loans are nice and simple, they are simple to apply and simple to pay back.
Remember a pay day loan is only a short term solution knowing that on pay day you will have the money to pay the loan, if you cannot do this than a pay day loan is not suitable for you.
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