If you have ever gone for a loan then you must be aware of various legal formalities associated with the loan process
. This makes the loan application very lengthy and results in unnecessary stress to the borrower. But now the situation is changing. Today lenders are coming up with new and innovative schemes related to loans. One such scheme is payday loans 2day.
These are short term loans granted for a period ranging from few days to few weeks. The loan amount is usually small. It may go from 100 to 1500. This amount is given for a time till the buyer receives his/her monthly salary or till his/her next payday.
Presently payday loans 2day are offered only to the permanent citizens of UK. The age of borrower should also be more than 18 years at the time of loan application. He/she should also have a checking account in any bank of UK. It is this account which will be credited by the lender once loan application is approved.
The best part of these loans is that they are offered without any credit check. It may sound odd but it is true. Lenders are least interested in knowing about your past credit ratings. They just want to know your present profile and if this suits them your loan will be approved without much delay.
A borrower may also apply for such loans via internet. It makes the whole process very transparent and also brings efficiency into it. These loans are generally offered without any collateral. It means that the borrowers need not keep any of their assets with the lender to take loan. It increases the risk of default and to compensate that, moneylenders generally charge high rate of interest. So these loans should be taken only in those cases where you are really in need of money.