As the credit crunch starts to bite in the UK with Fuel and food costs rising more and more people are finding that a small emergency such as their car breaking down can leave them short of money until they get paid. Payday Loans are becoming more and more popular for short term borrowing to get over these emergencies.
What is a Payday Loan?
When times are tight Payday Loans are a very simple and hassle free way to get a short term loan until you get paid. They are recommended to be used for short term emergency borrowing . As an example, if you have to travel to work by car due to public transport not being an option. You have a break down and you can 't get to work, catch 22, no car, no work therefore loss of pay - a viscous circle. A Payday …show more content…
All you need to do is fill in a simple on line form. The Loan company will generally give you an instant decision once you have completed their simple on line form. Once approved the money will be deposited into your account the same day. Please note with some banks it may take 1-3 days for the money to clear.
How much can you Borrow?
Most Payday Loan companies will allow you to borrow from £80 to £750 depending on your circumstances such as your monthly salary. The table below shows the costs of Payday Loans:-
Amount Borrowed Amount you repay
£80 £100
£100 £125
£200 £250
£300 £375
£400 £500
£500 £625
£600 £750
£750 £937.50
If you look at the Typical APR of 1845% this sounds horrendous so lets have a look at some comparisons of other forms of …show more content…
The longer term loans seem to have much lower interest rates (APR) but in reality you will end up paying a lot more back then you borrowed in comparison to a Payday loan, this is why payday loan companies always focus on the actual amount you will pay back not the Interest rate. Personally I think that if I needed to borrow money for an emergency I would prefer a payday Loan to a normal long term loan as it will be cleared the next time I get paid.
How easy is it to pay back my Loan?
Very Easy - the agreed repayment amount would be debited by the Loan company from the debit card that you registered on the on line form on your next payday - there 's nothing else for you to do.
Can I defer my payment?
Yes - although after deferring the payday loan twice they will ask you to start reducing the balance. Deferral will incur new charges for every month the loan is deferred - but still at our fixed rate - there are no additional
What is a Payday Loan?
When times are tight Payday Loans are a very simple and hassle free way to get a short term loan until you get paid. They are recommended to be used for short term emergency borrowing . As an example, if you have to travel to work by car due to public transport not being an option. You have a break down and you can 't get to work, catch 22, no car, no work therefore loss of pay - a viscous circle. A Payday …show more content…
All you need to do is fill in a simple on line form. The Loan company will generally give you an instant decision once you have completed their simple on line form. Once approved the money will be deposited into your account the same day. Please note with some banks it may take 1-3 days for the money to clear.
How much can you Borrow?
Most Payday Loan companies will allow you to borrow from £80 to £750 depending on your circumstances such as your monthly salary. The table below shows the costs of Payday Loans:-
Amount Borrowed Amount you repay
£80 £100
£100 £125
£200 £250
£300 £375
£400 £500
£500 £625
£600 £750
£750 £937.50
If you look at the Typical APR of 1845% this sounds horrendous so lets have a look at some comparisons of other forms of …show more content…
The longer term loans seem to have much lower interest rates (APR) but in reality you will end up paying a lot more back then you borrowed in comparison to a Payday loan, this is why payday loan companies always focus on the actual amount you will pay back not the Interest rate. Personally I think that if I needed to borrow money for an emergency I would prefer a payday Loan to a normal long term loan as it will be cleared the next time I get paid.
How easy is it to pay back my Loan?
Very Easy - the agreed repayment amount would be debited by the Loan company from the debit card that you registered on the on line form on your next payday - there 's nothing else for you to do.
Can I defer my payment?
Yes - although after deferring the payday loan twice they will ask you to start reducing the balance. Deferral will incur new charges for every month the loan is deferred - but still at our fixed rate - there are no additional