What Is A Payday Loan? Payday loans are loans that provide a quick fix to a small financial dilemma. The borrower gets the cash he or she needs until the borrowed amount can be repaid on the next paycheck.
(prHWY.com) July 19, 2012 - Preston,, United Kingdom -- What Is A Payday Loan?
Payday loans are loans that provide a quick fix to a small financial dilemma. The borrower gets the cash he or she needs until the borrowed amount can be repaid on the next paycheck. The amount of cash
gained from a payday loan varies from a low £100 to a steep £1,000. The loan period is generally two weeks long but can be as short as ten days.
Suppose you were to borrow £300. The lender gets £45 out of the deal payday loans generally charge £15--£30 per £100 lent. Since payday loans have duration much shorter than a year, the APR would be
over 500 percent if the owed amount is paid within 14days. If there is roll over on the loan, another fee would be added, doubling the estimated APR. For the sake of fairness to the lenders, you should
compare these interest rates to other payday loaners instead of comparing the rates to a mortgage.
When do I get the money?
Payday loans are completed in a simple process -- simple, at least, when compared to secured loans. There are no extensive background checks or home value assessments with payday loans The standard for
receiving the money is approximately 24 hours, or one business day. Some companies work a little faster and deliver the cash into your bank account in fewer than 24 hours.
What are the requirements for payday loans? Payday loans aren't given out to just anyone. Simultaneously, there aren't too many requirements for payday loans. Make sure all of these qualifications are met
before you start searching for your next cash advance.
Do I need to have fair or good credit to get a payday loan?
You do not need a fair or good credit rating to receive payday loans Lenders rarely bother with any sort of credit checking because they already assume that the average person with a cash emergency does not
have a good credit score. Someone with good credit, they presume, wouldn't have a need for payday loans when there's a credit card Within reach.
Benefit From Payday Loans:
When people run into a little financial trouble between paychecks, their options may be limited. When the money is needed quickly to prevent more damage, it may become even more difficult to obtain the
necessary funds. However, when all else fails, you can consider using payday loans as a last resort.
Here are 3 types of people that can benefit from payday loans:
1# Employed people.
When getting payday loans, the best way to secure the funds is to be employed. To have proof that you are employed, many lenders will require you to provide information for or copies of recent pay stubs
during the application process. They will also need to see bank statements to confirm that the paychecks are being deposited into the account that you are using on your application.
Because many employed people receive paychecks every two weeks the loan is often due to be repaid within that time period. However, longer loans are available for those that may only get paid once a
month.
2# Self-employed people.
Many people believe that they cannot get payday loans if they are self-employed. If you own your own business or freelance, you can still qualify for loans from many lenders To have proof that you are
generating enough monthly net income, the lenders will likely require you to provide bank statements for the previous three months.
For self-employed people, the loan period is still typically set for two weeks However, longer terms are available if needed.
3# People on Social Security:
Just like with self-employed people, many people on Social Security may not believe that they can get the help they need because they are not employed. However, there are many lenders that will accept
payments from Social Security and Supplemental Security Insurance (SSI). Since the average income of people on Social Security is £1,111 and over per month many qualify without any hassle.
About Tiger Loan
Pay Loan Instant Decision Loan Approval Rate 99.9% - Bad Credit or Good Credit. Need a Payday Loan of up to £1000? Receive the money you need within 15
Minutes!. Tiger Loan is a Payday loan service provider. For more details contact us.
Tiger Loan Meadow Bank
Penwortham,
Preston,
PR1 9BL
United Kingdom
Phone: 01772499510
Phone: 01772499511
Email ID: info@tigerloan.co.uk
Website:
http://www.tigerloan.co.uk
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