Need immediate cash for managing unexpected bills? Want money to fund a vacation or to fund a car repair bill? Instead of asking around, you can always opt for payday loans. Payday loan is a short-term advance, which is repayable on your next payday. There is no security and credit check required, and the basic eligibility criteria are quite simple. Below are some of the basic details.
Applying and getting a payday loan
Websites like luckyloans.co.uk offer instant payday loans on the same day. You can get as much as £3000 subject to certain terms and conditions. To be eligible for the loan, you must be a citizen of the UK aged 18 or above, must have a stable job and income, and should have an active bank account. If your loan is approved, money can be transferred to the same bank account in just 15 minutes. The entire process can be completed online, which is a huge advantage. Your personal details and privacy is assured, so no one needs to know that you had a hard time.
The good and the bad
Payday loans are offered without a collateral and approvals are instant. These are easily the two biggest benefits of such advances. You can expect to get the money immediately, and everything is mentioned in detail, including repayment date and terms. It is possible to extend the repayment in some cases. Contrary to what many believe, lenders cannot charge any interest as they want. This is a regulated industry, where every aspect must be adhered to. With that said, payday loans are expensive, and the interest rate can be unexpectedly high. It is always best to take and repay the loan in time. The amount will be automatically deducted from your bank account.
Other things to note
Payday loans are secured against your income, so you need to have a stable job. Some lenders approve the amount based on your salary, so if your income is in the higher bracket, the chances are higher. You also must read the terms and conditions in detail, as with any kind of loan. If you need more than £3000, it is best to consider a personal loan, which is much more flexible. Personal loans can be paid in installments over a period of one to five years, and you can get as much as £25000.
Check online now to apply for payday loans.