Author: Nick Dean

Nick Dean is a long-time blogger covering responsible borrowing and financial freedom for over ten years. He strongly believes in entrepreneurial capitalism and economics-based thinking as a solution to poverty in the UK and the world over. Before taking up blogging for a living, he did several stints at banks and credit institutions. In between, he caught a traveling bug and went his way exploring the unknown. Today, he takes his experience dealing with large amounts of financial risk to make millionaires out of the working class. His works have been published in many of the top finance magazines in work.

Five Reasons to Consider a Payday Loan

Emergencies often happen, mostly when you least expect them to. If you are not prepared for when disaster strikes, keep payday loans at the top of your mind. A payday loan is the best thing you can do for yourself when the unforeseen reveals itself.

No matter how worse your credit score can get, the beauty in payday loans is the ease of obtaining one. Besides, the concept behind payday loans is straightforward. You borrow some money and pay it back when you receive your next paycheque. Isn’t that simple?

In case you need more convincing on payday loans, keep on reading. Here are five reasons why millions of working-class Britons take advantage of payday loans to get out of tricky situations.

Reasons why you should consider a Payday loan

Fast cash

Payday loans in the UK usually proceed within 15 minutes of making an application. Since payday loan lenders don’t evaluate an applicant’s credit score, the period to loan approval is shorter. It is easy to get a loan online or in-person from any lender in the UK.

As a rule of thumb, whenever you’re presented with a deal that is just too good, then you might be thinking twice about it. A payday loan offers an instant cash advance on your anticipated end of month pay.

Promoting responsible financial behavior

It is convenient and easy to apply for payday loans in the UK successfully. The upside to this kind of short term loans is that they promote responsible financial behavior. This sort of borrowing is quite beneficial to the working man and woman.

Payday loans offer you a prime opportunity to take your time in managing your finances. You can easily budget for your payday cheque and save for emergencies. In fact, payday loans have become a crucial means to financial freedom for many in the UK.

Convenient means of obtaining the emergency cash

The most popular feature of payday loans is the convenience of obtaining these loans. Especially for emergency cash situations, you can easily apply online or in-person. The loan procedure is faster than any other kind of short term loan in the UK.

This fact is particularly true for people with a bad credit score. Besides, payday loans are advertised as your short term fix whenever you are in dire need of cash. The turnaround time to your next pay makes it easy for borrowers to repay the full amount.

Affordable

Since payday loans in the UK are repaid in under two to four weeks, borrowers can enjoy the affordability of shorter loan terms. The fees and interest rates are standard for any credit market and affordable for everyone. The only thing you need to keep in mind is to pay up in time.

In any case, the interest is not incurred for a year but to your next payday. Such loans are preferred by many. It shouldn’t be a struggle to pay off. Besides, you can always ask for a loan extension if something comes up before your next paycheque.

Flexible Payment Model

Most people often overlook the flexibility on offer for payday loans. It doesn’t hurt you financially to get a quick advance on your pay. Besides, most lenders are willing to work with you if you can’t make the payment on time.

Regardless, you don’t have to swallow your pride every time and borrow from friends, family, even co-workers. You can take out a payday loan today and pay it back when you have the money to do so.

Final words

Payday loans are there to help people who are struggling to get by. They offer convenience, affordability, flexibility, and most importantly, instant approval. Despite the common misconceptions on payday loans in the UK, they promote responsible financial behaviors.

Payday Loans: How to Avoid a Financial Hangover every January?

If you are anything like the average Joe or Jane, your typical new year starts with a saddening post-mortem on your bank account. But who said the start of a new year had to be financially daunting? When you’re in a pinch, think payday loans.

Payday loans offer the fastest way out of the sobering experience of running out of cash after the season of giving. These short-terms loans allow you to manage your finances better as you get into a new year. So, the festivities, vacations, and partying mode don’t end with December.

What are Payday Loans?

Payday loans are small, short-term loans that are paid back on your next paycheque. These loans typically last for at least two to four weeks to your next payday, hence the name. If you are looking for a solid start to a year after fun-spending in December, then all you need is a payday loan.

These kinds of short term loans usually are small amounts; you know, the kind you need as you do some financial house cleaning. The best thing about payday loans lender is that they usually don’t conduct credit checks for loan approval.

That means if you have some loan collectors breathing down your neck, you somehow manage to keep your job and also get a loan. A payday loan can be considered your all-in-one, broke-proof January suite that keeps the party going.

It offers you plenty of financial breathing room to get your head back into another year. A typical £500, which you will repay when you get paid next, can go a long way in sprucing up your wardrobe, maybe also buying a few things for your home.

How much will it cost you?

Payday loans cost nothing surprisingly. Since payday loan lenders don’t typically run a credit check, you can anticipate no impact on your credit score. In a way, it doesn’t cost you anything to request one if you expect to keep your job for the rest of the year.

Interest wise, payday loans charge as much as any loan. The only difference comes in the mode of paying the loan as well as the loan term. All the terms of the loan are explained just as you are making a payday loan application.

While you are still on the hook for interest rates and fees, which are the cost of doing business, there’s no extra cost involved. The interest rate and fee vary from one to the next lender. The difference is the convenience of successfully applying for a payday loan.

How can I apply?

What attracts many to payday loans is that they are always there for you when you are most vulnerable. Anyone who is in dire need of a quick cash injection can quickly and easily make a payday loan application online or in-person.

The basic requirements needed to apply for a payday loan is to:

  • Be 18 years and older.
  • A resident of the UK
  • Own an active checking account
  • Provide proof of income and identification

Usually, payday loans can be approved within minutes. You can receive an approved loan limit within 15 minutes after completing your application process.

Bottom-line

For as long as you can look up to your next paycheque, nothing is keeping you from picking up a payday loan. They are easy for anyone to access when you need them the most, especially after a season of spending.

Since credit checks are not conducted, you can successfully apply with a poor credit score. Payday loans are the financial lifeline everyone needs.

The Truth about Payday Loans

Anyone who has eyes has seen the signs with a promise of instant loans, which you can pay back on your next payday. For many, payday loans offer hope of being financially stable and less reliant on long-term, high-interest loans. But what is a payday loan?

Payday loans are a lifeline for millions of British people to get out of rough financial spots. More precisely, in instances of unforeseen emergencies, such short term loans are helpful. So what’s the truth about Payday loans?

A little cash for a little headache

In a nutshell, payday loans are loans you can apply for and repay on your next payday. Sounds simple, right? That’s because payday loans are quite helpful when you find yourself in tricky situations with no apparent escape.

The bulk of these short-term cash fix lasts for no more than a couple of weeks. The loan amount can be no more than a few hundred pounds, and the interest rates are like any other loan. It’s all a quick fix to a financial problem you might find yourself in it.

You see, all you need to apply for a payday loan in the UK successfully is to have a job. Now that you expect a salary at the end of each month, you can easily apply and pay when your salary finds its way to your bank account. On the contrary, credit companies have a lengthy loan approval process that is up to no good.

It also helps to know that payday loan lenders don’t usually conduct financial background checks on their clients. So if you may have missed one or two payments on a previous loan, you don’t have to worry about how bad that would look to your next lender.

The lenders care about you as a human being and the likelihood of you making a few mistakes from time to time. That’s why these loans are the perfect debt instrument for the working class Briton.

Types of Payday Loans

Contrary to what many believe, payday loans come in many forms. No matter the loan you choose, they typically operate under the same framework. The difference is the loan terms and terms of repaying the loan.

The most common types include:

  • One-hour payday loans
  • 24-hour payday loans
  • 30-day payday loans
  • Instant online payday loans
  • Cash-cheque payday loans
  • Military payday loans

As you have probably noticed by now, payday loans in the UK are structured around helping out someone in the time of their greatest need. If getting an instant loan is the best course of action to get rid of a particular problem, then think along the lines of a payday loan.

These lenders usually are the heroes for those who have been treated unfairly by the credit market. There are millions of people in the UK who walk this road in hard times. If you have reached a point of desperation, and you’re looking for something full of hope, there’s no other way than payday loans.

Bottom-line

It’s scary to find yourself in a position where the only thing that can save the day is a little cash, which you don’t have. It is even scarier when the credit companies you think you can rely on in such times turn you away. In such times, you’ll begin to appreciate payday loans.

In the UK, payday loans help many people out of tricky situations that need emergency money. Payday loans shine a light at the end of your situation. There’s nothing to fear about this kind of short term cash relief.