When Payday Seems A Long Day Off Think Payday Loan

When Payday Seems A Long Day Off Think Payday Loan



When Payday Seems a​ Long Day Off Think Payday Loan
Most of​ us will have experienced that sinking feeling when we're hit with an​ unexpected bill which has to​ be paid straight away just when the​ bank account is​ looking a​ bit thin.
In the​ old days before electronic payment of​ salaries and wages you​ might be able to​ ask your boss for an​ advance to​ tide you​ over to​ payday .​
The loan would be deducted from your next pay packet and the​ problem would be solved.
But for many of​ us that option no longer exists .​
Unfortunately the​ everyday disasters such as​ the​ car needing to​ be repaired so you​ can get to​ work or​ your children needing new school uniforms immediately still happens.
So what are your options if​ you​ need cash in​ a​ hurry and can't wait till payday?
Your loan choices
One solution on​ offer is​ a​ payday loan which is​ a​ very short term loan (usually to​ you​ next pay day or​ the​ one after) .​
You can normally apply online and if​ you​ meet the​ criteria you​ can have the​ cash in​ your account that day .​
In a​ minority of​ cases it​ can take 48 hours for the​ money to​ be in​ your account but generally it​ is​ within 24 hours.
All you​ need is​ to​ be over-18 with a​ current account that comes with a​ Switch,​ Solo,​ Visa Electronic or​ Visa Delta card .​
You can usually borrow between £80 and £750 and will not be delayed with credit checks,​ but as​ with other loans a​ check will me made to​ whether you​ will have sufficient funds in​ your account on​ payday to​ meet repayments and your other commitments.
Repayments are taken using the​ debit card on​ your account so you​ need a​ debit card in​ order to​ qualify for a​ loan .​
You can roll the​ loan over to​ the​ next payday but are required to​ reduce the​ amount you​ owe after rolling the​ loan over twice.
Charges are straightforward - for example if​ you​ borrow £80 and repay it​ one go your total bill will be £100 rising to​ £937.50 on​ sums of​ £750.
The big advantage of​ a​ payday loan is​ that you'll receive the​ money quickly which is​ not always the​ case with banks and building societies and you​ can borrow until the​ next payday .​
Most other lenders will insist on​ you​ making repayments for at​ least a​ year.
What should you​ look out for?
The interest rate charged on​ payday loans is​ high when compared with other sources .​
Firms are required to​ quote annual percentage rates or​ APRs and because the​ payday loan is​ repaid within days its rate is​ high.
There are alternatives which are cheaper .​
For instance a​ credit card typically charges around 15.9 per cent and your bank may offer an​ authorised overdraft facility where the​ rate can be around a​ similar level.
Credit Unions also offer short-term loans and typically charge about one per cent a​ month on​ loans .​
You can find local Credit Unions by going to​ www.abcul.org .​
Depending on​ where you​ live there may not be one in​ your area.
Don't get into debt if​ you​ don't how you'll get out
Whenever you​ borrow money you​ should have a​ clear idea of​ how you​ are going to​ repay the​ debt .​
That applies to​ payday loans as​ much as​ credit cards,​ bank overdrafts and Credit Union loans.
The longer you​ borrow for the​ more you​ will pay in​ interest and the​ more the​ charges will pile up .​
Always look for the​ best-value source of​ borrowing and make an​ effort to​ become debt-free as​ soon as​ possible.
What Next.
If you​ are interested in​ a​ payday loan fill out our quick and easy application form .​
On submitting the​ form one of​ our advisers' will call you​ to​ confirm your details and provide your personal payday loan quote
Get a​ payday loan quote now:
www.moneyexpert.com/Loans/Payday-Loan.aspx




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