Finding the right payday lenders for your needs
Unexpected expenses can come from all sorts of sources. An unexpected auto repair or medical expense can quickly result in financial distress. When you are living from one pay period to the next, you may wonder where you will find the funding you need to cover such an unexpected expense. Payday lenders specialise in providing emergency financial funding for just such circumstances.
When looking for a lender, there are a few things you should be aware of. First, you should understand that having bad credit will not prevent you from securing payday funding. This is one of the primary reasons many people choose to apply for a payday loan when they are experiencing financial difficulties. The ability to take advantage of a no credit check payday loan ensures you can quickly and easily receive a loan when you need it the most without being concerned that past credit problems will interfere.
What payday lending companies need to know to approve your short term loan
With that said, there are some requirements you will need to meet when applying. Most payday loan lenders will require applicants to have a bank account in order to have the proceeds of the loan deposited directly into the account upon approval. In addition, the lender will also require that all applicants be a minimum of 18 years of age. You may also be required to demonstrate that you have a regular source of income in order to qualify.
The application process is quite simple and straightforward, you can find them online relatively quickly. This is one of the benefits of a payday loan. You can complete the application process entirely online and receive a response to your application in just a short period of time. This can be quite important when you need to receive emergency money as quickly as possible. There is no need to wait around for days or even weeks whilst a loan officer makes a decision about your loan application.
Fees for lending you money
It is also important to understand that a finance charge will apply to your short term loan. This is the fee that is charged by the lender for loaning you the money. The amount of the finance charge can vary based on factors such as the amount of money borrowed and the length of the loan. But as a rule of thumb it is around £25 per £100 borrowed. So if you wanted a quick £1,000 loan, you would be charged £250 on top. The length of your loan can also vary. Most people choose to take out a cash advance and then pay it back on their next payday. The length of term can vary based on the requirements of the lender; however, many payday loans are made for between seven days and thirty days.
You should also be aware that if you do not pay back your payday loan on the designated date, you may also incur additional finance charges. If you find you are not able to pay back the loan on the specified date, it is imperative that you contact your lender as quickly as possible. Payday companies typically understand that things do come up and may agree to grant you an extension on your loan, but you must advise them of the situation.
Taking out a payday loan is a great solution when you find you are facing expenses with the chances of paying them slim. By taking out a payday loan you can obtain the emergency loan you need without any hassles or delays. Taking the time to understand the requirements of lenders and the terms of your loan will help you to make the most of your loan and quickly re-establish your financial standing.