Many people turn these noses up when a Payday Loan advert is on the TV or someone tells them they are going to get a Loan from a Payday Lender. Why would you bother using Payday Loans?
Here are just a few reasons why some people may need to use Payday Loans:
1. Need Cash Quickly
There may be times when they need access to money fast and have no other means of getting the cash they need. This could be something like a car has broken down or a boiler stopped working and needs emergency repairs. With a Payday Loan you can get the money in your bank account the same day to help get those repairs fixed asap.
2. Poor Credit History
Some people may have suffered from poor credit in the past, usually because of failing to meet payments on time. They will be less likely to get approved most loan applications, especially from high street lenders. Also most other forms of lending will take at least a few days to get access to the funds, often a couple of weeks.
3. Easy to Apply
Payday Loans are very easy to apply for. No lengthy paperwork to fill in. With very few basic requirements, they offer a hassle free way of getting the cash without any complications. Basic requirements generally are that you need to be over 18 years old, have a UK bank account and a permanent address.
4. No Long term Contract
There is no need to get tied into any long term loan agreements. Often paying back more interest as it has the compound affect. Although Payday Loans have high Interest APR associated with them. The amount you pay back is not an annual interest. You pay back for how long you take out the loan and in most cases this will be less than 30 days, or when you next get paid.
