Ensure You Have Enough Money To Repay The Loan
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Ensure You Have Enough Money To Repay The Loan
One of the main things that you should do before considering taking out a payday loan, is to make sure that you will have enough to pay it back. By ensuring that you have enough cash to cover the payments, you will avoid creating any further problems for yourself.
Use A Trustworthy Company
You should also make sure that the company that you are getting the loan with, is one that can be trusted. You should try to do some background research on the company to see who you are dealing with. They should also have a visible Consumer Credit License number to show you that they are legal to lend you money. The last thing that you’re going to want, is to be ripped off by a dodgy loan provider, and lose any of your hard-earned cash. Reputable lenders can be found through a Google search. We found the website simplepayday.co.uk that offer a specific bad credit payday loan service, perfect for those with a less than perfect credit rating.
Do Compare Rates And Fees
Before signing up for a loan, it’s always best to make sure that you have compared and contrasted potential lenders to make sure that you’re always getting the best deal for your individual circumstances.
Apply For An Unrealistic Loan Amount
Make sure that you only apply for the minimum amount that you need. If you take out more than you need, then you will only put yourself in a difficult position when it comes to your finances. The more that you take out and for a longer amount of time, the more you will have to pay.
Apply With Incorrect Details
Make sure that when filling out your application form, you don’t give any false details. If you get credit without being honest about how much you earn or any other kinds of falsities, then you are doing something illegal and putting yourself at risk.
Don’t Get A Loan Unless You Really Need To
Although many of our customers use payday loans for expenditures that aren’t always emergencies, like holidays or presents, it doesn’t mean that you should take out a loan without good reason. Using a payday loan regularly to cover costs also isn’t an effective way to manage your finances. If you are having difficulties, then it may be a good idea to consult a debt management professional.
An investigation conducted by a popular financial advice website has discovered that many banks charge up to £135 more than payday loans when it comes to credit access.
I’m sure like most others, you have an overdraft set up on your bank account, in case you don’t quite have enough to cover costs, a safety net of sorts. But, there has been new research compiled that has shown that in a lot of cases, the charges of payday loans are actually less than the heavy fees that some banks charge. Some of which aren’t entirely clear to the customer at the time
For example, some may pay into their £100’s for a few days going over their agreed overdraft limit, whereas the loan companies charge less than £20 in similar circumstances.
Another reason why payday loans are more convenient for the customer is that they are easier to arrange, with many online lenders offering the chance to apply 24 hours a day. Compared with many banks who may only offer their services within office hours, if you need cash in an emergency, not between the hours of 9 and 5, then you could be in trouble.
Also, there can be less risk taking out a payday loan in terms of credit. Let’s say for example that you cannot repay your overdraft charges because of daily surcharges, your situation could be referred to a credit reference agency. This could greatly affect your credit rating, which could then affect future banking. It isn’t the case that payday loans companies will take non-payment lightly, but it is likely to impact your credit rating less than the other option.
Despite these facts, this isn’t to say that payday loans are always a viable alternative to going over your overdraft, but in some cases they can be a cheaper option. It’s always best to ensure that you investigate all of your options before deciding what you need to do when it comes to credit..
Yes! You can apply for a payday loan on any day of the week, 24 hours a day. With our automatic loan application process, it means that you can even apply for a payday loan on Saturday and Sunday.
When you apply online with us, our application form only takes a few minutes to complete and you should receive an almost instant loan decision. If you are successfully approved, then in most cases the cash can be with you in just 60 minutes.
Although you can apply for one of our loans at any time, it is possible that at some times of the year, our application process could be a bit slower because of the volume of applications, for example bank holidays or Christmas periods.
Unlike some other short-term loans, payday loans can be approved on a weekend, but this does depend on the lender. There may be some cases, where your loan may take a bit longer to be advanced into your account, as some banks may take longer to clear the money. In these cases, you should be able to get your money on the next working day (which could be Monday). If you are applying on the weekend and want to ensure that you will get your loan in time to pay off your emergency finances, then you should contact your lender to see what their policies are.
Many borrowers should be able to get access to quick cash on the same day that they apply, any time, including weekends, but this does vary from lender to lender.