Although the title seems a bit hard to believe, it is true. You can now get an instant loan and even more, you can do it without leaving your home and without any paperwork.
Before you think that you are dreaming, you should look into payday UK loans. This type of loan is made for those situations in which you need a fast response from the lender and you need the money by the next day.
Instant loans are possible because of the few required information by the creditor and the fast online processing that most agencies offer. While banks take 15 days to check your information and you credit score, payday agencies take 15 hours to check your application and send the money in your bank account. That is why payday loans are so referred to as being overnight money loans.
Once you get the loan approved and you have the money in your bank account, you are ready to solve whatever financial need you had; from medical bills to a holiday trip, a lot of things can be covered by this moderate loan.
Of course, you shouldn’t linger because the loan is usually due in four months so make sure you have the money by then and pay back the agency plus the added interest. You should also know that if you can’t pay the loan on the date, you can extend your deadline or roll it over as it is known.
There is no law in the UK about how many times you can roll it over but you do have to pay penalties each time so try to clear it as quickly as possible. You can also find comparison sites in which you can see what different agencies have to offer this will help you get a great deal and pay lower interest rates on your loan.
3 Simple Steps
If you ever needed money or found yourself in an emergency situation, you will probably appreciate payday loans. Not only do these loans give you an important amount of money very fast, but you won’t need to worry about your credit score or a lot of documents.
Payday loans can be very beneficial for you during financial crises or emergency situations and you will be able to borrow up to £1500 that you can pay back when you get your paycheck. You can do this in three easy steps.
The first step is to actually find a company and make sure that you do your best in getting the right deal. Some companies may have different interest rates or different pay back dates and it’s up to you to make sure that the terms of your contract are suitable to your situation.
After you found a company, the most important thing is to contact them and talk to them in person. If you are choosing an online company you can just give them a call and make sure that you ask enough questions to get your information about the whole process.
You need to make sure that you know all the requirements for application. Usually you will have to be over 18, be employed, be a member of the state where you get the loan from and have a bank account.
The third step is to actually submit your application which consists in a number of documents. You don’t need to worry about having to get a lot of documents because you will actually have to submit an application form.
Proof that you are employed in some cases and a copy of your identification details are also needed. Unlike traditional loans, payday loans don’t require a lot of documents and they send the cash to your account very fast.
You have probably notice that online payday loans have taken quite a swing in the United Kingdom and maybe it is time to know all there is to know about this process. Here is a list of some of most common question you might have about payday loans online that will surely help you when you are in need of money.
What is a payday loan?
A payday loan is a short term loan which can be obtained online and has the purpose to help consumers with cash between paydays.
How can I get a payday loan?
The best and easiest way to find a lending agency is online. Once you find a suiting company, all you have to do is fill out a form with some of your personal information. The money will be delivered in your bank account as soon as your information checks out.
What are the requirements?
Payday loans don’t have as many requirements as a regular loan has. If you are over 18 years old and have a steady job and are a resident of the country in which the agency operates, you can get a loan. The maximum amount determined by the size of your income and you can get anything from £80 to over £750.
How long does it take for the loan to get approved?
Seeing that there are few requirements and a good credit score is not one of them, the time it takes for a payday loan to be approved is usually a maximum of 24h from the moment you subscribe your application.
When and how do I have to pay the loan back?
Payday loans online are usually meant to be paid back in a couple of weeks and they are not for solving long term problems but more for getting extra cash for weekly expenses.