The road to responsible spending

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Infographic by Cushtee Cash on how to teach your children responsible spending.


Employed for 1-month, can I get a loan?

Payday loans online are a common lending source to receive fast cash at present in the UK. About 2/3rd’s of permanent employees in the country borrow money from short-term UK lending companies every month. To address the increasing demand for this type of loan, many lending companies have started lending money on this short-term basis in various forms with a little higher interest than other forms of lending. Actually, these are not loans though literally they have been known as payday loans. They are more like salary advances with a fee attached to them.

Who is applying for these loans?

The reasons for a high percentage of citizens of the UK who apply for them vary are, one is they are convenient to apply as well as very fast to receive. Before, and after the receiving of UK loans, the service provided is meticulous and respectable. The lending services of these types of loans protect the borrower’s personal details and confidentiality. Most of these instant loans firms are regulated by such agencies as, which stands for the consumer credit trade association. Therefore, many people trust them when they need money and do not consider the high percentage of interest involved with such loans as they will not be able to enjoy such a service else where.

To apply for payday loans online, an individual should be 18 years or above and must be a permanent employees with a steady income over 400 pounds. He or she should also have a valid bank account as well as be a citizen of the UK. The procedure in applying is extremely trustworthy at these short term loans agencies. If a borrower applies online, there is no leakage of personal information and confidentiality is assured since network channels are highly secured with the latest software programs. The information needed includes the borrower’s name, address, income, employment details, account details, country, town etc.

Once submitted, the application is electronically verified and a reply will be sent within minutes. If a borrower is approved for a loan, the money will be transferred to his or her account within hours or within 24 hours the latest. An interest rate of 25 pounds for every 100 pounds is debited from the account of borrowers. When repayment is due the full amount is required together with the relevant fees that were charged. On the other hand, many payday loans companies do not charge any additional fees.

If you run into trouble with repayment

If a borrower is unable to repay on the due date, the lender should be informed outright. Since high-tech cash advance companies are highly educated in their trades, they know how to handle difficult situations and will advice their borrowers of the most appropriate steps to follow. The borrower will most certainly be given another date and a more easy repayment scheme than the first arrangement. Nevertheless, the payday advance should be paid in one instalment on the due date to avoid unnecessary involvement with higher interest rate.

Who does not have a financial crisis and find that they have exhausted every avenue to quick financial help? Nearly every source requires some form of collateral and guarantee to even consider an application. Besides by the time loans are processed the need may not even be there. People borrow money when they have to face urgent financial requirements. These can be some of them… sudden illnesses, accidents, overdue bills, overlapping mortgages, unexpected festivities, and for many more reasons. In the UK, a very large number of lending companies now provide people with payday loans to face such problems. As the procedure of granting loans by these companies are convenient and fast, many employees and steady income earners in a financial crisis are those who apply for these loans. For example, in the UK, an increase of 25% of cash advance receivers were witnessed borrowing in the last year and this figure is increasing considerably in 2011 as well.paydayloansexplained

To meet the demand many UK and US short-term lending companies are in operation in every state. Most of these companies are online-based companies. However, a high percentage of such companies have brick and mortar offices and provide the conventional loan system as well. The younger generation are seen to be rapidly turning to the Internet when same day loans are required since it is very convenient and fast.


Many of the research done on fast cash loans have revealed disadvantages as well as advantages. The high APR of such loans is one of the highly criticized aspects. In general, 25 pounds is a fee charged for every 100 pounds borrowed. This type of loan is an unsecured short-term loan and must be repaid after 14 days or 31 days. Therefore, APR influence on borrowers is minimal as they have to repay the loan in one go.

Another factor that is often met with criticism is the general hardship status of borrowers who after borrowing at high rates are drawn into a quagmire of constant debt which only keeps snowballing. Critics say, when an individual borrows money through paycheque advance, he or she has to return to the same procedure month after month. That means, they are surrendered to high APR throughout the year. This is an exaggeration and under estimation of lenders of short-term loans. People should know how to repay them on the due date before they take such loans. On the other hand, the position could change in the next month and they would be able to repay their loans very soon with an entirely new income and method.

What ever said and done, small cash loans are here to stay. They provide an appreciable service to the middle class employed people in the UK. The popularity of such loans within a short period such as four years is evidence to this fact. Convenient, speed and availability, along with the shortest repayment system are the hallmarks of the system. No one can deny this in any manner.


I desperately need a loan help

When people desperately need some money to cover budget gaps within their two pay-days, they now find Payday Loans are one of the best ways to solve such problems. The budgetary gaps will be for a car repair, overdue bills, medical bills, insurance premiums, overdue mortgage instalments and many other similar situations. All these problems have a habit to arise in the middle of month when there is no money in hand. People need reliable sources to borrow some money to cover these problems and instant payday loans lending companies or services are ready to assist in their needs day or night.

They are high-tech professional lending companies. Unlike lenders in the past, these companies use high standards, manners and techniques when dealing with their borrowers. Mostly a few persons are rejected when they apply for a loan, since they provide personal attention and care with every application they receive. Even for bankrupt people, bad credit individuals, mortgage negotiators etc, are all considered favourably for granting of same day loans.

Simple application

The application format is one document to understand how conveniently emergency cash loans providers arrange their service for borrowers. It has very simple questions only to gain important details. A loan applicant can fill an application within two minutes and submit without any documentation to support it. As a rule, lenders require borrowers to furnish their names, employment details, income, contact details, addresses, bank account details, country and town. Of course the amount needed as the loan is also needed.

Once the application form has been submitted, it will be taken care of by the lending companies’ highly professional staff and their sophisticated software technologies. Within minutes, the applicant will be informed whether he or she is approved for a quick cash loan. If he or she is approved, the money will be transferred on the same day to the relevant account or within 24 hours. The details of the money transfer will be informed to the applicants by an email or over the phone.


In general, repayment has to be done after 14 days or a month. It will be repaid with the additional fee or interest. Most lending services do not charge additional or hidden fees. The interest is about 25 pounds for every 100 pounds. If a borrower repays his loan on the due date without delays, he will be considered as a priority for future granting of loans with a higher limit than the first one. However, if a person has difficulties in repaying the borrowed money on the due date, he can discuss the matter with the lender and have it rearranged for another settlement date.

UK citizen point of view

I am a young person who is a permanent employee in a UK firm. When I need payday loans I always try to find cash in the most convenient manner. Of course, I will check what the consequences of such borrowings are as well. When I borrow from my close friends and relatives, I am very careful to return the money in time and I am always very embarrassed when I have to borrow from them. If they say, “No I am very sorry,” I am sorry for them more than they are for me, because I have put them in a very embarrassing situation.

Any way, until a few months back, it was the best way for me to have instant payday loans when I need cash for sudden urgent financial requirements. I get some kind of urgent financial needs every month, and I have no money in hand to face it. This invariably happens between two paydays. I think it is normal because most of my friends are also in similar situations. The problems come in various forms and occur at various times requiring cash to solve them.

However, in last year it was very difficult to find money from friends and relatives because they were in financially strained as well due to the financial crisis affecting people all over the World. Even banks were reluctant to lend money and most banks were closed. Many others changed their rules and regulations when lending monies. Then, one day, I went to a pawnbroker and asked him to lend me 1000 pounds to repair my vehicle, which had some minor problem. He refused to lend me the money unless I had some valuable asset to pawn against the money. I left my ring with him and received the money. Until last month, I was paying him interest of about 30 pound a month as I was never able to pay back the loan and redeem the ring.

“If a person as free as me can face such hardships due to financial requirements during two pay-days, how severe could it be for families to bear?”

I do not borrow money from friends and relatives. When I am faced with an urgent problem and need money I switch on my laptop and fill an online application form for a pay cheque advance, from a reputable company I have known for the last six months. I have borrowed money from them frequently to solve my financial problems. No sooner I apply they have transferred money to my account since they know I am a reliable customer through my dealings with them and repaying on time. Like me, about 2/3rd of permanent employees in the UK have built good relationships with one or another reputable payday loans online company. It is standard now and the fastest way to receive money for our financial problems.


Loan repayment and benefits

A payday loan is known to be a cash advance received and paid back on your next payday. This loan is instantly approved that needs to be refunded at once when your next salary is paid into your checking account. Payday loan is the kind of loan designed to assist people that require quick cash due to some emergency bill that cannot be left to linger till the next pay cheque arrives, or is deposited into your checking account. It is advisable, though, that payday loans must not be used in raising fast cash except if it is totally important.

loanapproval2Based on its name, the term of this loan is within 14 to 31 days, within which you are supposed to have received your next pay from your employer. Many of the payday loan firms do observe how to restructure loan repayment in case you are not capable of offsetting loan with the interest at once when you have received your salary. When comparing payday loans with other loans, you will find out that it is convenient and easy to get; but remember to borrow for the right reasons, since there is a rate attached to the principal amount borrowed. Therefore, try as much as possible to take a greater advantage of obtaining payday loan but it is advisable to go for small amount and think of the effect of payday loan on your cash flow as you wait for your next pay.

Here are some of the benefits of payday loans:

  • The payday loan is easy and convenient in its application.
  • Ability to calculate the full payment on the payday loan in order to be sure of your pay back.
  • You only need to fill and submit an online form at the website of the loan company of your choice.
  • There are no credit checks.
  • You do not need to fax personal documents to the lender.
  • The approval is within 15 minutes but not longer than a day.
  • It is so easy that when the application has been approved, the money will be deposited into your checking account in the following business day.

Therefore, payday loans UK are known to be the easiest and fastest cash advance technique on the internet; but you need to tread with caution so you do not have multiple debts hanging over you. To do so, you need to employ the following approach:

  • Be sure that the need is not just an emotional like buying for the sake of making others feel good about you.
  • Endeavour to collect only what you actually need and nothing more. You need to have in mind that the higher the amount the more you will have to repay. Note that you will be repaying both the principal and the rate attached.
  • If you find out that repayment of loan is not going to be possible at the agreed time with your lender for certain reasons, it is better you call your lender and make him understand your situation. Also, try to offset the money as much as possible. This will reduce what you will have to pay next month. Lenders are open to those who want to roll over debt.

Ideal for sudden catastrophes

In general, no faxing payday loans are ideal for quick financial solutions. They just work best when borrowers apply caution to avoid issues with multiple debts, or roll overs.

Just as the need to keep your home clean is important if you are expecting a guest, so also is the need to have a good credit history when you need to take a traditional loan. One factor we must never forget is that banks are in business to make profit. No one wants to engage on a business to run into losses, and these finance houses are not charity organizations. Loans given out by banks fall under secured loans, as they make sure that the borrower is credit worthy before loan application is granted.

Difference to traditional personal loans

With traditional loans, there are too many processes to go through. Most of such loans are mainly used for long term big projects like mortgage, and other needs requiring huge financial base to undertake. They are mainly on yearly basis, unlike the simple payday loans. It is in the need to have a good credit history before loan can be granted that has made most people in need of loans looking elsewhere. They aren’t just looking elsewhere for the sake of looking alone; they are in search of lenders who can offer loans to those with bad credit. Simply put, they are looking for loan companies that are ready to take the risk of lending to someone who is most likely to default in loan payment.

Such companies may seem to be in non-existence, but a careful search can reveal payday loans online firms that are seriously willing to lend to people with bad credit history. As unsecured as the loan may be, you can get it deposited into your bank account before the end of the day. It is quite amazing as you are not even asked to get your documents faxed to them so they could verify if loan application would be successful or not. All they would ever ask you do is to fill and submit a one page online form. The form provided will allow column for your age, work history, and how much you want to collect. You are not allowed to take out such loan if you are below the age of 18. Quick payday loans companies require intending borrowers to have a full time pay job as a major criterion for a successful loan application. This helps the company to make certain that you are able to pay back loan on your next payday. Since easy credit is such an unsecured and risky business, they are mainly short term loans due for repayment on the day you receive your next pay.

Good or bad credit?

Whether you have good credit history or bad one, you are sure to take out payday loan online if the amount you are asking for, coupled with the interest rate is less than your monthly pay. With that easy credit companies are sure to be your safest financial haven in times of need, since there is no asking whether for credit history. If you are in need of a payday loan, simply go online and do your normal search by typing in a search phrase. You will find a lot of such companies, and then it is yours to choose from the lot.


Can I get loans with ccj’s and defaults?

The fear of worsening one’s credit history is the reason most people with bad credit may be looking elsewhere than taking another loan. The issue with a borrower’s credit history plays a huge role in determining who gets what in the world of traditional loans. But it is evident that you can have cash loans even with bad credit. Then, what about the impact in the event that a borrower defaults in loan repayment? Even when it seems impossible for one to default in loan repayment, since one’s monthly pay is taken into account before loan is approved, the presence of unplanned emergency expenses can never be ruled out.

“Note that with some payday loans, there is not the presence of credit checks, so the credit score of a borrower will be un-revealed during credit inquiries by a credit agency. This is actually a plus for cash loans.”

Unlike traditional loans one can obtain from banks, all you are required of by a instant loans company is to fill an online form made available to borrowers by the lending company. There is no requirement on the borrower to provide any form of credit history to ascertain his credit worthiness. The online form is simple to fill and you need not fax any document to your lender. The online form provides a column where borrowers are required to fill in their bank account detail and their pay per month. The information regarding borrower’s bank details and employment history is to help work out how much the borrower can be allowed to get, which actually depends on how much he gets as salary from his full time job. The reason is that, since the no fax loan is a short term loan (due for repayment after 31 days), you are not expected to take more than your salary can repay; considering both the principal and the interest rate charged on every penny borrowed.

Payday advances can actually be of help to people with bad credit than a problem, since it is not attached to any credit history issues concerned with an intending borrower.

I have read a few articles about payday loans in which some examples of people who had to pay the money they had borrowed plus a considerable fee. In other words, they said that it’s not such a good idea to apply for payday loans online. There are many things like this written on the internet, in which the fact that more and more people are choosing to transmit guaranteed payday loans in a negative view, because of those who could not pay their debts on time.

I think that the way of understanding these kinds of situations could be reconsidered. Reviewing the facts – the way we must understand that clients are informed from the very beginning about the costs of their transaction. After all, it is in the borrower`s own interest to ask details about all the risks of a payday loan and eventually to make the decision on whether to apply for it.

I have said it before: the client is the one who decides on the costs of his loan fees. As sooner the money he borrowed is repaid, the smaller the fee`s cost will be.

It is important to see in payday advances as an opportunity for people who need it, because this is its main purpose: to give a helping hand to those who ask for it. Without any intention of saying that there are no disadvantages, or no risks in borrowing money, I keep on seeing that this type of loan product is being more and more used by people in the UK.

The statistical numbers that show us that there are lots more people taking out payday loans every year, confirm that there are more and more satisfied clients every year. Because I have always thought that this is the best way to promote anything – providing quality services. One happy client will bring you another two clients and so on.

So if there are more people every year that choose to take out a cash advance online, this could mean that the money issues are increasing year by year (an undeniable fact) and that payday services are getting better and there are more satisfied clients than the year before.

Instant payday prognosis

As for the opposite side (because it is impossible to keep everyone happy), the large amount of money that is charged in interest could be considered a lesson about responsibility. One must not ask for more than he can give.

But, after all, we are all human and we all know very well our typical habits. Almost all the time we want more than we have, that`s why we can`t blame others for feeling the same way too. Even though, if you have big debts, you have to admit that it is your fault and resolve your problem, without trying in any way to blame those who have tried to help you from the very beginning.

So, in order to avoid those kinds of situations, we specifically mention that guaranteed payday loans are for responsible people only; for those who know exactly what a loan means and who are willing to respect the conditions.

We all have money issues, we all want things that we can`t afford, sometimes with an illogical stubbornness. Then is when we are searching for other types of solutions. Eventually we don`t have the right to ask the reason for others` loans. Our job is only to keep the clients satisfied. That`s why we create a relationship based first of all on trust and communication and I am sure enough that we have done a good job so far.

If we should create a profile of those who are planning to take out an online payday loan, there will be lots of possibilities. First of all he or she would be in need of money. I guess we all are in that kind of situation pretty often. Then, it should be an independent person who won`t ask their friends or family for money (that, or maybe because they wouldn`t have received it anyway). Also, it should be a calculated person who knows exactly how much he or she affords to borrow and when the money will be returned.

Otherwise, there could be inconveniences, however, there are always exceptions that make the rules even stronger.