In life, emergencies that require money are inevitable. It is impossible to attend to any emergency when your next pay cheque is days away. However, payday loans in the UK are on the increase making it easier for you to get fast cash in no time. The quick cash businesses are helpful in hard economic times where almost every penny on your pay cheque goes accounted. Like any other business, these loans are not short of controversies. However, do not let these debates deter you from borrowing fast needed cash, which you can repay with your next pay cheque.
The payday loans in the UK businesses operate under the scrutiny of the Office of Fair Trading in the UK. This means that they have to adhere to certain regulations in their operations. Therefore, you will not have part with a large chunk of interest when repaying your loan as the interest rate is within a permitted range.
In addition, you will not be paying under a compound interest. This translates to the fact that the principle amount you borrow will not grow in spite of repayment period. The interest will not also increase but remain constant.
You cannot borrow any amount of money you wish to borrow, as the average minimum amount is about £100. The maximum amount you can borrow is £1000 from most lenders. This way you only get a loan of what you can manage to pay back on your next payday.
Payday loans in the UK are not guaranteed to all the applicants. Once you fill the online application, the lenders take some time to review it. Some lending companies will not request for bank statements and pay slips. Nevertheless, all the lenders require that you provide your bank account and personal details. These details provide proof to the lenders whether you can afford to repay the loan accorded to you. The lenders cannot extend loans to people who maybe not in a position to make repayments as this would only lead to the companies’ losses.
Furthermore, you cannot borrow more than once and expect approval. Even though you may have repaid your loan in good time, most lending companies insist that your application must undergo scrutiny each time you decide to borrow. The payday loans in the UK are just measures of settling emergencies, which may not necessarily occur every month.
Payday loans in the UK are only available for the employed and not the college going UK population. This is because the latter cannot afford to repay in the immediate future since they are not working. Besides, the amounts extended in terms of fast cash cannot cater for education since they are too little.
Payday loans in the UK have a quick processing time, which make them ideal for urgent financial needs. In addition, the amount accorded is little to ensure that you do not struggle when paying back on payday. This way you remain with enough money on your check to discourage you from borrowing again. You can choose the best lender that meets your needs from an array of choices.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk