What is a Payday Loan?

We have all had those months when our money just won’t stretch far enough. If you can’t borrow the cash you need from a friend or family member, then a payday loan could be the answer. These loans have also sprung onto the market since the economic crisis began. Banks have made it more difficult to borrow money, especially small amounts for short periods of time.

If you have a bad credit rating, then borrowing through traditional channels becomes almost impossible. You can a payday loan even if you have a less than perfect borrowing history. The online application forms and quick and easy, and as credit checks are not carried out, you can get instant approval and even have the money in your account in 15 minutes!

You will have to be over 18, be a UK citizen, have a bank account and you might have to provide proof of employment. You can borrow from £100 to £1000, usually for a couple of weeks to a month. This short loan period means that you may have to pay high interest rates.

It’s important to research the market properly before committing to a loan. Always make sure you understand fully the terms of the loan and how much including interest you will have to pay back. Remember that you should never borrow more money than you can afford to pay back, or you could get into serious debt.

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