Borrow money till payday with a short-term loan

If you have a financial emergency before your salary reaches the bank, then you may be able to borrow money till payday to pay for it.

Payday loans should be seen as a short-term solution to your cash-flow problems. Payday loans are designed for small amounts of credit, from £80 up to £1,000. It is not advisable to use a payday loan as a long-term solution. The typical interest rates tend to be in the region of 1,700 to 4,200 % APR representative, which includes the interest payable on the amount you borrow plus any other charges. Loan terms typically last 28 to 31 days.

Many payday loan lenders are available online. Most lenders will provide a quick decision on your application. Funds can be released into your bank account quickly, some within one hour but most will be the same day. Some will even provide funds on a weekend day.

The process is usually straight forward. You will need to provide details about the amount of your loan, some personal information, your bank account details and your repayment method. Once approved, you will be asked to sign a loan agreement electronically before your funds are released.

Some lenders charge administration fees, while others have a flat fee or do not charge anything other than the finance interest. Most lenders will lend responsibly and will only provide loans to customers who can afford to repay them. You can check that a payday loan company maintains such high standards by asking if they belong to the Consumer Finance Association or similar organisation.

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