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Payday loans

Payday Loans Explained

Are you in a pinch for some quick cash, but cannot get a loan due to bad credit? Payday loans (also known as cash advances or payday advance loans) can help. In these challenging economic times, UK consumers are often faced with short-term cash needs between paycheques. They don't want to run up fees for bounced cheques, but they may be finding it hard to get their hands on some immediate cash for their everyday needs or to cover themselves in an emergency. Fortunately, there are lending companies willing to help by giving out what are known as payday loans (online or in the high street) providing fast, instant cash loans.

What are payday loan?

Payday loans, also known as cash advance loans or payday advance loans, are simply short term loans to assist an individual who is running short of cash between paycheques. There are generally no credit requirements (although many companies may verify your identity information), since your job or fixed income provides the security for the loan.

Quite simply, if you meet the criteria of the payday loan company, then you should have no problem whatsoever in getting the money you need.

How do I obtain payday loans?

The process is simple: After you fill out a quick application, your information is verified and the cash is deposited into your bank account. In some cases (i.e. if you use a high street operator) then you may be given cash in hand.

How much can I borrow with payday loans?

Amounts vary according to the payday loans company that you use and your salary levels. It is possible to borrow anything in a cash advance from a few hundred pounds (or less) up to around £1,000. Some payday advance loan companies will let you borrow higher sums once your first payday loan has been successfully repaid.

How long do I have to wait for the money?

Often a payday loan can be granted within 24 hours and sometimes you can even get your money on the same day that you apply.

How do I repay the payday advance loan, and when?

When you receive your next paycheque, the cash advance loan is automatically repaid, along with any transaction fee, direct from your bank account. Some payday loans companies will have a maximum lending period - i.e. 14 days.

Can I request more than one payday loan at a time?

Only one cash advance at a time is allowed with most payday loans companies. Upon receiving a bank confirmation report that your previous payday advance loan payment has cleared (normally 3 to 5 working days), then you may request another payday cash advance. Some companies will offer same day salary services, so you can ask for another payday loan on the day your previous loan has been repaid.

How do I qualify for payday loans?

To obtain payday loans, cash advances, or payday advance loans in the UK, you must meet the following specific criteria:

  • You must be 18 years of age or older.

  • You must live in the UK.

  • You must have a valid bank account; some cash advance companies will ask that the account has been in operation for a specific period, i.e. for three months, before you will qualify.

  • You must be in regular employment; some payday advance loan companies will ask that you have been in employment for a specific period, i.e. three months, before you will qualify. Some payday loan companies will not accept applications from people who are paid on a commission only basis or those claiming certain types of benefits.

  • You will have to have a minimum take home pay every month—the amount here will depend on the payday loans company with which you deal.

Compare the best payday loans

 
 
 
 
 
 
 
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