Pay day loans first become popular in the United States Of America and over time they have grown and become very popular here in the United Kingdom. A pay day loan a short term loan normally for around 2 months. There are various pay day loan lenders and text loan lenders and more seem to be cropping up on a monthly basis.
Pay day loans are a great way of receiving an extra cash boost, the application process is very quick and the money can be in your bank account within just 15 minutes. There are no credit checks carried out making them ideal if you have been turned down for a loan in the past.
Recently payday loan lenders have been given a rough time, by the press recently and MPs this is due to the fact of the high APR charges in which a pay day loan lender charges you to borrow money, why the figure 4145 % APR sounds a lot when it comes to pay day loans you have to remember APR is calculated over a year, so when it comes to borrowing money from a pay day loan company the APR is a useless calculation as you are not borrowing the money for a year.
In a recent survey carried out all types of people turn to a pay day loan lending company just not those on benefits, doctors, solicitors and even pilots have taken out a loan with a cash advance company. This proves that regardless of your income people do run out of money and need some extra cash just to get through to their next pay day.
The amount you can borrow can be anything from £100 up to £1500, this is at the discretion of the pay day loan lender, and you will of course have to repay this the next time you get paid.
When it comes to any loan advance or no credit check loans payday loans always seem to be in the press for having a high APR figure, this is nonsense. No credit check payday loans do not have a huge APR figure as this figure is used to calculate loans or anything to do with finance over a 12 month period. Uk payday loans are only a short term solution 1 or 3 months at the maximum, the shorter the loan period the higher the APR figure will be. If you are looking for a payday loan online you should pay special attention to the fee charged figure this figure is clearly displayed on all the payday cash loan companies’ website. Most payday loan lenders will charge you a fee per £100 borrowed this charge is on average around £30. This means if you take put a cash loan with a payday loan company for £100 you will have to repay £130. This is not bad when you consider that many payday loan providers offer instant approval and of course there are no credit checks involved.
When it comes to payday loan companies there are no best and worst providers, but before you do decide to apply for payday loan online have a look around the forums or review websites to see which payday loan lender in the UK is best suited to your needs.
Back when these types of loans were first introduced to the UK you would of have to fax all your documents to the lender before you were accepted for a guaranteed loan but not anymore. Due to modern technology all payday loan companies now offer a no fax payday loan, this means if the provider wants to see proof of income you can now email it to the lender, most lenders now use this as most people who are looking to get a payday loan early in the morning or late in the evening will able to get the cash in their account quicker, even at weekends payday loan lenders are available to dispense the cash in to your account using this facility.
How Do You Apply For A Pay Day Loan Online?
Just visit a pay day loans lenders website and apply via their website.
Do I Need To Fax Documents?
Pay day loans are now no fax pay day loans in the good old days before technology the lender would of required you to fax your documents to them but not anymore.
How Quick Will I Get A Loan?
You can get a pay day loan within 15 minutes. Although if you want a 15 minute pay day loan you may be charged for this quick service.
What’s The Difference Between A Pay Day Loan Lender And A Pay Day Loan Broker?
A payday loan direct lender will lend you the money whilst a pay day loan broker will find and locate you a loan but you will have to pay a broker free. We only list payday loan lenders only and not brokers.
When Can You Apply For A Pay Day loan?
Pay day loans are accessible through the day evening 24 hours a day so if you need some extra money in the evening or even at the weekends when most loan companies are closed, pay day loan companies are open all the time meaning you can apply for a loan and receive a loan anytime your in urgent help.
I Need A List Of New Pay Day Loan Lenders.
Don’t worry our team are always looking for new payday loan lenders, so we try and update our website on a monthly basis to include a list of new pay day loan lenders.
How Much Will A Pay Day Lender Lend Me?
Pay day loans are based on your wages the minimum you will be able to get is £50 whilst the maximum can be £1500.
Why Are Pay Day Loans So Popular?
Pay day loans require no credit checks and they are a fast way to obtain a loan.
Where can I find a pay day loan list?
Click the big red button on the home page and this will show you a list of pay day loans lenders