Payday Loans Info
Payday loans are a fast, easy way to get some cash into your bank account to help get you through until the end of month. Everyone on a salary has at some time or other spent too much at the beginning of the month and found themselves short of money. This is what payday loans were developed for.
These online cash advance providers first appeared in the States but lenders in the UK soon realised the demand for fast unsecured loans was very much here too, especially in the current financial climate.
Unlike their American counterparts though, the UK payday loan providers are not forced to cap their interest rates and can charge as much as they like. Also, in America there are laws in place to protect the consumer from getting into serious debt but here there is no such prohibition and it's possible to roll the loan over into a second or even third term with some lenders.
Most of the UK lenders have a very similar criteria for potential customers:
- You need to be 18 years of age
- Have a regular income and earning £750 per month
- Be a UK resident
Many don't do a credit check (although some will take your credit rating into account before deciding on your loan application) and usually funds will be deposited into your bank either the same day your application is accepted or next day at the latest.
Where the Payday loan lenders differ from each other is in the amount they will lend and the amount of interest they charge.
While most potential customers will be looking for the amount they can borrow its also important to check what you will be paying back - Remember, someone has to pay for all those annoying TV ads!
We mention the TV ads because while investigating the interest rates charged by the various payday loan companies it soon became apparent that the dearest ones were those spending heavily on advertising.
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