Payday loans are loan schemes to provide financial assistance to people for a short duration of time. It must be repaid on the next payday of the borrower. These loans are also known as cash advance service payday loans in market. These are the best ways to meet you urgent crisis. The money can be use for paying medical bill, going for a holiday trip with your family member or paying for your bounced cheque.
As already said these are short term financing. Money has to be paid back within a time period of 10 to 30 days. Normally in these loans money is advanced to you till your next payday. It works as a bridge between your two consecutive paydays.
Amount, interest rate:
An amount in the range of £200 to £2000 can easily be secured trough these loans. If you're a regular customer for the lender then you may expect more to get from him. Repayment term is only for 10 to 30 days. In case of any default high penalty will be charged.
The applicant must be a legal UK citizen residing here for the last 1 year at least. His monthly income should be at least £2000 to apply for. He must fill the application along with all the required details to the lender.
As heavy penalty is charged in case of any penalty so loan amount must be decided judiciously based on your monthly salary. You should take only that much what you can pay back easily without any strain. Bad credit holders can also apply for these loans, but interest rate will be a bit high for them
With the increasing popularity of these loans, more and more lenders are providing these loans with a number of flexible terms and conditions. Going online is the best way to search for a lender. You should check the authenticity of the lender and go through the terms carefully.