An introduction to Payday loans

With a complete range of differing types of funding available to people currently at increasingly competitive rates, it can take some time to select the right kind of loan when comparing the deals on interest rates offered versus the payment term for your requirements. On occasion, one can find themselves in the situation whereby they require funds on an urgent basis, the money in their account in a matter of hours.

With the normal high street providers getting a loan approved and transferred to your account may well take up to two days once the bank has received the required information as well as signed the documentation required. An increasingly popular type of loan that addresses people’s immediate requirements is payday loan lenders.

Instant funding

With the ability to apply directly to the companies’ websites via a wide range of companies, payday loans are, in essence, ‘instant funding.’ This specific type of funding was first started to provide short-term finance or immediate funding to address urgent requirements to tie people over until the following payday.

An introduction to Payday loans

As an example, your dishwasher or boiler had gone bust, and you need some funds to pay for it to be repaired you could have the money in your account the same day to get it all done instead of having to use your credit card or delaying by another month for your next salary payment to go into your account. Payday loans are ideal for short-term funding requirements such as this, and most providers loan up to 1000GBP as standard.

Straight-forward application

The whole process of applying for a payday loan really couldn’t be more straight forward. As soon as you have completed and sent your information and the amount of finance you require, through the completion of an online form, you will receive confirmation from the provider directly within a few minutes. Boasting a 99% approval rate by the majority of the providers, the money is then usually transferred to your account straight away or a few hours at the most.

Payday loan lenders are ideal for people who have a bad credit history and who would otherwise be unable to get finance approved, especially on such an immediate basis as may be required. A large number of providers will now grant a payday loan whatever the credit rating may be as no credit check is carried out.

Competitive interest rates

With most competitive interest rates about payday loans, the amount of finance available varies between the different lenders. These interest rates can be lower than that applied to credit cards; it’s to one’s advantage to apply for a payday loan.

Generally, across all providers, finance up to 1000GBP is on offer, and also some providers will provide a higher figure subject to more specific terms of the agreement. Of course, one is advised to analyze the agreement terms and conditions carefully to be sure that they are balanced with a competitive interest rate and flexible payment term, should the latter be possibly relevant to your specific situation.

Price comparison websites independently review the different payday advance providers in the market and publish their unbiased account of each on their site is beneficial comparison charts making it the ideal place to consult to help choose the best lender.