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Emergency financial needs can be frustrating especially when you have no access to extra funds. If you have no savings to fall back to, one viable option for such a short-term cash need is to get a payday loan. A short-term loan, this can be a great alternative for your emergency borrowing needs.
These loans are usually for a small amount that you are then expected to pay on your next payday. You'll be expected to loan costs and interests on the due date too. They are traditionally paid in cash. In addition, they are known for having high interest rates. It has risen on popularity in recent years thanks to the fact that it is one of quickest ways that people can get access to funds which can be paid out by lenders on the very same day.
What to Use Payday Loans For
In the UK, people apply for payday loans for a variety of reasons. There are no restrictions on where and how they should be used, such as paying any emergency bill or even paying off other debts. While these loans used to be offered for a smaller figure in the past, these days, lenders can offer bigger sums payable over a longer period.
They are mainly designed to help those who are in sudden need of extra funds where other forms of credit may not be accessible. Due to the nature in which these loans are often availed of, most of the lenders offering them have streamlined their application process, thus allowing even some of them to get the funds paid out within hours from approval.
Can I apply for payday loans online?
It is possible for borrowers to process a payday loan application online. However, just like any type of loan offered in the UK, applications are going to be subject to affordability and credit checks. This is to ensure that the borrower can indeed afford the loan.
After these checks have been performed, direct lenders will also have to consider the borrower’s credit score before they decide. These, lenders that offer their services to bad credit borrowers now consider a number of criteria, instead of just focusing on their credit scores alone. A borrower also needs to be at least 18, a resident in the UK, has an active bank account, and should have some form of monthly income.
Short-term loans are becoming more accessible to people in the UK. While there are people that may be put-off by the high interest attached to payday loans, they do provide a great alternative to people who need to get access to funds fast. But they should not be looked at as a financial solution for the long-term and should only be considered in the direst of needs and as a last resort.
While your credit should not be reason enough to cut you off from accessing loans and other financial instruments, it is a fact that it will have a huge influence on what will be available for you. If your credit is especially bad that accessing regular and standard loans is just not possible, you have the choice to sing up to payday loans.
Payday Loans For Bad Credit
When you refer to providers that offer short-term loans, your credit score is hardly a problem. What lenders of these credit instruments are more interested in is whether you are able to pay back the amount that they will lend you. All you need to do is show that you have a steady income source and meet the other requirements of the lenders to qualify for the loan.
However, while your credit score does not usually figure out in the equation, these types of loans do have certain pitfalls. For instance, it is common for short-term loans such as payday loans to have really high interest rates. So, expect them to be several folds more expensive than standard loans.
If you are not careful, this can add a considerable amount to your debts and might even cause you to have a hard time getting your payments done on time. This can, in turn, cause you to be forever trapped in a debt cycle. So, being extra careful before availing of these types of credit is crucial.
Requirements for Bad Credit Payday Loans
Lenders would require you to be 18 years old at least, while some will require borrowers to be 21. You’ll need to be a UK resident and although you may not need to be employed, you must have a steady source of income.
Be prepared to provide valid ID forms and proof of income. You will be asked to provide the lenders with your bank details as well as other contact information. In addition, you will be required to have an active UK bank account.
Is Bad Credit Payday Loan Good?
Aside from being able to get a loan despite your bad credit, another advantage of payday loans is that you can borrow money even when you are unemployed. As long as you can show proof that you are earning some sort of income, and can afford to make repayments later, lenders will let you borrow money.
You get the benefit of a quick turnaround as well. Most lenders offer quick processing time, even just a few minutes to assess an application. The moment you get an approval, you can expect the money to be in your account within the same day or in some cases, within a few hours.