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Anyone can be in a financial crisis at any given time. It becomes even worse when you are only relying in your paycheck with no savings whatsoever. If you’re a bit tight on your budget and an emergency expense comes up, you have no choice but to take out a loan. If you find yourself in this situation and you have no one else to turn to, your best option is a payday loan.
Payday loans are unsecured loans, meaning they don’t require any asset such as your property, vehicle or other valuables as a loan collateral. When you apply for a payday loan, the lender will evaluate your application and decides whether to lend you or not based on your income and ability to pay. If your application is approved, you may pay it back in installments or in a one-time payment.
Payday loans are small loans of $100 to $1,000 over a short-term period. Some lenders will collect the payment of the entire loan cost in two week, while others can stretch the loan term for up to six to twelve months. You may use direct debit repayments that coincide with your payday or you can write a post-dated check.
Personal Payday Loans
Payday loans are designed to help anyone during a difficult time. These loans can be used for a variety of unexpected expenses such as emergency car trouble, home repair, groceries or just to fill in your wallet until payday. This loan is the best option if you are temporarily short on cash and you need immediate funds.
Certain periods of the year when you need extra cash like Christmas, birthdays, summertime, pay period for school, and when bills are piling up, an unplanned trip comes up or when there’s an unexpected event that requires financial assistance, are all common reasons for customers to seek for payday loans.
Getting a payday loan is fast and easy, but it’s one the most expensive forms of credit. It comes with very high interest and other fees.
Some payday loan providers will consider you for a loan even if you’re unemployed, as long as you’re receiving some sort of income, such as government benefits or income from pension.
No Credit Check Payday Loans
If you need immediate cash for emergency expenses, you’d be surprise to find many online lenders offering no credit check payday loans. Unlike banks and other traditional lenders, these credit companies lend you the money you need without the hassle and stress of hard credit inquiry. They will do a soft credit inquiry instead, run an affordability check and gather personal information from you to determine whether to approve your loan request or not and decide on the rate they will offer you.
These lenders provide online loan application 24/7, allowing anyone to apply for payday loans day or night with convenience. The application will be reviewed in just a few minutes and loan decision will be provided almost instantly. If approved, the lender transfers the funds to your bank account within the day. No need for you to leave the house or wait in line at a lender’s office because you can apply from the comfort and privacy of your home.
Best Payday Loans
While payday loans are so quick and easy to get, it is important that you take time to compare the loan offers of different lenders. Visit the website of the lenders and check on their loan calculator. You can use it to see how much you are likely to pay for the amount you want to borrow over the period you desire.
Consider the interest rate because it varies among lenders. Some lenders will charge less interest on their payday loan, although still very high compared to standard loans, than other payday loans of other lenders to remain competitive. Some lenders may also charge other fees while other lenders don’t. Compare the overall loan cost, the loan term, and other loan features included in the loan agreement. This way, you will be able to determine which payday loan is the best deal.
Another thing to look into is the loan term or repayment period. Payday loan term varies between two weeks to one month or even six months, depending on the lender. The amount you will be able to borrow depends on your current financial status and monthly income. Look for a lender who will offer you the maximum amount possible for you to borrow.
Payday Loans for Poor Credit
Poor credit can make it difficult for anyone to take out a loan. But, don’t worry because payday loans are designed mainly to address this concern. Payday loans do not question much on your credit history, but will look into your ability to pay off the loan. In other words, your income and its stability is of utmost important than your credit score when applying for a payday loan.
Whether your income is from a regular employment or from benefits or pension, you can qualify for a payday loan. Payday loans are designed to be paid off on your payday, hence its name. if you are receiving benefits, the payment schedule will be set on the date you will receive your regular benefits or pension.
Poor credit can’t stop you from getting a loan. Many lenders who will consider you despite your poor credit. If you opt for a payday loan, you can repay it the soonest. You can even pay it in as early as seven days. Just make sure you pay the loan on the agreed schedule to avoid penalty. Fees can build upon top of the very high interest, making it even difficult for you to pay off the loan and damaging your credit record even more.
On the other hand, if you pay the loan on time, your credit score will eventually improve and increase again. This will allow you to borrow money in a much lower interest rate. More loan options will be available for you if you have good credit record.
With payday loans, it’s important to remember that you need to be serious with your budget for the repayment. Lenders consider borrowers with poor credit as high-risk borrowers that is why they will charge you high interest rates right from the start. If you think you may have trouble repaying a payday loan, it’s best not to get one at all. If you fail to pay off a payday loan, you can be a train wreck.
Having a poor credit is understandable. You can always apply for a payday loan if you have less-than-perfect credit. What’s important is that you are able to prove you have the ability to repay the loan and you pay off the loan on time.
Payday Loans Direct Lenders
When choosing a payday loan, it’s important to turn to a direct lender that is trustworthy. This means that the lender is authorized to do business in your state. Authorized direct lenders are regulated by law, so you can be assured that you are not paying more than you should.
It is easy to find direct lenders online because majority of them have websites where you can inquire and apply for a loan. When you search online for lenders, you may also find loan brokers. They are not direct lenders, but they are intermediaries.
If you choose to take out a loan with a loan broker, you will have to wait for a little while for a response. They will ask for your personal information and send them over to different lenders. Then, the lenders will contact you or offer you a loan. With a broker, you will have multiple choices. Whereas with a direct lender, you will have to do the selection yourself.
If you will work with a direct lender, on the other hand, you will be dealing with a single company only from beginning to end. Direct lenders will provide you with feedback right after they evaluate your loan application.
Each lender has its own rates, loan terms, fees, and application methods. If you need to apply for a payday loan, make sure you are able to pay it off on the agreed schedule. You should always think carefully before committing to this type of credit.
Budget well and make sure that you can pay back the loan over the agreed period. The total interest varies depending on the amount and the repayment period of the loan, so choosing a smaller value and a shorter period to repay the loan can be a wise move. What happens to most people is that they would need to borrow over and over, getting trap in the debt cycle of payday loans.
Ensure that you choose a well-established, authorized lender when applying for a payday loan. Look for a lender that offers transparency and no hidden fees. Many lenders are known as loan sharks, charging so much on interest and hidden fees. These lenders will not tell you the exact interest rate and total loan cost, and then they will surprise you with a ridiculously high amount. Reading customer reviews and checking on the lender’s website can help you choose a good lender.
Representative APR 278% Representative Example: £500 borrowed for 90 days. Total amount repayable £672.60. Total Interest £172.60. Interest Rate 140.0% (variable)