Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).
People take out loans for all kinds of financial goals. Sometimes, you might take out a loan because you want to buy your own home for you and your family. This often means taking out a special kind of loan called a mortgage. Other times, you might want to take out money for something smaller, but still substantial, like a new kitchen, or a car.
In some cases, however, you might want to borrow a very small amount of money for a limited period of time, which means that you won’t want to worry about taking out a full personal loan. Payday loans can be an excellent way to access a small amount of cash for a short period of time, with as little stress as possible. Payday loans can offer anywhere between £50 and £1000 in most cases, depending on the lender that you choose.
Additionally, unlike most loans, with a payday loan, you’re not stuck worrying about your budget for several months or years. Instead, you pay back everything you owe within a month of borrowing the cash. This means that you have a lot less stress on your plate overall. Here’s what you need to know about applying for a little loan.
Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).
These days, most people will have to borrow money via an instant loan for bad credit at some point in their lives for one thing or another. However, not every loan will be intended for the same thing. Some loans are designed for bigger amounts of cash and they come with repayments that need to be spread out over a series of months. Other loans have a very specific purpose, and they may require a meeting with a loan provider before you can begin your application.
Payday loans are designed for when you need money fast and you can’t afford to wait until your next payday. When you’re eager to get your hands on some cash to fix a problem in your home or pay for something that just can’t wait, a payday loan gives you instant access to the support that you need, without the headaches.
Payday loans provide quick and easy access to money when you don’t have an emergency savings account to protect you from the little emergencies that happen in life. What’s more, this form of lending can usually be an excellent option for people who have a poor credit history. If you don’t have the best credit rating, payday loans don’t just look at your credit to decide whether you should get a loan. Most providers will also examine other things to determine if you have the right level of affordability to borrow money.
Applying for a quick £200 loan is a lot simpler than you might think. Usually, when you apply for a larger loan with a bank or credit union, there are a lot more hoops that you need to jump through. You’ll need to fill out a bunch of complicated forms and wait for people to approve you every step of the way. If you need your money quickly for an emergency, then you’re going to have a hard time using a traditional loan.
On the other hand, payday loans are typically a lot easier to access. Most payday loans, including the ones that we share here, are 100% available online. You can simply create an account with the company that you want to borrow money fast from, and entering your details only takes a few minutes. There’s no need to set up a conversation with an expert where you need to talk through your entire lending history or discuss your credit score.
Usually, your small loan provider or payday lender will ask a few basic questions about your employment, residential status, income, bank details, and outgoing expenses. The idea is to make sure that you can afford to pay back the loan that you’re getting, even if your credit history isn’t perfect. Once you have filled in the details, the company that you’re applying with will carry out a credit check. Even payday loan providers still need to perform a credit check – although they might not use your credit score as the only thing to determine whether you should get money now or not.
If you only want to borrow a small amount of money, you might assume that this would mean that getting approved for a loan will be much quicker. The truth is that applying for any payday loan is usually a faster and more effective solution than applying for a traditional loan. However, there’s no difference if you were applying for £200 than if you were applying for £1000 or the maximum that the company can provide.
In every case with a payday loan, your provider will need to do the same checks, and will probably ask the same questions. However, because payday loan providers aren’t taking on as much risk with this short-term and small loans, you can usually expect to see an approval in your email account within 24 hours or less. Most providers can even guarantee that you’ll get some kind of message within the next hour or so, to ensure that you’re not waiting around for too long.
If you’re working with a payday loan broker to get the best deal, then we’ll ensure that we do all the background work for you, so that there’s as little stress as possible involved in getting your payday loan. Once you’ve been approved, we’ll let you know the amount of money you can borrow, and what the repayment terms are, then you just need to accept or decline the loan.
As long as you’re over the age of 18, a resident of the UK, and you can afford to pay the money back, then you should find that getting approved is a breeze! Make sure that you do have evidence of your income available, though, just in case.
One of the biggest mistakes you can make when it comes to getting £200 loans, is assuming that you should simply accept any offer for a loan, just because you want to get your hands on the cash fast. While it’s tempting to jump into any lending opportunity when you’re in an emergency situation, that could mean that you end up paying over the odds on fees and expenses for your loan. Instead, it’s generally a much better idea to do your homework first.
For some people, this could mean spending hours tracking down different payday loan providers and finding out as much as possible about them so they know where they should start sending applications. However, even if you find a loan provider you think you can trust, there’s no guarantee that the company that you choose will approve your loan. That’s often why it’s a much better idea to work with a payday broker instead.
A broker can do the hard work on your behalf, searching through the available lenders in your area and looking for someone who can give you approval quickly and easily. Brokers will also be able to talk you through everything you need to know about getting and paying off your loan, including what you need to know about APR rates and interest. This could ensure that you have less money to pay on your loan overall.
When getting a full personal loan or a secured loan doesn’t make sense, payday loans offer easy access to the cash you need, without the complications. Most payday loan providers won’t even ask you to explain why you need to borrow some extra money. Instead, they give you the cash that you need instantly, usually within 24 hours of you making your application.
What’s more, with the help of a payday loan broker, you don’t even have to worry about putting your cash or your credit rating at risk. A broker will track down the best deal for your situation on your behalf, so you can avoid wasting time on applications with companies that you can’t trust to give you the best possible offer. What’s more, with your broker, you won’t need to go around giving your information to dozens of loan providers, hoping that one of them eventually gives you the approval you need. Your broker will help you to get the support you’re looking for instantly, with soft credit checks that don’t damage your long-term reputation or credit score.
When it comes to getting £200 loans, you’ll find that there are a lot of different providers out there, all with their own positives and negatives to offer. If you think it’s time to overcome all the hurdles that are usually involved in borrowing money and discover a new and easy way of getting your hands on a small amount of cash fast – then a payday loan could be just the solution.
