Instant Payday Loans Are a Great Option When You Need Money Fast!
Many of us have loans for various things. This might be a mortgage to cover the house, a student loan to cover the cost of our education, a credit card or overdraft to keep us going day to day and maybe personal loans, car loans or other loans as well. These can add up and you may worry that this means that you will not be able to get any more loans if you need them. For example, if you need money in an emergency and you have used up your credit limit on your credit card and overdraft then you may need to look elsewhere for the money. You might be considering instant payday loans as a solution but may wonder whether there will be available to you.
How much would you like to borrow?
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).
Who Can Get a Payday Loan?
You will firstly need to find out whether you will be able to get a payday loan. This will depend on a few things. Although payday loans do not do a proper credit check, lenders will take a look at your financial situation and assess you for the loan based on this. This could determine whether they lend to you, how much they lend and how long for. This means that if you do have lots of other loans it could mean that they will not lend to you. However, it could still be worth a try. This is because it is very hard to know what criteria the lenders will actually check. You will not know what they are actually looking for in the borrowers that they are taking on and so trying to guess without really knowing is a waste of time. It could be worth just applying anyway and seeing what happens. If you are worried about doing this because of the impact on your credit record there is no need to be. They do not do a full credit check and so you will not have a record on there showing that it has been checked.
You might prefer to apply for a £4000 instant loan to a lender that you think will be more likely to accept you. Not only might you think that this is less risky, but you may prefer to do this because you will be able to get your money more quickly potentially. If you get accepted more quickly then you will get the money but if you have to keep trying different lenders until you find one that will give you the money then you might run out of time and find that you cannot get the money in time. It can therefore be helpful to turn to credit brokers such as Boutell who can help you with getting a loan. They have a lot of knowledge of different lenders and they may know who will be able to lend to you and who are less likely to. They will do all the research for you so that you do not have to worry. They will match you up with a suitable lender. You will be able to let them know what is important to you in a good lender as well. It might be that you want to find the cheapest possible lender, you want one that will allow you to make lots of small repayments, you want one that you have heard of or whatever. You will be able to let them know what you want and they will be able to match you to the best possible loan for your situation.
Will a Payday Loan Be Right for Me?
It is also worth making sure that instant payday loans are the right idea for you. You need to think about what you need the money for and whether they will work. The main thing to consider is the fact that you will need to repay the loan. This is something that it is quite easy to forget when you are applying for a loan. You might just be focussing on how much money you will be able to get, whether you will be able to get it and whether it will be enough to cover the cost of the bill, item or emergency that you need to pay for. It is a good idea to try to focus on the repayments as well.
With payday loans there are two possibilities for repayments. Often, we might think of the lump sum repayment which has to be made on our next payday. This is the traditional way that instant payday loans work and this has advantages and disadvantages. There is also the option to pay back in instalments and there are pros and cons to this as well. It is worth thinking about these pros and cons when deciding on a payday loan. If you find that both have too many cons for you then it is worth debating whether the loan is right for you.
It is worth thinking about these and whether you think that either of these types of loans would work out for you. Knowing if you will be able to manage the repayments is a really important part of the decision, as you can see. It is worth looking back at previous bank statements and thinking about whether you could manage them in your current situation. Do not despair if you cannot though, you might be able to find ways to earn more money or spend less elsewhere so that you will be able to manage them. It is just a matter of putting a plan together that will work for you. Make sure that you can stick to the plan though – make it realistic. If you have to dramatically cut your food bill or not heat your house during the coldest part of the year then this is not realistic. However, if you can earn some extra money doing surveys online in the evenings and turn off the heating in the day when you are at work, these will be much more sensible ideas.
As well as the repayment on the loan there are other things that you need to consider when you are making the decision about getting the loan. You will need to think about whether you really need the loan and if there are alternatives such as not spending the money at all or borrowing money elsewhere. You will also need to make sure that you are taking out the best loan for you. Therefore, comparing different loan types could be sensible as well. Once you decide on using instant payday loans, you need to compare those to make sure that you are getting the best loan for you. If you are using a credit broker such as Boutell to help you, they will be able to do this. They will be able to look into lots of lenders and provide you with a recommendation as to the best one for you. This can be really handy as it will really speed up the research process. You will not need to try to investigate every lender yourself and consider whether they are suitable for you. You will be able to let them know what you are looking or and they will do the work for you. It means that they should be able to come up with a lender that will provide instant loans with repayments that you can afford, with any features that you are specifically looking for and at a competitive price. They can do this quickly as well which means that it will not take too long until you get your loan organised and get the money that you need.
It might seem that this is quite a long a complicated process, but it really is not. You just need to decide what you need money for and whether you can justify getting a loan to cover that cost. Then think about which type of loan is most suitable for that and if you do decide to go down the route of a payday loan then you can use a credit broker to help you which will significantly speed up the process sand should help to get the best loan to suit your needs.