Wondering About Borrowing Payday Loans in The UK?
Maybe you have an emergency expense that you need to deal with before your next payday, or you want to borrow cash without tying yourself to years of repayments. Whatever the reason, payday lending can offer a lot of benefits to today’s borrowers, despite it’s bad reputation.
The truth is that payday loans aren’t a bad thing. Like any lending opportunity, your success with payday lending will depend on your ability to understand how you’re borrowing money, and how you’re going to pay it back. With this basic guide to Payday Loans in the UK, you’ll be able to decide whether it’s time to invest in a short-term lending strategy or not.
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).
Defining the Standard Payday Loan
Like most lending opportunities in Britain, there’s no one-size-fits-all with the payday loan. Some of these loans come with specific rules attached to them about how much you can borrow and when you’ll need to make your repayments. Other options can be more flexible, allowing people to choose between paying back their cash all at once, or staggering their repayments over time.
The experience that you get with your payday loan will depend on the lender that you choose, and how much you want to borrow. The most important thing to remember about this kind of lending, is that it’s designed to be quick. You won’t be paying back what you owe on a loan for several months when you borrow this way. Instead, you can get yourself out of debt very quickly, which is great news for anyone who doesn’t want to re-work their entire budget because they needed to find extra cash for a flat tyre.
Just like any form of loan, a payday loan comes with repayment terms and expectations that you’ll need to agree to. You’re borrowing money over a short period of time that you’ll need to pay back, with interest that you agree to when you sign up for the loan. You can use these loans for emergencies, when you need an extra cash injection to pay your bills one month, or for any other reason that appeals to you.
Who Can Get a Payday Loan?
There are a lot of reasons why payday lending has remained a popular solution for short-term borrowing over the years. One of the main advantages of this kind of loan is that it’s incredibly flexible. If you’re looking to borrow a small amount of cash – usually less than £1000, for a short period of time, then a payday loan could be just the thing for you. What’s more, you’ll find that when you get this kind of capital, you can also benefit from a quick and easy application process too.
Applying for a payday advance is easy because lenders aren’t taking on as much risk as they would be with a typical loan. There isn’t hundreds of thousands of pounds to worry about as there would be with a mortgage or business loan. Additionally, you probably won’t be spreading your repayments out over several months or years like you would with some personal loans either.
While some payday loan providers do allow the repayment process to stagger over a couple of months, you should expect to be paying back what you owe very quickly. Because your emergency loan provider doesn’t have to worry about giving you money for a long period of time or giving you a lot of cash for that matter, they can lend to you without having to worry about things like a poor credit rating. This means that even people without the best credit can access the cash they need in a hurry. In fact, if you have a bad credit score, a direct payday loan could be the fastest and easiest way to get the money you need within 24 hours or less.
More often than not, the golden rules of payday lending are this simple:
- You need a real phone number or email address for contact
- You need to be at least 18 years old (a legal adult)
- You’ll have to be employed and have a regular income to make repayments
- You need to have a UK bank account for your loan to be paid into
- You need to be a resident of the UK with evidence of your status
What Happens When you Apply for Payday Loans UK?
So, what happens if you decide that payday lending is the right strategy for you, and you decide to go ahead with your application? The good news is that the process isn’t nearly as complicated as you might think. In fact, credit brokers like Boutell specifically design our application process to be as easy as possible, so you can sign up and get your money fast.
We do this because we know that a lot of the people who apply for quick or instant loans uk need them to deal with emergency expenses. After all, if you just wanted a new pair of shoes, then you’d probably be happy to wait until your next pay comes to get them. However, if you need to replace your boiler, then you don’t want your children sitting in the cold for weeks until your payday arrives.
With a payday loan, you can have your application ironed out and your approval sent to your email address within a matter of hours. Sometimes, that approval will come in the form of a quote for the amount that we can give you and the interest rate that you need to pay. If you agree to the terms of the loan and the credit check that we conduct comes back as it should, then we can get you the money you need almost instantly. That means no waiting around for weeks for your cash!
Once you’ve received your money, often within 24 hours of a successful application, all that’s left to do is pay back what you owe. Usually, you’ll be able to do this automatically within a month of your loan, so you can get your debt out of your life and off your mind as quickly as possible.
Getting the Best Deal on your Payday Loan
One important thing to remember when you’re applying for a payday loan is that just because you need money quickly, doesn’t mean that you can’t make sure that you’re getting the best deal. Today, payday loans are incredibly popular products, so it’s safe to say that there are a lot of options out there to choose from. That’s why we work so hard at making Boutell payday loans some of the best options any client can choose from, with things like:
- Low APR and Interest rates: We keep our interest rates as low as possible because we know how scary the APR for a payday loan can be. Apply with us to see what kind of deals you can get on your short term loans.
- Easy approval: Because we’re taking on less risk with a payday loan, we’re much happier to offer our cash to anyone who needs it, including people with a bad credit rating or a poor credit history.
- No hidden fees: All the costs that you need to pay for your loan will be explained to you upfront, including your interest rate, so you don’t have to worry about any last-minute hidden expenses.
- Speed: We know you need your money quickly, so we’ll strive to get it to you as fast as possible – even on weekends and bank holidays. We’ll always aim to have your cash with you as quickly as we can.
- Professionalism: We’re experts in payday loans with years of experience in helping our customers to get the best deals on their lending. If you have any questions about our loan products or anything else, we’ll be able to answer them for you.
Should You Apply for Payday Loans UK?
A payday loan is one of many great lending opportunities for UK customers today. If you’re limited in cash and you need to deal with an emergency expense as quickly as possible, then this type of lending will ensure that you get the money you need without having to wait around for the standard approvals of a traditional bank. What’s more, we can offer payday lending solutions to people who don’t have the best credit history too. If you’ve been rejected for other lending opportunities before, then you’ll be able to boost your chances of getting the cash you need fast with a reliable payday loan.
While people who need long-term lending solutions might need to look elsewhere, those who want to get out of debt as quickly as possible and get on with their lives as soon as they can will benefit from the flexibility of a payday loan. You don’t even have to explain why you want to take out a loan to be approved. Just answer a few basic questions and you’ll be ready to go in no time!