A payday loan is a small short term loan you can use to cover expenditure until your next payday. You can apply online and the decision to loan you the money is made almost straight away. In most cases the whole application can be completed online and the money loaned can be credited into your bank account on the same day as you make your application.
A payday loan is an unsecured loan, so it is not dependent on collateral, such as you owning a house or car etc.
Generally when you make your first application you can borrow any amount up to £300, depending on your take home pay. You are more likely to be approved the less you want to borrow, so it is advisable to borrow only what you need. Once you have successfully repaid loans with one particular company they may then offer to lend you anything up to about £750 in subsequent loans.
The majority of payday loans are available online, so there is no delay with faxing or posting of documents. The application process is quick and easy to complete. You will be asked for your name, address, details about your monthly income and employment, when your next payday is, along with the amount you wish to borrow and your bank account details.
Payday loan providers partly make their decision as whether to lend you money dependent on the amount you want to borrow compared to the amount you earn. Only borrow what you need, the less you borrow the more likely that your application will be accepted and the smaller the amount of interest you will accrue.
If your application is successful you will be sent, by email, your loan agreement showing the amount that will be lent to you, the repayment date and the amount of interest you will pay on the repayment date. Along with the loan agreement you should also be sent loan conditions. These loan conditions should outline your rights under the Consumer credit Act 1974 along with details about repaying the loan, cancelling the loan and the use the personal information you supply when applying for the payday loan.
If you are happy to proceed you sign online by providing details of your name and answering a security question such as your mothers’ maiden name. Then, email this back to tennessee quick cash on fastloanspd the loan provider and the money will be deposited into the bank account you registered at the application process. The money can be deposited in your bank account on the same day you make the application, so this is a very fast and efficient way of borrowing money short term.
Payday loans may be extended if you find yourself in a position to be unable to satisfy all or part of the amount due on the repayment date. If this happens it is recommended that you contact your payday loan provider as soon as possible and explain your circumstances to them. They will then be able to explain your options and how to go about extending your loan.
Even if you are not able to fully settle the repayment amount, it is advisable to pay off as much as possible on the repayment date. This will help to keep the amount of interest you owe to a minimum. Some companies may charge you additional fees for extending your loan, you should check if this is the case before you sign your loan agreement.