Payday Loans for Bad Credit: Your Instant Problem Solution
Even if you plan your budget thoroughly, you may face unpredictable situations requiring immediate reaction and here you may benefit from using PaydayLoansBC. Being able to provide a quick solution to unexpected financial problems, payday loans have become really popular, despite their high interest rates.
Though payday loans lenders have a lot of advantages to offer their customers, it is recommended to learn more about the principle of the payday loans’ work. Here you will have a possibility to get acquainted with payday loans online closer and to weigh all possible pros and cons to make sure that UK payday loans are exactly what you need now.
Will a payday loan be your best problem solution?
Payday loans are also called instant or the same day payday loans as they are used for urgent situations when you can’t wait till you get your salary or get money from any other source as your problem requires an immediate reaction. One of the most significant benefits of online payday loans is that they give you a chance to solve your problem in the fastest possible way. Compared to the traditional bank loans, which can be got in several days and are given only to those who can boast with the good credit rating, payday advance is offered to everybody in need regardless credit history. This feature makes payday loans especially popular among borrowers, whose credit score is far from perfect.
It is a good idea to use fast financial help in the form of payday loans online in the following cases:
- You need money as quickly as possible.
- Your attempt to get a traditional bank loan has been rejected as you have bad credit rating.
- You have checked out all other possible options and all of them are not able to satisfy your current situation.
In case you have faced one of the mentioned situations, you should turn to the payday loans’ help as this is the only one way to deal with the financial trouble occurred when you weren’t expecting it.
What are the benefits of payday loans offered in UK?
If you have taken a decision to apply for a UK payday loan, you should know which benefits you are going to enjoy:
- An amount of money ranging from £50 up to £2,500 for any purpose you have.
- 100% guaranteed approval in case you meet a minimum of basic requirements.
- A simple application form to fill in online.
- Best offers from the direct lenders.
- Flexible repayment terms.
- Bad credit is welcomed.
- No paperwork and faxing.
These advantages are offered to each customer who is going to apply for a loan online. Equal rights to have the quick loan are provided not only for bad credit borrowers but also for those who don’t have any credit score at all.
How does a payday loan work?
Payday loans refer to the short-term loans. This means that you should pay it back on your payday. However, almost each UK payday loans direct lender provides an ability to extend the payday loan term for additional fee. This may be an expensive benefit but sometimes it is better to have one more extra month to make the loan repayment than to deal with the negative consequences of nonpayment of the payday loan.
The whole procedure of getting payday loans is taking place via Internet. That’s why instant payday loans are also called internet loans. You can apply for a loan from the comfort of your house and get the necessary amount of money without any efforts taken. The only thing you need to do is to fill in an online application form that has been specially designed in the simplified form, which is quite user-friendly. You need to be an ordinary PC user, who has an access to Internet from any mobile device, which you can use to enter the website of your lender and submit an application.
After sending your personal data, which meets all requirements, the next step is just to wait till you receive the confirmation e-mail or you may be contacted via telephone call. If you have been approved, then you the next step will be signing a loan agreement. Before proceeding to this step, it is recommended to think everything over and check if you agree with all terms and conditions offered by the payday loans direct lender.
Basic requirements to get guaranteed payday loans
According to the legislation all borrowers who want to get quick payday loans online must meet the following requirements:
- Each borrower must be not younger than 18;
- Each borrower must be a UK citizen/resident;
- Each borrower must have a banking account;
- Each borrower must provide his passport details, Social Security Number or Taxpayer Number;
- Each borrower must be employed or have any other source of money that can be proved as the steady one.
If you have looked through all requirements and are able to correspond to all of them, then there is nothing to worry about as payday loans no credit check are given to all borrowers being able to meet basic requirements without taking into account their credit rating and past financial misfortunes.
How to find the best payday loans?
Each customer wants to get the most advantageous offer tailored according to his/her needs. In case you don’t have enough time to look for the most suitable offer by your own it is possible to use the services of the payday loan brokers whose job is to search for the best payday loan offers taking into account all your requirements. The only thing you need to inform the loan broker is about how much you want to borrow, which interest rate is fine for you and what repayment terms you would like to have.
Having all this information the payday loan broker or mediator as these companies are also called will find the best possible offer among the large network of direct lenders, among which there are new payday loan lenders as well as experienced lenders who have appeared at the loan market long time ago. In any case, all lenders who the broker cooperates with are reliable as they provide only legal loans and work according to the UK loan regulations.
Such a deal is really beneficial as you are able to save much time necessary for the search of the trustworthy payday lender. But any service costs money and the work of payday loan mediators is not an exception. That’s why you should be ready to pay an additional fee for the high-quality service provided. It is worth paying the higher price as you will get the cheapest offer that will be exactly what you have asked for as it was chosen for you individually.
How much time is required for getting a payday loan?
Online payday loans are really quick as they are given the same day when you have your application approved. It usually takes one business day to transfer you money directly into your banking account. There are rare situations when it may take longer time due to the reason of providing invalid information or if you apply for a payday loan on the national holiday. The whole procedure of getting a loan will take you several minutes:
- About 3-5 minutes to fill in an application form (in case you have all information at hand).
- About 10-15 minutes to wait for the approval while your personal information is being processed.
Which consequences will you have to deal with if you don’t make the loan repayment?
When you sign a loan contract you agree to pay the loan back on the certain date, which is usually your payday. However, nobody knows when he or she may face more unplanned expenditures, which may become the reason why you are going to fail making the payday loan repayment on time. It is recommended to learn all possible consequences that you may face before you take a decision to get a loan.
In case you miss the loan repayment date, you will have a range of unpleasant consequences, which will start from the negative impact on your credit score as your lender is likely to inform the collection agency and main credit bureaus about the debt you have. As for the collection agencies, they have aggressive methods of making borrowers pay their loans back. Don’t surprise if you get frequent telephone calls with the request to give money back. Moreover, your friends and family will also get such calls with the demands to repay the loan. In case you don’t want to face unpleasant communication with such agencies, try to do your best to organize your budget so that you don’t have difficulties repaying the borrowed sum of money plus the interest rate you have agreed to pay back when you signed the contract.
If you haven’t repaid the loan on the due date and haven’t informed your lender in order to ask about the new repayment plan, you may not only face the problem of the damaged credit rating but also to be sued in the civil court. Your lender may have the right to sell your property to have his/her money back. Remember that the longer you don’t pay the loan back, the more money you owe. Sometimes additional fees may be larger than the amount of money you have borrowed.
Choose 12 month payday loans and enjoy the longer repayment period
Small payday loans are ok if you don’t need a large amount of money. But what to do in case you need more than the payday loans may offer you? Everything is simple! There are payday loans, which are given for the period of the whole year and can be repaid in certain installments. If to be more exact, they are called installment loans. Their main difference from the payday loans is that they are long-term loans being able to provide borrowers with the larger amount of money to repay not in one lump but in equal parts during 12 months.
It is very convenient in case you have a house repair or some long-term projects.
The same application form should be filled in if you want to get payday loans for 1 year or longer. Just choose the amount of money you want to receive and put a tick near the repayment period, which will fit you. The lower an annual percentage rate is, the cheaper your loan is going to cost. There is such a tendency that the larger amount of a loan you apply for, the lower its interest rate is. However, it doesn’t mean that you should request more than you need as you must understand that you should get the amount of money, which repayment won’t hurt your budget.
Don’t hurry applying for a loan and compare all offers by using the online calculator, where you are offered to use an example at the website and find out how much your loan’s price will be in case you apply for the certain amount of money for the period of 12 months or longer. A lot of borrowers ask if they are able to repay the loan earlier if they can afford this. The chance of earlier loan payment varies from lender to lender. That’s why it is necessary to ask your payday loan lender or turn to the customer support if you have any doubts concerning the loan.
How to check if the payday loan lender is trustworthy?
Nowadays borrowers have a great choice of payday loan companies to choose from. On the one hand, an ability to choose provides a lot of possibilities but on the other hand, some customers may feel confused facing a variety of lenders. The main problem is to understand who is a responsible one. First of all, you should remember that you are able to apply for payday loans online for free. If you have been asked to pay some fee for the chance to be approved for a loan online, you should immediately ignore such requests as trustworthy lenders provide free services of topnotch quality for every borrower who has faced an emergency situation and now finds himself or herself in a need of a helping hand in the form of fast money.
If you still have some questions or doubts, you shouldn’t hesitate to contact customer support using the contact information provided at the official website.