Our top ten guide to payday loans
1. What is a Payday Loan?
This loan is the urgent loan that is offered to the salaried people to manage the expenses till their pay day. This loan is the ideal source of income to pay the unforeseen medical bills, unexpected credit card bills, car repair bill and other such urgent bills. The loan can be repaid on the next pay day.
2. Where to find the Payday Loan?
This loan is offered by many lenders all over the United Kingdom and online like here http://www.cushteecash.co.uk/. The payday loans UK lenders as well as direct lenders can be located to secure this loan. The online lenders can be searched on internet. Even the direct lenders have their information on the internet.
3. Who is eligible for this loan?
Anybody having regular employment can apply for this loan. The person should be above 18 years of age and he should be with the current employer for at least 3 months. The applicant must have valid bank account.
4. What is the actual processing time of the loan?
This loan is known for its quick processing and on the spot approval. The entire process takes minimum 1 hour to maximum 1 day. The processing time depends on the authenticity of the information provided by the borrower.
5. Is this loan offered to the person having bad credit history?
Yes. This loan is offered for the short term and the loan amount is also small. Hence, the lender's risk is also limited. The lender therefore offers this loan to the people with bad credit history. The lender takes into account the current payment capacity of the borrower. However, the loan amount sanctioned for such people would be less and the interest rate may be higher compared to other borrowers with good credit record.
6. Can I apply for this loan online? Is it safe?
Yes. The payday loans online application can be made online. It is safe as the websites are secured with SSL technology. Always check the website security provision before applying online.
7. What is the term of the loan?
This loan comes with repayment date on next pay day. The loan term varies from 2 weeks to 4 weeks. The extension is sanctioned in genuine reasons.
8. When to avail payday loan?
This loan is emergency loan, and hence it should be availed in emergencies. This loan can help you to pay urgent bills without disturbing your credit record. The loan can be availed to pay school fees, buy grocery, car repair, rent payment, bill payment, gas bill payment and other such urgent bill payments.
9. Why do people avoid availing payday loan?
This loan is offered at higher interest. Again the non-payment of this loan on time will call for high penalties. There are some people, who avail new payday loan to pay the previous one. Hence, they will end up paying more. Thus, to avail safe loan avoid multiple loans.
10. What are the required documents?
The online loan will not require any documents. The direct lenders will ask for bank account details, identity proof and income proof.