Need a Loan Today

Need a Loan Today

Do you need a loan today? If you are struggling financially and you’ve been turned down for a personal loan, a payday loan could be the answer. They are different from personal loans in many ways and they come with numerous advantages. You can often get the money you need within just a few hours and best of all, credit checks aren’t always carried out. This means even if you have poor credit you could still get the money you need.

 

The basics of a payday loan

As with all types of credit, it’s important to understand exactly what you’re getting into when you apply for a payday loan. The basic facts regarding this type of loan are:

•They typically pay out £50-£500

•Money is often available on the same day

•They are paid back on your next pay day

•They are a short term solution

•Credit checks aren’t always carried out

•They come with a really high interest rate

•They can be extended

 

Each lender is different so the amount you can actually borrow will depend upon who you apply to. Some companies will allow you to borrow up to £2,000 but you’ll need to earn a minimum amount in order to benefit from a higher loan.

 

The fact that you can get money within a matter of hours is one of the main advantages. If you need money today a payday loan is one of the only options available to you. Other types of loans can take weeks to get accepted. 

 

One of the main potential downsides to the loan is it absolutely needs to be paid back on your next pay day. It isn’t paid in monthly instalments like a standard loan. You’ll be responsible for paying back the loan plus interest in one lump sum. Your bank details are given to the lender before you receive the money. These details are used to take the money from your account on the date specified. 

 

These types of loans are designed to be a short term solution. This means that they should only ever be taken out for one month. They are perfect for emergencies and at times when you really can’t wait to get the cash you need. 

 

Potentially the biggest attraction of payday loans these days is the fact they don’t always carry out credit checks. At one point no payday loan lender carried out a check. However, as the government cracks down on the industry, lenders have been forced to be more responsible when lending money. Some lenders will carry out a credit check before they accept you. Therefore you should specifically look for a lender that doesn’t if you have a poor credit rating.

 

One potential negative is the fact that payday loans do come with exceptionally high interest rates. To look at them you could be instantly put off applying for a loan. You can expect to see rates of 2000% to 5000%. On average you’ll pay around £25 interest on every £100 that you borrow. It’s if you miss a payment or if you roll on the loan you’ll start to experience the larger rates.

 

Finally the loan can be rolled on to the next month. Not all lenders will let you do this but many will. This means if you face any difficulties paying the loan back at the end of the month, you can have a peace of mind that if needed you’ll be given additional time. Just keep in mind that the interest will go up.

 

How to increase your chances of being accepted

Do you need money today but your credit rating isn’t very good? If so there are things you can do to improve it and increase your chances of being accepted. While not all payday lenders look at credit ratings, it’s worth improving yours anyway. If possible, use a credit card to make small monthly purchases. Pay off the balance in full at the end of the month. This will gradually show lenders that you can be trusted to pay credit back on time. For now you can search for payday lenders who accept bad credit borrowers. 

 

You need to ensure you have a current bank account and you also need to be at least 18 years old to get a loan. If you don’t meet these two basic criteria you won’t be able to apply to any lender. If you don’t have a bank account then now is the time to get one. 

 

Read through the requirements on each payday loan website. As every lender is different, they will have differing requirements that they look for. Some will ask that you earn a set amount of money, while others will carry out credit checks. Making sure you meet all of the criteria before you apply will increase your chances of being accepted. It’s worth keeping in mind that when you’re turned down for a payday loan, it is often marked on your credit report. This will act as a warning flag to other lenders. So even if you are desperate and you need money today, don’t make the mistake of rushing into an application.

 

The great thing about the internet is the fact you can compare different lenders quickly and easily. It takes just a few minutes to see which one most appeals to you. Take into consideration your own needs and try to find a lender who meets them. There are so many different payday lenders that cater to different groups of people. No matter who you are and whether you’re employed, self-employed or on benefits; you’ll be able to find at least one company that will lend you the money you need.

 

If you do need money today, a payday loan could just be the perfect option. As long as you take the time to research as much as you can and find the right lender, it could be the ideal solution to your financial problem.   

 

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Representative 277.6% APR

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