Payday Loans – More Information
• What is a payday loan? A payday loans is a short term cash loan to be repaid on your next payday. Excellent solution if you require a fast, short-term loan.
• What can I use a payday loan for? You do not need to justify to lenders what you require the the money for. You can use it for anything – from repaying bills to child care or days out.
• What do I need to qualify for a payday loan? All you need is to be over the age of 18, have a regular income and an active bank account with a debit card.
• How much can I borrow? This varies usually between £80 – £750 / £1,000 depending on the lender.
• How much do I have to pay back? On top of paying for the money you have borrowed, you must pay an interest fee. In the majority of cases this is £25 for every £100 you borrow, though this can vary between loan providers.
• Can I receive a payday loan if I have a poor credit history? Yes – payday loan providers will not run credit-checks on you, however, you do have to prove that you have the funds to repay the loan on your payday.
• How do I repay the loan? Usually a direct-debit will be setup between you and the lender, however, it can also be paid off by cheque or debit card directly.
• Does it matter if I am paid weekly? Most providers make the cash advance payable after the fourth payday, however, in some cases lenders will take on borrowers who get paid weekly.
• Does it matter if I do not own a home? No, as long as you can provide your address details this is not a problem.
• Does it matter if I am self-employed? Generally this will not be an issue as long as you have a regular income that is paid into your bank account.
• Will my employer be contacted? In the majority of cases this is not needed, however, if the lender does need to contact your employer this will not be done without your consent..
• How long does it take to get the money? This varies between providers, however, in the majority of cases it usually takes between 1 – 2 days.
• Can I roll over the loan to my next payday? Yes, you can defer the loan until the next payday, however, a repayment plan will normally be setup (depending on how much you can repay each month) and you will be expected to repay a percentage at the end of the month.
• Can I take out more than one payday loan at once? No – payday lenders would expect you to repay ALL payday loans before taking out another one.
• What documents do I require to take out a payday loan? The majority of lenders will not ask for documents, however, in some cases they may request you to scan or fax them copies of bills, address, etc if they need to verify any of your details.
Interested? Why not compare payday loans with Creditwindow…