UK Payday Loans
1. What is a payday Loan?
A payday loan is basically one to give you some extra cash until you get your next pay check. It can be any amount, but it can never exceed the amount of money that you do get on your pay check. It is generally intended for use in emergency situations.
2. Can I get a payday loan if I have bad credit?
Yes you can get a payday loan if you have bad credit. This is because when you apply for a payday loan, the lender does not do a credit check. The only criteria that you have to meet is that you are employed and you have to show a copy of your pay cheque to prove the amount of money that you bring home each pay period.
3. Where can I get a payday loan?
There are many locations in the cities of the UK where you can go into offices and apply for a payday loan. You can also apply online for one of these loans. The application process is very simple and you will have your money within 24 hours.
4. How do I get the money from a payday loan if I apply online?
Whether you apply online or you apply in person, the money is deposited into your checking account within 24 hours after your application is approved. Then all you have to do is write a check on your account or withdraw the money from an ATM or in person at the bank.
5. How do I repay the money from a payday loan?
When you receive a payday loan, you have to supply the lender with a post-dated check for the amount of the loan or sign a form allowing the lender to automatically withdraw that amount from your checking account on a specific date. You do have to remember the loan when you budget for your bills when you get your check.
6. What is the interest rate for a payday loan?
The interest rate on a uk payday loan is fairly high. This is because the lender does not have any security for the loan and the interest is the way these people make their money. You do have to check on the interest rate before you get the loan because rates do vary from lender to lender and according to the amount of money you wish to borrow.
7. What happens if I do not have enough money left from my paycheck to repay the loan?
If you find that you do not have enough money to repay the loan, then you should contact the lender to make other repayment plans. You will probably have to pay the interest and leave the principal of the loan there until your next paycheck. Just keep in mind you will still have to pay interest for the next period on the outstanding balance.
8. What can I use the money for that I get in a payday loan?
You can use the money for anything you want when you get a payday loan. Most people use this type of loan for an emergency when they need funds right away and have no access to cash, such as to pay for a doctor's visit or for groceries to do until the pay arrives.
9. Do I need a full time job to be approved for a payday loan ?
It doesn't matter if you are working full time or part time or if you are on a pension. As long as you have proof of income you can get approval for a payday loan. Even when you apply online, the documentation you have regarding your income can be verified over the phone.
10. What documentation do I need to get a payday loan?
The documentation that lenders require for a payday loan usually includes:
- An ID of some kind, usually a driver's licence
- A bank account statement for the past month
- The stub of your last paycheck
These are things that most people readily have available. You only need to have them with you when you make your application.
This section of Loan Guides is all about uk payday loans and payday loan information uk specific. When looking for a uk payday loan be sure to check with a financial advisor - use our uk directory on the left hand side for a full list of financial advisors who will be happy to help you find out more about payday loans in the uk.
UK Payday Loan Information & UK Payday Loans
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