Just when everything seems bleak and hopeless on the financial horizon, the phrase “immediate loan” or “payday loan” comes to mind. The feedback from payday lenders in the UK is that there is much interest and use of immediate loans. It is a way of helping the man or woman in the street overcome short term financial difficulties.
Although payday lenders and immediate loans have received some negative press recently, payday loans still remain a viable option in easing short term financial stress. New regulations provide both the lender and the consumer with protection so both parties benefit and needs are met for all concerned. This closer look at the payday lending industry in the UK will result in greater benefits for the consumer as the industry gets regulated and sticks to rules.
It is important for consumers to settle one loan before taking on another; it is definitely not a good idea to rollover loans or to have multiple immediate loans.
Remember a payday loan is a short term loan for a period of anything up to a month. What makes it different from any other type of a loan is that it is paid off in full on the day you receive your salary. A clear cut and useful aid to short term debt!
Payday loans are for people needing small to moderate amounts of money for a short time. They are for those unexpected emergencies like your car breaking down.
There are some payday loan firms in the UK that will allow the debt to roll over with a smaller payment being made each month. The rollover of payday loans should not be taken lightly as it could cause greater financial stress, however this is obviously for the individual to decide.
Remember pay day loans, while providing an essential service can be expensive and should only be used for a short term period and preferably not be rolled over.
Make sure your lender advises you in writing
- what the interest rate is
- how long the agreement is for
- when and how you must repay the loan
- if there are any fees to be expected in taking out the loan
You will qualify for an immediate loan in the UK if:
- you have full time employment
- You are over 18
- You have a bank account
Immediate loans will ease the burden of your financial responsibilities and lighten the stresses of your short term financial emergencies or creditor commitments. Payday lenders are here to help and assist in living a life without financial worries.
Interest charges for a pay day loan is about 25%; this is quite high but bear in mind that it’s a short term loan so you will not be locked into the high interest charges for a considerable length of time: pay day loans are a quick and fast solution to the easing of financial stress.