What is

Payday Loan?

A payday loan is a type of short-term loan in which a person can borrow a small amount of money till his paycheck arrives. You can easily avail this type of loan through high street lenders or different websites available on the internet.However, the interest rate on short-term payday loans is high. Such types of loans are not very friendly as you can end up paying a high interest. There are different short-term loans direct lenders, so you must visit multiple lenders and select the one that offers less interest rate.

Requirements to

Get Payday Loan

A resident of the UK must have an active bank account.

A valid identification and a good source of income.

Age limit for having a payday loan approval is 18 years.

The credit score is another important thing in this case. Good credit rating is a sign that a person can repay the amount easily.

Repayment time is thirty days and sometimes it is directly taken from your bank account when your pay amount arrives.

How does

it works?

A payday loan is a type of short-term loan in which a person can borrow a small amount of money till his paycheck arrives. You can easily avail this type of loan through high street lenders or different websites available on the internet. However, the interest rate on short-term payday loans is high. Such types of loans are not very friendly as you can end up paying a high interest. There are different short-term loans direct lenders, so you must visit multiple lenders and select the one that offers less interest rate.

Pros & Cons Of Payday Loan

Pros & Cons Of Payday Loan