Payday Loan

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 of this type of loan through high street lenders or different websites available on the internet.

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However, the interest rate on payday loans is high. Therefore, such types of loans are not very friendly as you can end up paying 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.
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How does a Payday Loan work?

Typically, a payday loan UK is approved within a few minutes to hours, and the amount is deposited into your bank account directly. In most cases, the borrower gives a check to the lender on which the lent amount and lending fees is written, and the lender keeps this check until the due date.

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You must repay the amount within the due date; otherwise, you have to pay more interest. Usually, the lenders give an extension of one week after that; they withdraw the money from your bank account through the post-dated check.

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Requirements to get Payday Loan:

Active Bank Account​

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

Source Of Income

Valid identification and a good source of income.

Age Limit

The age limit for having a payday loan UK approval is 18 years.

Credit Score

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

Repayment Duration

Repayment time is thirty days, and sometimes it is directly taken from your bank account when your pay amount arrives.
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Advantages and Disadvantages Of Payday Loan:

Pros Of Payday Loan

Cons Of Payday Loan

Why Choose Short Term For Your Payday Loan?

We are an FCA authorised broker and ensure to match you with a payday loan direct lender UK that offers the most competitive rates. Some additional advantages of choosing short term for your payday loan are:

Payday Comparison Service:

We offer a quick comparison of leading
payday loan providers
in the UK. It helps you in finding a deal that matches your needs.

Quick Loan Application

You can apply for a payday loan through a simple online application, and we will help you find a
payday loan direct lender UK according to your requirements.

No Hidden Costs

We offer a free comparison service, and our application process is free with no hidden fees.

Best Customer support

We have an experienced and highly qualified customer support team who always handle inquiries and help borrowers in the best possible way.

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How To Apply For A Payday Loan With Short Term?

The application process is easy and straightforward. You can apply for a payday loan by filling out an online application on our website. First, you have to provide all the necessary information, such as the amount you want to borrow and for how long. Our team then processes your application and finds the right lender from our industry-leading panel of lenders.

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Once the payday loan providers approve your application, you can review the offer. If you accept the offer, you will get money in your account, usually within hours to two days.

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What Are The Uses Of Payday Loans?

You can use a payday loan to fulfil your financial needs between wages, such as paying unexpected utility bills or repairing necessary appliances.

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However, you should remember that a payday loan is short term debt, so you should look for other options like guarantor loans or bank overdrafts for your long term financial needs. Payday loans are usually taken as a last resort when borrowers do not have anywhere else to go.
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What To Consider Before Applying For a Loan?

There are some important things you must consider before applying for a payday loan online:

If you find that you are in any financial difficulty, you can come to us, and we will find the right debt for you.

It is the amount you pay to a lender for borrowing money, and usually, it is usually known as the Annual Percentage rate (APR). The interest you have to pay is spread over all of your payments, which means you can pay less interest early if you clear your debt.

What Is The Cost Of A Payday Loan?

Payday loans are usually considered one of the most expensive types of borrowing. There are two costs associated with payday loan UK including:

It is the amount you pay to a lender for borrowing money, and usually, it is usually known as the Annual Percentage rate (APR). The interest you have to pay is spread over all of your payments, which means you can pay less interest early if you clear your debt.

These are the charges you have to pay in case of any missed or late repayment. They add up to your borrowing cost and make it expensive.

A payday loan can be a solution to your financial problems, but if you do not find it suitable, you can look at its alternatives.

You can withdraw the required amount from your credit card. However, be mindful that you have to pay interest and cash advance fees for taking the cash out.

A personal loan can also be an option to fulfill short term financial needs. You can take a personal loan and repay it in monthly installments—usually more than a period of six months.

If you have the facility of overdraft, you can borrow money from your current account. However, you have to pay interest on it.

To take out such loans, you can get a friend or family member as a guarantor on loan. It helps you in getting a quick approval of the loan. If you do not repay the loan, your guarantor will be responsible for doing so.

To take out such loans, you can get a friend or family member as a guarantor on loan. It helps you in getting a quick approval of the loan. If you do not repay the loan, your guarantor will be responsible for doing so.