Payday Loans – The Facts

Quick Insight Into Payday Loans

UK Payday Loans start from £50 up to £1500 depending on the company who is lending the money. Payday Loans usually start the day you get approved and end on the date of your payday when you are due to pay the balance borrowed back. The average borrower has an income of £12,000 up to £25,000 but tends to live on a tight budget due to current expenses. Payday loans are used to help people with a cash crisis which was unforeseen and not budgeted for. Additionally, they help with any more financial hardship caused by late payments or bounced cheques.

Applying for a Payday Loans is very simple. You can apply online or by telephone and it usually only takes a few minutes. As long as you meet the required criteria and depending on the company you can get a result within a few minutes and have the money deposited into your account the same day.

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Quick Facts about good payday loans

  • First time borrowers will have a set limit they can borrow to prove they can make the repayment. This stops the risk on yourself from borrowing too much and lowers the risk of failing repayment for the Payday Loan lender.
  • Currently, UK Payday loan lenders are regulated by the government and the law is changing all the time. This will protect you from unfair charges, limits the risk of using a bogus company and provide a safe net and peace of mind.
  • Unforeseen bills are the industry biggest need for Payday Loans and has meant its one of the fastest growing UK consumer products.