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Payday Loans - The Full Facts

February 12, 2012 | Comments: 0 | Views: 196

Payday Loans - The Full Facts

More and more people sadly find themselves having difficulties with the ever-increasing costs of day-to-day living. As a result of this, there are more and more reasons for people to need money from short term lenders. One of the most popular options for these are payday loans. However, a lot of people still don't know exactly what payday loans offer.

So here's all the info that you need.

Am I eligible to apply?

It's likely that you're eligible, although there are some basic criteria that need to be met. You'll need to be at least eighteen years old and in paid work (full or part time). You'll also need to have an active bank account and live in the UK. If you fulfil these basic criteria, you can apply. The only real question after that is whether or not payday loans are right for you. This is a decision you'll need to make based on the costs.

How do I apply?

Applying is actually quite easy, and is designed to be fast as well. Pretty much the entire application will be on the internet (although in rare circumstances, you may be asked to provide some evidence of employment or residence). Once you've filled in the online info, you'll usually get a response within minutes, meaning you get a practically instant decision.

If your application is accepted by one of the lenders, you'll usually receive the cash quickly. At the longest, this can take up to two days, however a lot of lenders will be able to provide you with cash within a much shorter time. A large number of loans take place within the hour. It's worth noting that in some cases, this can result in an extra fee, but certainly not always.

How much is the interest?

The interest rate is shown at an annual percentage rate (usually referred to as the APR). This is the amount if you were to avoid payments for a full twelve months at compound interest, and can end up being very high. The realistic amount you'll pay back is a lot less than that. If you repay when you agree to, you can expect to pay back about £25 on top of every £100 you borrow.

How do I repay?

To settle the payday loan is simple. The complete amount (including the £25 per £100 interest) is settled at the end of the time you borrow for using your debit card. The loan period is usually just a month, and as long as you have the cash in your account, it's sorted automatically.

Will I be given all the information about my loan before I agree to it?

Yes, completely. Reputable payday loan lenders make sure that you have access to every piece of information you need in order to make a responsible decision. You'll have information about the APR, repayment date and anything else you need. Please make sure you only borrow what you'll comfortably be able to repay.

James is an expert in the field of short term finance. His experience in the payday loans industry allows commentary on legislation, factual information and other topics related to the payday loans industry.

Having worked for some of the larger payday loans providers, James is able to give you an insider opinion on payday loans and same day loans, which many people would not typically have access to.

Source: EzineArticles
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