Have you ever dealt with an unexpected expense that left your family in a financially-straining situation?
Has an emergency ever occurred that depleted your family’s savings and took money away from bills or other necessities?
For individuals who experience unplanned expenses, a payday loan can help your family thrive while meeting these obligations.
Although many individuals think that using cheap payday loans
is out of the question, due to credit blemishes, individuals can rest assured that many cash payday companies provide a wide array of loan options for individuals with all types of credit ratings. Due to the nature of payday loans, many companies do not even consider one’s credit history in determining loan qualification. Often, cheap payday loans can be obtained upon the provision of a valid driver’s license, releasing certain personal information, a recent pay slip, and a valid bank account.In order to ensure repayment, many companies charge a fee just for providing cash payday loans. In addition, accrued interest may be charged, depending on the company and requested loan amount. Loan companies ensure loan repayment through the use of one of the following options: holding a borrower’s personal cheque until payday or gaining direct access to a borrower’s bank account to create a draft for the funds on a predetermined date. Personal cheques or bank drafts include the borrowed amount, any finance charges, and potential interest on the loan. In addition, if individuals experience any trouble repaying the loan after the
allotted amount of time, many lenders allow borrowers to roll over the charge to the next payday; as long as the finance fee is paid each time a rollover is granted.
In general, individuals can obtain cash payday loans from direct loan companies, pawn shops, or cheque cashing companies. Usually, payday loans range from £100-£1,000 and are often granted in two-week terms. Generally, finance charges range from £15-£100, and annual interest is 390-780%, since these loans have such a short term life. However, the shorter the loan term, the higher the APR will be. Cheap payday loans are crucial for individuals who have bad credit or no credit history at all. In addition, they are a viable option for individuals who are struck with unexpected expenses and have no other way to pay these fees.
Guest Author:Michelle @financeport