If you’ve ever been struck by a financial emergency before, then you’ll know how worrisome it can be. Sometimes, there are expenses in life that you need to deal with straight away. For instance, if your car breaks down in the middle of nowhere, you can’t wait days before calling a garage to help you, or emergency service to pick you up.
Unfortunately, even in emergency situations, you still need money to pay for the help that you so desperately need. If like many people today, you don’t have extra cash lying around that you can use when things go wrong, then you’ll need to look for a place where you can borrow money instead.
A traditional personal loan might seem like a nice option at first, but it’s often difficult to get these advances without meeting people in-person or waiting days for your application to be approved. Additionally, when you only need a small amount of money, personal loans may not be appropriate.
On the other hand, payday loans give you access to the money you need fast so that you can deal with your situation, and get back to your normal life as quickly as possible. Some loan providers can even deliver the money that you’re looking for within an hour of you sending your application.
Instant payday loans, otherwise known as emergency loans, are short-term unsecured cash advances. In other words, they’re designed to give you a small amount of money for a limited amount of time. Most payday loans will need to be paid back in full on your next payday. However, some providers will allow you to simply pay back the money you owe in installments – if you prefer.
These loans are usually for between £50 and £3,000, and they can be used for any reason. After all, no-one but you can decide what’s an emergency to you and your family. However, most providers will recommend using these loans sensibly, as you will need to pay them back fast.
These types of loans are appealing for people who need money quickly because they’re fast, convenient, and easy to apply for. Many payday loan providers will even accept applications for people with a bad credit history. This is because your loan provider is only giving you money for a short period. This means that they’re taking on less risk.
What’s more, you can make sure that you’re out of debt quickly, so you don’t have to spend each month worrying about how you’re going to find additional cash in your budget.
One of the things that make these loans so appealing is the fact that you can usually apply for them online. You won’t need to spend hours dealing with complicated forms, and you also don’t have to go and visit a bank or building society in person. Instead, all you have to do is log into an Instant Payday Loans website and answer a few basic questions.
For instance, you’ll need to let the provider know how much you want to borrow, how long you’d like to borrow the money for, and so on. Additionally, you’ll have to provide a few details on your employment and affordability levels.
A good credit rating is always helpful when you’re applying for loans, even without a broker and even with loans which target people with bad credit. However, most of the time, you’ll still be able to apply if your credit isn’t perfect. Payday loan providers are more likely to take your current affordability into account, instead of focusing too heavily on your prior payment histories.
As with other kinds of payday loan, you’ll also need to be a resident of the UK and have an eligible bank account which your money can be paid into. What’s more, anyone applying for a loan in the UK needs to be over the age of 18 according to the Financial Conduct Authority. The FCA also demands that all people making loan applications will be subject to a credit check.
Your credit check will simply allow your lender to make sure that you can afford your loan, and that you’re not getting yourself into a financial situation that could make life difficult for you in the future.
Usually, short term loans are designed for emergencies, when you need money quickly, and you can’t afford to wait. For instance, if your dog breaks its leg and needs the attention of a vet straight away, then these quick and easy loans will allow you to pay for your pet’s treatment.
Similarly, if your car breaks down and you need to be towed to the side of the road, or even to a local garage, then you can use instant payday loans to call and pay for the person that will help you get the attention that you need.
Importantly, however, just because these loans are recommended for emergencies doesn’t mean that you need to explain yourself to your lender. Most of the time, you won’t need to tell your provider why you’re borrowing money to get it. As long as you show that you can afford to pay back your loan, then your provider won’t be interested in why you’re borrowing money.
One particularly great thing about fast loans is that you don’t have to worry about judgement. If you need discretion, then you can get that. You don’t even need to speak to an advisor in person or over the phone.
While most traditional personal loans and credit card advances take days to process, an instant payday loan is much faster. These lending products are specifically designed to help people who are dealing with emergencies. The people providing these loans know that you can’t afford to spend time filling out complicated forms or waiting for an appointment at your local bank.
Obviously, as with any loan, the speed with which your money is processed and delivered to your account can vary from one provider to the next. That’s one of the reasons why it’s so important to make sure that you compare your payday loan options before making your application. Comparing your options will make it easier to ensure that you get the cash you need as quickly as possible.
What’s more, conducting a comparison will also allow you to cut costs on your loan by ensuring that you pay the lowest possible amount in interest and fees. When comparing your loans, you’ll also be able to double check that you’re choosing a provider who can give you all of the money you need to borrow. Remember that payday loan providers can only offer a limited amount in their cash advances.
Although the time it takes for loans to be processed can vary, most providers will be able to give you your money within 24 hours or less. Keep in mind that there are factors outside of the lender’s control that might impact how quickly you get your money too. For instance, if it’s a weekend or bank holiday, then the bank might not process your cash as fast as it should. Additionally, if there are any technical difficulties with the website that you send your application to, it might take a while for your provider to receive your request.
Because of the reputation that payday loans have had in the past, it can be difficult for some people to trust that they’re getting a safe lending experience when they apply for this kind of cash advance. The good news, however, is that direct short term loan providers in the current UK market are regulated by the FCA. This means that as long as you choose an approved provider, you should be just as safe with your payday loan as you would be with any other lending opportunity.
Remember, the input of the FCA also means that there’s a cap on the amount of interest that you can be charged by payday lenders. However, that doesn’t mean you shouldn’t still compare your options.
While there are limits on the amount of interest and fees that you will need to pay, different providers in the payday loan industry offer different deals. With that in mind, make sure that you double check your options to ensure that you’re getting the best price for the money that you want to borrow. Dedicating some time to comparing your providers will also mean that you can check out some of the reviews and testimonials that have been left by other customers about popular payday websites.
Reading the reviews and comments from other people that have come before you will make sure that you’re working with a reputable company who offers excellent customer service. You can also devote some time to reading about the eligibility conditions for each provider so that you can find the one that’s most likely to accept your application.