What are payday loans?
Payday loans are a short-term cash advance that is paid directly into your bank account. The term of these loans is typically around a couple of weeks, or until your next paycheck.
One of the main reasons why payday loans have become so popular recently is because customers receive the money almost instantly. Many payday lenders now strive to send the cash within 1 hour, which means if you are facing a financial emergency, then you can start using the money right away.
How to find payday lenders
You basically have two choices when looking for a payday loan. You can either apply online or visit a lender in your town or city.
The vast majority of people now apply online, as it is quicker, simpler, and the interest rates are usually lower.
For example, you can visit www.whiteloans.co.uk and fill out the application form in under 10 minutes. Once you have done that, expect a decision almost immediately, so there is no waiting around for hours on end.
Do I qualify for a payday loan?
Maybe you have bad credit and are wondering if you qualify for a payday loan? If this is the case then relax. Payday lenders do not run credit checks, so if your financial history is less than perfect you still stand a great chance of being accepted.
The only other things you need to qualify for a payday loan is to be 18 years of age or over, have a job or some form of regular income, and a bank account where you can receive the money once your application is approved.
You will also need to show some form of identification, and also have proof of your income. For example, you may be asked to show a copy of your last 2 wage slips so the payday lender can confirm that your income level is satisfactory for the loan.
Paying the loan back
When you take out a payday loan you will be supplied with a payment date when the loan needs to be paid back. Some lenders automatically take the money out of your bank account when the payment deadline arrives, while with other lenders you will need to send them the money.
It’s important to understand that you should never miss a payment deadline for a payday loan. Doing so could have serious implications on your financial situation, as those late payment fees quickly start to pile up.