Fast Payday Loans

Payday Bank

Are [http://www.paydaybank.co.uk/paydaybank-comparison-with-the-money-shop.aspx MoneyShop] Loans the Solution to the Summer Squeeze?

Household finances are said to be at their lowest since the depths of the depression, meaning that a number of us are starting to feel more of a pinch this summer.

So how can you make sure that you have enough money each month? And what possible solutions are there to the summer squeeze?

The fact is that over the summer period we often have a lot more to pay for. There are holidays with the family, bills and entertainment for the kids all to fund.

Making your monthly income stretch far enough to accommodate this is therefore not always an easy task, but what can you do if you are struggling to make your pay last long enough?

What about a Payday Loan?

One solution to the summer squeeze is to consider taking out a payday loan. Payday loans offer short term money lending for people who find themselves short of money before their next payday.

Payday loans are quick and easy to apply for, meaning that the funds are transferred into your account almost instantaneously. This allows you to have almost instant access to extra funds, helping to tide you over financially until your next payday.

What about Repayments?

The great thing about payday loans is that there is no long and arduous repayment schedule. With payday loans the full amount of the loan, and the interest incurred, is repaid on your next payday – within 31days of taking out the loan.

In circumstances where this is not possible many providers will usually negotiate the repayment system with you, on an individual basis.

The standard procedure in this event is that you can increase the term of the payday loans providing that you pay the interest that has been accrued on the original loan amount.

What about the Interest?

The interest rates quoted for loans are based on the annual amount that will be charged. Therefore, at first glance the interest on a payday loan could seem quite high.

It is therefore vital that you remember that this is not the amount you will actually repay as the loan you are taking out is for a short-term period only.

The interest you pay will therefore be a fraction of that which is quoted for the annual amount.

How much can I borrow?

Payday loans typically offer a range of £80 - £750 for their loans. This means that payday loans are more than sufficient to give you a bit of extra expendable income for a holiday or summer outing with the family.

How do I know if I am eligible?

Typically payday loans are available to almost everyone, meaning that there is little chance that you won’t be considered eligible. Unlike tradition loan systems, payday loans do not look at your credit rating before approving your application.

Usually providers request your salary information (including the date of your next payday) in order to process your application. The only restrictions usually enforced are that you are over the age of 18years and have an active UK bank account.