Best Online Payday Loans
Payday loans can provide a useful solution for short term cash flow problems. Who can apply for a Payday loan? In order to be eligible for a payday loan you must be over 18 years old and in employment with a take home wage of at least £750 per month. You must also have a bank account with a valid debit card. Even if you have bad credit history you should still be able to obtain a payday loan as long as you fulfil the above criteria. How do you get a Payday loan? The majority of payday loans are available online so there is no delay with faxing or posting of documents. The application process is quick and easy to complete. You will be asked for your name address details about your monthly income and employment when your next payday is along with the amount you wish to borrow and your bank account details.
A payday loan is a small short term loan you can use to cover expenditure until your next payday. You can apply online and the decision to loan you the money is made almost straight away. In most cases the whole application can be completed online and the money loaned can be credited into your bank account on the same day as you make your application. A payday loan is an unsecured loan so it is not dependent on collateral such as you owning a house or car etc. Generally when you make your first application you can borrow any amount up to £300 depending on your take home pay. You are more likely to be approved the less you want to borrow so it is advisable to borrow only what you need. Once you have successfully repaid loans with one particular company they may then offer to lend you anything up to about £750 in subsequent loans.
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With payday loans there is a fixed rate fee calculated into repayment on each loan disbursed. The average rate is $15.00 to $20.00 dollars per $100.00 dollars borrowed. Due to the nature of the quick turn-around time of payday loans the annual percentage rate or (APR) is generally very high. It is not uncommon for the (APR) to be 100% 200% or even as high as 400% in some cases. If a borrower is unable to repay a loan at the scheduled time the lending institution may agree to rollover the loan allowing more time for repayment. The drawback to rolling a loan over is that additional fees are added to your account. For example if the fee to borrow $100.00 is $15.00 and the borrower rolled over the loan three times then the new fee would be $60.00. That is the original $15.00 fee plus three times that fee itself added to each $100.00 borrowed. WHAT ARE THE REQUIREMENTS FOR A PAYDAY LOAN? Generally the only major requirement for a payday loan is that you have a job.
One thing that I did was to become an affiliate for payday loan companies so that I could get paid from other people acquiring payday loans. Some people are just going to get them so there is no reason why you shouldnt get paid from the process that made you pay so much. The second thing I did is what really helped me which was to get a payday loan consolidation company to take on my debt at a reduced amount and pay the payday loans back for me on my behalf. It was one of the best choices I ever made and it was a way out of the payday loan web. You can do a Google search to find companies that will represent you in this way but do your research and make sure that the company you choose is credible. I used pdl assistance inc. They require an upfront fee to take your case but they will work with you on paying it and it is around $200.