Payday Loans

There’s a lot in the media at the moment about payday loans, and it isn’t all positive. This is unfortunate, because it mainly serves to turn people away from an option that could really help them when they need it the most.

Payday loans are actually quite a simple solution. They’re loans that are only meant to be taken out for a short amount of time, and paid back quickly. They’re not a long-term solution, and they’re not something that relies on you signing up for a long term repayment schedule in order to use.

However, because the interest rate for payday loans are shown as an annual percentage rate (APR), it can look very high. This is because, for the purposes of contrasting them with other types of loans, they’re treated as if they’re being taken out for a year. Strangely, if you take out a loan that involves you paying back significantly more cash, but for a longer period of time, the APR is much, much smaller.

Payday Loans Interest

Now, because of the short term nature of payday loans (as well as the fact that they’re sometimes performed with less stringent credit checks than many longer term loans, and the fact that they’re such a fast way of lending money), the interest rate is higher than on some other forms of credit. But this is counterbalanced by the fact that they’re for such a short amount of time.

In order to keep the process as quick as possible, credit checks are short with payday loans. They’re performed to check that the details you’ve supplied are true, and to make sure you’re not either bankrupt or currently under an Individual Voluntary Arrangement (IVA). Occasionally, if there are discrepancies, you may be asked to supply some proof of ID or employment, but the majority of applications are straightforward and only take a few minutes.

The obvious, and largest, advantage to payday loans is the flexibility they can bring to your finances. Instead of waiting for your payday, payday loans are a way of giving you early access to the money you’ve already earned. This can allow you to deal with your outgoings in an easier way, especially if something unexpected has cropped up.

Payday Loans Application

You’ll be in a position to apply for payday loans if you are at least eighteen years old, employed with a UK bank account, and reside in the UK as well. They’re the only criteria in order to be able to apply. This is because we like to keep things as simple as possible.

Once you’ve applied, your application will be processed quickly, and you’ll receive a decision so quickly as to be almost instant. You’ll be sent a loan offer if you’ve been approved, which will clearly detail the amount and date to repay. This offer will come with no obligations, and you won’t be charged in any way for applying. There are no catches, no tricks and no fees with MyPayday.

If you choose to accept the offer, the cash will go into your account quickly – usually between 24-48 hours, but often the same day, and sometimes even within the same hour you applied.

Thousands of people receive payday loans every day, and many of them find them to be a useful, simple way of getting early access to their payday. If you apply, you could find out in minutes if you could join them.

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