For people who sometimes find that they are struggling to pay their bills before they are paid each month, payday loans are becoming a more popular choice to ensure that debt is avoided as much as possible.
Failure to pay bills can have an impact on a person’s credit score, potentially affecting future loans or services such as a mortgage.
One missed payment can lead to further debt because you are subsequently having to catch up with their previous missed payments. Payday loans therefore provide a useful opportunity, so that this can be avoided as much as possible.
Payday Bank is a broker to Wageme.com who is the direct lender that works alongside a variety of lenders in the UK to find a suitable deal for each customer. This system also saves time for the customer, because only one form needs to be completed to reach several potential lenders.
If approved, the money will be paid into your bank account within a few hours, ensuring that deadlines can be met even if the loan is applied for as late as 3pm on the day payment is due. Any amount between £50 and £400 can be applied for, depending on individual circumstances, and it is expected that the loan will be paid back within 28 days.
A bad credit history will not necessarily mean that you will not be approved to receive a loan a loan. As the name suggests, such loans are often taken out to help the customer until their next payday, so all you have to do is pay the money back once you receive your salary that month.
Although the amount of APR charged can seem to be high, the short nature of these loans means that a relatively small amount of interest is paid, and this is likely to be less than any fines received for missed payments for bills.
For permanent residents of the United Kingdom, Payday Bank provides an easy way to borrow money that will allow customers to keep up-to-date with their finances, even when they run out of money before payday.
If you find yourself in this situation there is no need to worry, contact the bank to see what they can do for you.