Payday loans are the most convenient method of getting hold of a cash advance should you require it to last until your next salary payment. Bear in mind, however, when you take out Cash advance loans, there are some key things you must think about. You must have a definite plan to pay back the money and clear your debt. Pay day loans are useful tools when used correctly. With such a high rate of interest they are not to be used as a long term solution.

What is a Pay-day loan?

Every day we come across lots of different types of loan. The newest is the pay day loan, which is growing almost daily in popularity.

Pay day loans are not secured, which can be used for coping with emergency financial needs, they are usually then paid back from your next pay check. This means, Pay day loans are the shortest tenure loans among the other loans available in the market.

What are the restrictions on Payday loans use?

It is not uncommon to face a situation where cash is in short supply and feel like there is no option other than to wait it out since payday is still several days away. When this happens, we either have to shelve or defer our plan of purchasing something or go for a heavy interest credit card loan to meet the obligation.

Am I entitled to receive a payday loan?

One of the best things about payday loans is you can get one even if your credit rating is not very good. You will also be glad to know applying for this type of loan will not change your credit score. The only thing you need to qualify to receive a payday loans is an active current account and a job which pays makes regular payments into that account.

What's the best way to apply for a payday loan?

The method of applying for a payday loan is probably less complex than the explanation of doing so

The easiest way to take out a payday loans is online using Internet. You may be required to supply some basic information like your Name, Address, and your employer details. Some companies offering payday loans may ask to see a copy of your Bank Statement sent by fax. In comparison to more conventional loans the paperwork is nominal.

What is the fee charged for payday loans?

Before applying for a payday loan, you would do well to review 3-4 companies to check their fees. Lots of providers have promotions where they offer payday loans without fees for the period of the first week.

How much cash can I get with a payday loan?

As a rule the largest payday loan is £1000. Payday loans lower end is £75.

How long can a payday loan last?

As standard a payday loan should be cleared on next payday. Therefore, the maximum length of payday loan could be up to 30 days. Several providers do offer a little flexibility but this comes at a price.

How quickly can I get my payday loan?

Payday loans take less time to approve than other loans. Once you have completed an online application, you will receive a telephone call from the payday lender. After completing a few small formalities, the cash advance will be in your account.