As the credit crunch
starts to bite in the UK with Fuel and food costs rising more and more people
are finding that a small emergency such as their car breaking down can leave
them short of money until they get paid. Payday Loans are becoming more and more
popular for short term borrowing to get over these emergencies.
What is a Payday Loan?
When times are tight
Payday Loans are a very simple and hassle free way to get a short term loan
until you get paid. They are recommended to be used for short term emergency
borrowing . As an example, if you have to travel to work by car due to public
transport not being an option. You have a break down and you can't get to work,
catch 22, no car, no work therefore loss of pay - a viscous circle. A Payday
Loan may be the answer. You can apply and get the money the same day paid into
your bank account.
How do payday loans
work?
Very simple. Using a
simple on line form on the you can apply in five minutes. There are no credit
checks and you can have the money the same day. The requirements are:-
·
You must be over the
age of 18
·
Your monthly earnings
must be over £750 per month and you must be in full time employment
·
You have to have a
Bank account with a debit card, the debit card is used to recoup the loan once
you have been paid
Who
can get a Payday Loan?
You are likely to
qualify if you are over 18, in full time employment and your earnings are over
£750. You will also have to have a bank account and debit card.
What information do
have to supply?
Generally the simple
on line form requires the following information:
·
Your basic details
such as name and address Your date of birth Your contact telephone numbers and
email Your work and salary details Your bank account and debit card details
Why
do the Loan Companies need all this information?
All Loan Companies
have to act in a responsible manner and they need this information to verify:
·
That it is you taking
out the loan and not someone else using your name
·
That you are in full
time employment and able to repay the loan, if not in full time employment they
will not give you the Loan
·
That they put the
money in your account and no-one else's account
·
That you can repay
them in a simple and hassle-free way by using your Debit card details.
How
long does it take?
5 Minutes, literally.
All you need to do is fill in a simple on line form. The Loan company will
generally give you an instant decision once you have completed their simple on
line form. Once approved the money will be deposited into your account the same
day. Please note with some banks it may take 1-3 days for the money to clear.
How much can you
Borrow?
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