Though most of us would like to think that we have our lives under complete control, the truth is that unpredictability reigns supreme in this world of ours, and anything can happen at any given time. Considering that most of us live from paycheque to paycheque, having to face off against unpredictable circumstances can end up debilitating us financially. In other words, accidents happen and it is possible that you will find yourself unexpectedly short on money before your next cheque comes in. Fortunately there are some good news as ways of remedying the situation do exist, and one of the most common ones are payday loans UK.
What are Payday Loans?
Also referred to as cash advance loan by certain people, it is basically a type of loan which strictly depends on your salary. It is a very short-term adventure, providing you with an unsecured loan in order to help you deal with your emergency. What sets this loan apart from others is the fact that the money will be given promptly, the sum will depend on how much you make, and you are going to be expected to pay it all back once your next payment comes in. As you can guess, this is an option most people use when exceptional circumstances befall them as there is little advantage to it if you aren't pressed for money.
Are there Any Limitations to Speak of?
When it comes to payday loans UK, as was mentioned before, the amount loaned will depend entirely on your salary. However, the way in which you use the money is completely up to you, regardless of whether you intend to pay for your child's tuition, unexpected medical charges or even a personal investment. As long as the money is paid back by the due date, the lender couldn't care less what you spend it on, provided it's legal of course.
- short term loans
- short term cash loans
- short term cash advance
How is Eligibility Determined?
So now that you know pretty much all there is to about the concept of payday loans in the UK, you are probably wondering whether or not you are eligible to apply for one. Well, this is actually the best part about the whole thing with this type of loan; virtually everyone is eligible. It doesn't even matter in the slightest bit if you have a poor credit history, for the loan won't even be taken into account when calculating your score. The only things you need to be eligible are: a functional checking account and a normal job with a regular, traceable pay.
Applying for a Payday Loan
It's safe to say that applying for this type of loan is one of the easiest things in the whole world as everything can be done online. Naturally, most companies offering this type of loan will require you to provide them with some information, including a bank statement and all the documents usually needed in such situations. Keep in mind though that the interest rates on payday loans UK are quite high and it wouldn't hurt to look through six or seven companies before finally settling on something. All in all, the hard part isn't getting the loan, but actually deciding whether you really need it.