[Guest Post] Payday loan – What is it like in the UK

| September 13, 2012
Payday loan

Payday loan

A payday loan is a short term cash advance that you get from the payday loan lender so that you can fulfill your sudden financial obligation without having to turn to your relatives for the same. This type of loan is known by different names and it is likely that you will find one by the name of cash advance, quick cash, same day loan, faxless loan, and the like.

Payday loans in UK – An overview

Regardless of whether you are residing in the US or United Kingdom, you can get these loans within a single working day or business day. In this article let us find out a little more about the payday loan available in the United Kingdom. So, read through.

While some of you may wonder that payday loans do not attract any credit checks, but this is not the case in the UK. Majority of the payday loans providers you come across will carry out a credit check, the moment they receive your application for these cash advances.

As far as the amount you can borrow is concerned, it usually differs from one cash provider to another. But generally speaking, you can expect to get cash assistance of anything between 100 and 1000. This particular amount will also depend on the application you make, upon scrutiny of which the amount is determined.

Interestingly, in the event your application for payday loan is received by the lender within 3PM of a particular working day, the loan will be processed on the same day. And if you send in your application for payday loans after 3PM, your application will be processed the following day but you will get the money transferred within a few minutes once your application is processed.

Remember with the world economy slipping into financial crisis, chances of getting into debt are really high. It is important to understand or rather assess your repayment capacity prior to taking out these instant cash advances. You will be allowed to enjoy the proceeds of a payday loan till the time you don’t receive your next paycheck. And for this reason it is said that you will have to evaluate how much amount you can repay back within this period. It is not a long term loan that will give you ample time to pay back the financial aid.

The best way to avail one such payday loan is to apply for the same online. It is faster, simpler, and easier.

Thanks to James Hargreeves for his submission. James is the Managing Director and General Counsel of www.PaydayNinja.net, a site that provides payday loan to consumers and provides up to the minute industry news.

Payday loan – What is it like in the UK

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