When you need some cash very quickly, a payday advance loan might be the solution. These small, short-term loans (not more than a month) are widely available. Since the lender is only offering you relatively small amounts of money (a few hundred pounds) on a short term basis, the conditions to qualify are less stringent than with other loans. You must be employed, you must be 18 years or age and have a valid bank account. You can apply online and the money will be in your account the same day. The name of the loan actually comes from the fact that it allows you to lend some money until your payday. It sounds good, but it comes with a cost. A very serious cost, we might add.
Payday loan lenders make important profits from the high interest rates. More and more people use those loans, because they are a very easy way to get some quick cash. Since they only borrow small amounts of money, they don't always pay a lot of attention to the interest rates. This could be a mistake.
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Risks associated with a payday advance loan
If you need a couple hundred pounds and you have to wait a week or two until your payday, those small loans look very attractive. However, the costs of those loans are huge. If you borrow £100, you will have to pay back about £120 after one month - and this is not your biggest problem. Since the loans can be rolled from one month to another, you might end up paying the double or the triple of the sum you borrowed, in just a few months! This is why you should only use this type of loan in emergency situations and if you are completely sure you will be able to pay it back at the end of the month.
If you find yourself needing cash before payday on regular basis, the solution to your problem are not short-term, expensive loans. You need to reevaluate your monthly budget and to give up to some of the unessential expenses. Instead of rolling high interest rate loans from one month to another, you should rather get another type of loan (a secured loan, for example), consolidate your debt and follow a more responsible approach to personal finances for the future
How to find convenient payday loan lenders
If you think that this type of loan is suitable for you and brings you advantages, you need to find the right lender. The first things you need to check are the interest rates. Don't assume you will be able to pay your loan after one month so work out the costs of rolling the loan for a longer period of time to see if it makes sense. With almost 30 different payday loan lenders in the UK market you can afford to shop around, but just remember that it is a short term solution and shouldn't be relied upon as a long term source of finance.
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