Payday loans are slowly becoming a popular service day by day. They provide high acceptance loans to help you get that quick financial fix, when you come across an unexpected bill. It is an expensive way to borrow money, as they have high-interest rates, but provide funding when you can’t traditionally get a loan through banks.
These kinds of loans are usually short term and are to be repaid with interest on time. You can borrow for a month or 3, sometimes even longer, and can repay in full plus interest or installments. Failing to repay can cost you dearly as you will incur a default fee, so always think before you choose.
Taking payday loans has some key benefits and the payday loan broker at LoanPig provides you with the best service possible. They are a reputed Direct Lender and a loan broker, so you can have access to the UK’s largest board of lenders, to look for the best loan deal available for you. They have innovative technology that offers you an efficient, easy, and fast application process. This allows the customers to securely apply for a short term loan.
Things you should keep in mind before getting a loan
- Transactions can easily be done online. After completing your online application the money will directly be transferred to your bank account as soon as possible.
- Everyone is offered a fair chance with high acceptance rates and a great panel of lenders. It isn’t difficult to find lenders.
- Documents you will need before you apply online are-
o Your driving license or passport
o A U.K Bank Account
o Your full-time employment details
o Your Wage slips and at least 3 months bank statements
o Your proof of address
o You are, to be honest with your past debt details
- These are unsecured loans that mean none of your assets will be tied into the agreement. But you will be asked to set up a recurring payment. This lets your lender take what you owe them directly from your bank account via your debit card. This can both be handy and risky, as it might leave you with very little at the end of the payment. Setting up other means to repay is also available.
- There is a rules limit to the amount of interest and default fees you can be charged. Someone taking a 30 days loan of £100 will not pay more than £24 in fees. If failing to repay on time, you can be charged the default fees of £15 plus interest on the amount you borrowed. You will never pay back more than twice of what you initially borrowed.
- If you can’t pay back the loan on the due date your loan provider might give you an option to further your loan. This might be a good option if you’re certain you can pay it the next time, or else it can quickly lead to problems because you will have to pay back more interest and other fees.
You can easily withdraw from the agreement at any time within the first 14 days. You will only need to pay the interest on the credit you have used. Any additional charges will be refunded to you.