Payday Loan Stores in the UK

By: Apurva Shree

Not everybody needs big amounts of loans; most salaried people require extra cash in small amounts to tide over the unexpected expenses. Payday loan stores in the UK is meant to cater to the needs of such individuals. With this you can have cash to pay your emergency needs and not have to wait till your next pay cheque. The process of applying and securing the loan amount is fast and often done online.

Facts About Payday loans

Payday loan UK is the secured way of getting quick cash without any hassle and can be availed by anyone. Yes, if you are 18 years of age, working from at least 3 months, drawing a salary of at least ?1000 per month and possess a valid bank account then you are eligible for applying loan in payday loan stores in the UK. The amount of loan that you are eligible to borrow depends very much on your current salary. It can be either ?50 or ?1000.

Another benefit of borrowing through a payday loan store in the UK is no credit check. Typically, it is a common practice that the lenders perform credit checks on their applicants. However, for payday loan UK, the lenders do not perform any bad credit check. So it rarely matters how bad or good your credit history had been in the past. With this, you can conclude that payday loan is the ultimate option for bad credit holders to secure cash without getting into any type of hassle.

The same day payday loan in the UK is similar to other payday loans where the application is approved in a few minutes and the money is wired to your bank account the next working day. The loan is required to be paid back in a period of 2-4 weeks. For the repayment of the loan, the borrower has to deposit a post-dated cheque in the payday loan store in the UK. The cheque holds the loan amount plus the interest and additional fee charged by the lender. In case you are not willing to give a post dated cheque then there is an option wherein money can be directly withdrawn from your bank account on the due date specified by you.

If you are lending from a payday loan store in the UK then it is recommended you repay the loan amount on the due date rather than extending it to some other date. With this, you will be prevented from adding more interest added to your loan amount and thus save your money as the interest charged on it is very high. To conclude, payday loan UK is profitable if it is repaid on time without getting it extended.

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