Are you interested to apply for payday loan? Payday loans are designed for providing people like you an emergency cash loan for a small amount of money to be repaid back when you receive your next month’s pay check.
Payday loans are considered as short term and unsecured loan, which means your belongings will not be attached into the loan agreement. This loan is meant for emergency needs only, where you may need quick cash in order to tide over the situation.
Usually, representative APR % for payday loan will be quite high, as it is generally calculated over a period of one year instead of one month for which you take this loan.
Often a situation may happen where for a loan amount of £100, you may end up paying £200 along with interest. Therefore, you must choose your payday loan very carefully and manage your money well, so that such unexpected situation does not come.
However, certain emergency situation cannot be under your control. In such situation, if you need to apply for payday loans then prefer to visit https://loanpig.co.uk, who is a well-known lender in the UK, who can offer you a loan at much easier terms.
Eligibility requirements for payday loan
Make sure before applying for payday loan that you are really eligible for this loan. Following are the eligibility criteria for payday loan:
- Applicant must be minimum 18 years of age
- Applicant must be employed and earning at least £500 per month.
- Applicant must be permanent resident of the UK
- Applicant must have bank account in the UK
Before you apply for payday loans, you must ensure that you can pay back the borrowed money with interest during your next payday. If you miss the repayment within the time then you may be charged heavy penalty.
When should you go for payday loan?
You should not go for payday loans for making a pleasure trip or for buying an expensive item for you. All these are not your urgent need and you can wait for them. Following are few situation when you must prefer for payday loans:
- For paying urgent medical bill
- Urgent car repairs
- Your boiler has broken
- You need money for funeral expense
- Urgent home repair
- Issued a check but you have insufficient balance left
- Urgent utility bill
Generally, people go for payday loans where there is no other source of money is available. Payday loan does not need good credit report and is relatively quit easy to get approval.
How to apply for payday loan?
Applying for such loan online is very easy and straightforward. Your lender will like to know the reason for loan and little basic information about you. Approval may come within few minutes.
You have to sign an agreement directly with the lender. Before offering your loan the lender will make few enquiries about you and then send his approval for the loan, if he is satisfied. The required money will then be transferred to your bank account on the same day.