Image via WikipediaWhen you run low on cash between paydays, it is helpful to know that there are solutions to fit your needs. Everybody has emergency situations come up they hadn't planned on or budgeted for, but many people are left with the embarrassment of trying to raise money from friends and family. This can cause more questions and scrutiny than needed, when you already have a situation that might be causing you stress from a temporary cash shortage.
You can get a payday cash loan, if you fit the basic eligibility requirements, including being 18 years of age, holding a regular job, making at least a certain amount per month and having a bank account, besides being a resident of the UK. There are other questions that frequently come up when it comes to the simple application and approval process.
As a typical example of what a lender might offer. You can borrow increments of 40 pounds, starting at a minimum of 80 pounds. For every 100 pounds borrowed, there is a 25 pound fee incurred. Your first request can't exceed 400 pounds, but you might be approved for less. After you have repaid your first payday cash loan, you can apply for a loan amount up to 1000 pounds, if you need it. While you might not get approved for the full amount, you can get approval for a higher amount than you first received, in many cases. The loans are meant for people that get paid monthly instead of weekly and they aren't for the self-employed or unemployed.
The repayment schedule is offered with 4, 5 and 6 pay cycle plans, based on how much you are approved for. This is an option for lower monthly payments, although some people pay them in full sooner, without prepayment penalty. 80 pounds borrowed will be on the 4 cycle plan, while 120 and 160 pounds will be offered on the 5 cycle plan. Any loans that are 200 pounds or greater will be on the 6 cycle plan.
The way the repayment cycles work is that you pay only the interest on the first pay day, along with a fraction of the principal, split in equal parts.
When you receive your first pay cheque (falling at least 8 days after loan approval), the first repayment date occurs and then your next immediate payday is considered the second repayment date and the pattern continues until the loan is paid in full.
If you can't repay the loan on time, you can incur additional fees for collection, so it is important that you budget correctly. If a difficulty arises, you need to notify the company immediately because arrangements can be made to help you with repayment and you can ensure your account doesn't go into the collection process this way.
Of course, these aren't the type of loans that are meant for a long-term solution to financial problems and many people actually repay the loans before they are due, which can help save interest fees. The most frequently asked questions about a payday cash loan have answers that are straightforward and easy to understand. The important thing to know about them is that they are a great way to get the emergency cash you need, when something comes up between paydays.
You can get a payday cash loan, if you fit the basic eligibility requirements, including being 18 years of age, holding a regular job, making at least a certain amount per month and having a bank account, besides being a resident of the UK. There are other questions that frequently come up when it comes to the simple application and approval process.
As a typical example of what a lender might offer. You can borrow increments of 40 pounds, starting at a minimum of 80 pounds. For every 100 pounds borrowed, there is a 25 pound fee incurred. Your first request can't exceed 400 pounds, but you might be approved for less. After you have repaid your first payday cash loan, you can apply for a loan amount up to 1000 pounds, if you need it. While you might not get approved for the full amount, you can get approval for a higher amount than you first received, in many cases. The loans are meant for people that get paid monthly instead of weekly and they aren't for the self-employed or unemployed.
The repayment schedule is offered with 4, 5 and 6 pay cycle plans, based on how much you are approved for. This is an option for lower monthly payments, although some people pay them in full sooner, without prepayment penalty. 80 pounds borrowed will be on the 4 cycle plan, while 120 and 160 pounds will be offered on the 5 cycle plan. Any loans that are 200 pounds or greater will be on the 6 cycle plan.
The way the repayment cycles work is that you pay only the interest on the first pay day, along with a fraction of the principal, split in equal parts.
When you receive your first pay cheque (falling at least 8 days after loan approval), the first repayment date occurs and then your next immediate payday is considered the second repayment date and the pattern continues until the loan is paid in full.
If you can't repay the loan on time, you can incur additional fees for collection, so it is important that you budget correctly. If a difficulty arises, you need to notify the company immediately because arrangements can be made to help you with repayment and you can ensure your account doesn't go into the collection process this way.
Of course, these aren't the type of loans that are meant for a long-term solution to financial problems and many people actually repay the loans before they are due, which can help save interest fees. The most frequently asked questions about a payday cash loan have answers that are straightforward and easy to understand. The important thing to know about them is that they are a great way to get the emergency cash you need, when something comes up between paydays.
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About the Author:
Richard Waterstone is an expert on a range of financial subjects. To find out more about Payday Loans visit his recommended website at http://www.lendingstream.co.uk/
Richard Waterstone is an expert on a range of financial subjects. To find out more about Payday Loans visit his recommended website at http://www.lendingstream.co.uk/
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