Whether you need new tires or the utility bill is higher than normal this month, extra cash may be required. Like people elsewhere in the world, UK residents are not always prepared for unexpected expenses and in some cases, the bill cannot wait until they have the money.
These situations require instant payday loans designed for UK consumers.
These are short-term loans available online to meet urgent needs for cash. Lenders do not base approval on the purpose of the loan. UK residents can use the money to pay university bills, telephone charges, hospital expenses, or to consolidate debt.
Consumers can find loan amounts from £80 to £1,000 by searching online.
Payday loans are secured by an upcoming paycheck so borrowers must be employed. The most common loan terms span from one week to one month. When the term expires, the amount due is immediately repaid via electronic transaction.
Loans APR and other charges are based on the loan amount and repayment arrangement. Approval is not based on a credit check, so this funding is often much more expensive than loans bank offered.
To be eligible for a payday loan in the UK, the individual must be a citizen older than 18. The employment arrangement should be permanent and provable. Minimum salary requirement is £1,000 and the individual must have an active bank checking account.
Since these are no credit check loans, verification is often faster because it involves checking only these items and some personal identifying information.
An online application is required but it takes only a few minutes. Following submission, the lender verifies the information and issues a decision within two three hours. If the loan is approved, the money is transferred directly into the checking account provided within about 24 hours.
When a person cannot stall in paying a bill, a payday loan may be the best option.