We've all been there. Too much month left at the end of the money. Two weeks till your next pay day, and nothing left in the bank to see you through until then. It happens to the majority at some time or another, and often no amount of planning or careful budgeting can prevent you from running short. All it takes is for something to screw up with the vehicle, a surprising vet bill or household expense and all of a sudden you find your bank balance taking a nosedive. Sound familiar?
With the cost of living getting steeper all the time, not many are in a position to afford the indulgence of saving money for situations like this. The choice of asking the bank for help through a loan or overdraft might not always be available - or perhaps the best way to go - if you only need a touch of money to tide you over until you next get paid, so a pay-day loan could provide the best solution.
Pay day loans are designed in particular to suit folk who require a short term loan which they will be in a position to pay back fast. There are a good number of payday loan banks out there, and it is crucial to do the research and make sure you feel at ease before making your decision about which company to borrow cash from. These are some considerations when you're attempting to find a payday loan lender:
Does the lender have a great rep? Do they look genuine and are they able to offer solutions to all your questions? Don't commit until you are feeling confident that you're entering into an understanding with a moral, bonafide lender.
Have they got a buyer credit license? So as to lend cash in England, all banks must hold a client credit license. Responsible lenders must stick to a set behavior code according to the terms of their license. Avoid borrowing money from lenders who don't have the purchaser credit license as they might be trading illegally.
Are you clear on what you'll be paying and when? A responsible lender should supply you with a clear schedule of the repayments of any money you borrow, including the dates, amounts and how it should be paid.
How long will you must pay back the loan?This varies from lender to bank. Some loans would need to be repaid in 30 days, others might be longer. Make sure you will have the money to pay the loan back by that date.
How much is the interest (APR) on the loan on top of the original amount? Make sure you find out what the APR figure is on the loan. Since pay day loans are built to be repaid fast you ought to be mindful of what you can pay in interest. Compare the rates with a few different banks to make certain you are getting a fair deal. And do not make any commitments until you are certain you'll be ready to afford the payments.
What will occur if you can't afford the repayments? Find out from the lender whether there would be any extra charges if a payment is missed.
Is the company a licensed money lender or a broker?Some companies which present themselves as a lender are essentially a broker, and it may work out better for you to borrow directly from the bank. If you do make a decision to go with a broker, do you know whether they are going to charge a charge?
If the bank can transfer the money very quickly after the loan is approved, will they charge you extra for this service?
There are several different types of loans available, so make sure you do your analysis and this is going to help you secure the hottest deal.
With the cost of living getting steeper all the time, not many are in a position to afford the indulgence of saving money for situations like this. The choice of asking the bank for help through a loan or overdraft might not always be available - or perhaps the best way to go - if you only need a touch of money to tide you over until you next get paid, so a pay-day loan could provide the best solution.
Pay day loans are designed in particular to suit folk who require a short term loan which they will be in a position to pay back fast. There are a good number of payday loan banks out there, and it is crucial to do the research and make sure you feel at ease before making your decision about which company to borrow cash from. These are some considerations when you're attempting to find a payday loan lender:
Does the lender have a great rep? Do they look genuine and are they able to offer solutions to all your questions? Don't commit until you are feeling confident that you're entering into an understanding with a moral, bonafide lender.
Have they got a buyer credit license? So as to lend cash in England, all banks must hold a client credit license. Responsible lenders must stick to a set behavior code according to the terms of their license. Avoid borrowing money from lenders who don't have the purchaser credit license as they might be trading illegally.
Are you clear on what you'll be paying and when? A responsible lender should supply you with a clear schedule of the repayments of any money you borrow, including the dates, amounts and how it should be paid.
How long will you must pay back the loan?This varies from lender to bank. Some loans would need to be repaid in 30 days, others might be longer. Make sure you will have the money to pay the loan back by that date.
How much is the interest (APR) on the loan on top of the original amount? Make sure you find out what the APR figure is on the loan. Since pay day loans are built to be repaid fast you ought to be mindful of what you can pay in interest. Compare the rates with a few different banks to make certain you are getting a fair deal. And do not make any commitments until you are certain you'll be ready to afford the payments.
What will occur if you can't afford the repayments? Find out from the lender whether there would be any extra charges if a payment is missed.
Is the company a licensed money lender or a broker?Some companies which present themselves as a lender are essentially a broker, and it may work out better for you to borrow directly from the bank. If you do make a decision to go with a broker, do you know whether they are going to charge a charge?
If the bank can transfer the money very quickly after the loan is approved, will they charge you extra for this service?
There are several different types of loans available, so make sure you do your analysis and this is going to help you secure the hottest deal.
About the Author:
De Dhar is a business writer concentrating on business loan and credit products and has written prominent articles on the finance industry. She has done her gurus in Business Administration and is at present assisting as a fast loans specialist.
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