The majority of us at some point find ourselves strapped for cash during the month. This may come about for many reasons and often it is due to an unforeseen cost cropping up (such as a big vets’ bill; car repairs; an unexpected household bill). Rather than struggle on, or rely on friends or family to help you, may wish to consider a fast cash payday loan.
How does a payday loan work?
A payday loan may be a solution for you if you need cash and you need it fast for the short-term. For instance, a final reminder drops through your letterbox and needs paying immediately yet payday is some time off. You may be able to borrow the money, clear the bill and then repay the amount you borrow, with interest, when you are next paid by your employer.
Applying is easy – you can do it online and some payday loan providers do not even require you to fax any documentation through, making the whole process quick, easy and eco-friendly!
How long do I have to repay the loan?
Unlike traditional borrowing, the fast cash payday loan is typically repaid on your next payday or sometimes even the one after, whereas a traditional loan is repaid back over so many months or years.
When applying for a payday loan you will usually be asked to provide your bank account details so that the fast loan can be paid into your account and also your debit card information which allows the lender to take the money owed from your card on the agreed repayment date.
What is this type of loan suitable for?
The payday loan is suitable for any type of emergency where you simply cannot stretch your money to meet the cost. It can provide short-term financial relief. It is not a type of loan to be relied upon from month to month if you are struggling financially and indeed most reputable payday loan companies will discourage regular borrowing.
Criteria for the loan
Lenders always require that you meet certain criteria when applying for any type of credit and the fast cash payday loan is no exception. Typically, you have to be over 18 years of age; be in full time employment; and have a bank account and a debit card linked to your account.