We can quickly compare and arrange a wide range of Payday loans from £50 – £1500 sameday or instantly. Loans can be issued within 2 hours of a successfull application.
What is a Payday loan?
A payday loan is a type of short term loan that is designed to be paid on your payday or within a short amount of time, e.g. between 15 day and 30 days. They are designed to meet your short term borrowing needs. These types of loans are expensive and carry high interest rates and fees and are only designed to be used in an emergency or when you need cash quickly.
A payday loan is a loan that you get from a business that is not a bank, usually a loan store. It is called a payday loan, because you generally borrow just enough to get through to your next payday, upon which the money is due. Payday loan businesses operate under a wide variety of titles, and may take postdated checks as collateral. Generally they charge a large fee for the loan, which puts the interest rate very high, some rates are as high as four hundred percent.
There is an interesting article on the topic here by the Guardian: http://www.theguardian.com/money/2013/jun/27/what-is-a-payday-loan
The Citizen Advice Bureau says:
Payday loans are short-term loans for small amounts of money. They are available from high street shops and internet sites. Payday loans can be easy to get but interest rates are very high. There may be other ways for you to sort out your short-term money problem so think about the alternatives before you borrow from a payday lender.
If you decide to get a payday loan, shop around and compare the interest and charges before you borrow. Make sure you are clear about what will happen if you can’t pay it back.
The Truth about Payday loans – BBC 2013