If you've never gotten a payday loan, you might be wondering why someone would get one. After all a loan involves interest, why get one for the short term? When someone is living pay check to pay check then any unexpected, but necessary, expenses can make their pay check evaporate quickly. That expense could be getting a new refrigerator or car fixed and the extra bill sucks the wallet dry. Maybe this hypothetical person has huge credit card debt already and can't use a credit card for the unexpected bill.
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If you have a rule against borrowing from friends or family or are behind on paying some of them back already you probably won't want to go that route again. The only answer may be a payday loan, which is a short-term, small loan. So you're caught in a bind to get money for that car or refrigerator repair or maybe for a trip related to a death in the family. It could be that an unexpected expense caused him to pay only part of his monthly bills last month and now he needs that payday loan.
Now you need to consider the advantages of getting a payday to the disadvantages and make a decision on whether to get a payday loan. The advantages are no credit check, different ways to apply like in person, by phone or the Internet. Other advantages are it takes a small amount of time, the money can be deposited directly into your bank account, no immediate costs, it's discreet, and your financial information isn't shared with anyone else. You can also use it to build your credit.
The disadvantages are few because you only get charged a flat fee for the payday loan. If that fee hurts your budget then you only need to consider what bank overdrafts and penalties would apply so it isn't much of a disadvantage. You'll encounter an APR based on the length of the loan and there aren't any hidden costs.
The typical requirements to get the payday loan being at least 18 years old, employed with a regular pay cheque, an active bank account in which you deposit your cheque, a valid debit card from your bank, and you reside in the United Kingdom. These are normal requirements and a working person with a pay cheque that can cover the loan and meets the above criteria shouldn't have a problem getting a payday loan, though some lenders will run a credit check on the proposed borrower.
In order to get the loan you'll just need to fill out the application and you could get his loan the same day and repayment can be easily setup to be debited from your bank account on the accepted date. So our hypothetical borrower could have the money problem solved quickly and with little trouble. If you are in a bind like then consider what a payday loan could do for you. You could have your car or refrigerator or whatever taken care of quickly and be enjoying their use again before you reach your next payday.
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