Payday loans have become a very common borrowing option for those who are in a tight financial situation and need cash quickly. If you need to borrow money but can’t rely on your bank to provide you with the necessary funds for whatever reason, it is important that you explore this option. When you take the time to learn about these loans, you will be able to make the right decision for yourself.
A payday loan is simply a short-term loan that you pay back all at once as opposed to a long-term loan, which is paid back over time in instalments. These loans are also sometimes referred to as “cash advances” or “pay cheque loan”. Sometimes the term instant loans might also be used. These loans are usually for relatively small amounts when compared to instalment loans. You will be required to pay back the full balance of the loan with your next paycheck.
Representative Example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% (variable). Representative 305.9% APR. We are a broker not a lender. We don't charge fees. We don't sell your personal information.
Most lenders who give out payday loans will allow qualifying applicants borrow anywhere from £500 to £2,000. The amount of money that you will be able to get from one of these loans will be determined by how much you make from each pay cheque and what your credit is like. Your income is the main factor that lenders will look at when determining what your borrowing limit is going to be.
Why Should I Take out a Payday Loan?
Taking out a payday loan can be a good idea for many reasons, and it’s important that you find out what they are before making a decision either way.
You definitely want to make sure that you can pay back the loan you take out, because being late can mean having to pay additional fees. Most people who take out these loans don’t have any issues with paying back the money they borrow, but it’s still important that you keep this in mind.
Applying for payday loans is very easy and hassle-free. All you need to apply for one of these loans is a computer and an internet connection. After you have spent several minutes filling out one of these applications, you submit it and wait to hear back. You will receive a call or email telling you whether or not your application has been approved. Some lenders will allow you to apply over the phone, but doing it online is so much faster and easier.
If your payday loan application is approved, you could get your money within just a few hours. Usually it only takes most people about 24 hours to get their money from the time they submit their application. This makes it a perfect option for those who need money fast for whatever reason.
We encourage anyone who is in need of fast cash to apply with us for a payday loan. At Omacl, we always try to help everyone who fills out an application with us. If you have some sort of crucial expense that you need to get taken care of right away, you’ll want to get started now. We make getting one of these loans as simple and easy as possible so you don’t have to stress at all.