When bills mount up with their deadlines staring right at our face, we often start searching for ways to pay them instantly. Payday loans in the UK are instant but expensive. Read this article to explore various features of this credit product that may help you during uncertain times. ⭐3-minute read⭐
A payday loan is a popular option among Brits when they consider borrowing a helping hand to deal with their financial necessities. If you are ever in a bind where you need funds immediately, our instant instinct is to use our credit cards. But the question is how ideal is a credit card over a payday loan? A credit card is certainly the easiest way to fund your expenses but not an inexpensive one. Moreover, the amount borrowed has to be repaid in a lump sum.
In this article, we will explore the various features of an unsecured payday loan that may benefit us during uncertain times.
There are various reasons because of which we choose a personal loan. A quick cash injection has often proved to be successful during a financial emergency. In order to decide the ideality of this high-cost short-term credit, we need to dig around for the reasons people choose it. Listed below are a few common circumstances under which we consider taking out a short-term loan:
- Bad Credit: Potential borrowers who do not have a spotless credit history often choose an Unsecured Payday Loan for Bad Credit due to their flexibility of repayment and a simpler application process.
- Medical Emergency: People often borrow a loan to pay the medical bills if they do not have health insurance.
- Unemployment: With the recent news regarding austerity looming over the UK, many Brits borrow a loan to cover their expenses.
The list of reasons may be endless. A person may want to borrow money for any financial emergency they are facing. Let us know how a payday loan is suitable:
It is comparatively easier to apply for this loan. The process of application has been designed in such a way that it takes only a few minutes for a decision.
A borrower has a complete degree of freedom to use the loan amount for any purpose.
From the processing of the application to loan disbursal, the time taken is comparatively lower. Therefore, many of us consider this to be one of the fastest methods to borrow cash.
These loans are available online and hence, an individual seeking for a loan may avail them at any hour of the day.
The loan doesn’t need any form of a valuable asset to be pledged as collateral. This reduces the risk of any collateral damage.
No Guarantor Required
During an emergency, it becomes daunting to find a co-signor to avail a personal loan. One may easily avail a Payday Loan with No Guarantor in the UK.
The FCA has made the lending standards more stringent to protect borrowers from astronomical interest rates and fees. The capping that was introduced by the financial regulator reinvented the lending industry of the UK.
A personal loan is one of the best financing options during emergencies, ONLY if borrowed responsibly. Being a borrower you have the responsibility to repay the loan on time. It will help build your credit score. A good credit score often fetches favourable rates of interest while a bad one may have a higher interest rate.
Borrow responsibly, spend wisely and repay timely!
To apply for a safe Payday Loan application with LoanTube, click here.