Financial Emergency? Get Fast Payday UK Loans and Repay in Instalments!
Life is unpredictable and troubles don’t knock before coming. A car breakdown, a critical house repair, or an illness can come any time and can be very trying financially. It is at this time that you sometimes run out of money and have to look for other financial sources. Banks, of course will often not provide you loans for such a small time and so small purposes, so you don’t have a lot of options. But guess what? You have got options! You just need to decide on the best one for you.
Instant Cash Loans Limited is an authorised payday lender in UK and is regulated by the Financial Conduct Authority. It is one of the older payday lenders in the UK and is now known as Payday UK. This lender offers short term loans and you can borrow an amount between £100 to £1000, and then repay it in up to five monthly instalments.
Rate of Interest and Fees
Payday UK provides easy repayment options in instalments, and the instalments are usually set every 4 weeks apart.
When you apply for fast Payday UK loans, you are presented with several different loan packages, from which you need to choose the one which suits your need at the moment. The interest rate differs in every package. No extra processing fees or documentation charges are levied.
If you opt for a Payday UK loan with one to three instalments, your interest will be charged at the rate of 0.8% per day on each £100 borrowed.
In case you choose to have four to five instalments, you will need to pay 0.73% of interest rate every day on each £100 borrowed.
(All figures were correct at the time of writing but should be carefully checked before applying)
Don’t Forget the APR (Annual Percentage Rate)
APR (Annual Percentage Rate) is the calculated interest on the total amount borrowed along with any other fees or charges applicable. APR is an important tool to compare between financial products, and all the money lenders are regulated by law to prominently reveal their APR to the borrowers before making them sign the agreement.
The APR includes the duration of the loan, total loan amount including any fees, frequency of instalments, amount of each instalment, etc.
Eligibility Requirements for Payday UK Loans
• You must have completed 18 years or must be older.
• You must be steadily employed or a must be receiving a disability benefit, pension, or living allowance.
• Your monthly income should be minimum £417.
• You must have an active bank account with a valid debit card.
Applying for a Payday UK Loan
You can now easily apply for fast Payday UK loans through their official lender website. If you are not sure about the cost of borrowing, the loan calculator the website will help you out. It asks for the loan amount and number of instalments, following which it will show you a quotation for your requirements.
Before you apply, ensure that you can afford the payday loan and will pay off the instalments regularly every month, as defaulting on the payments will cause you more fees.
Once you have made you decision, you can proceed to fill the application form and submit it. After that, the underwriters will go through your application and if approved, will offer you up to five loan packages to choose from. Select the one which you can afford and will help you out perfectly in your needs. After selecting the preferred package, you will be asked to enter further details like bank account and debit card details.
Finally, you will get a loan agreement that you need to sign. Make sure you read it carefully to see that everything is perfectly as per your terms. Once verified, go ahead and sign the contract. Entering your name acts as your signature on the website.
If you wish to receive the loan money in your account on the day of application itself, you need to apply before 3.30 PM. Though the process can get delayed if there’s a problem with your details. So cross-verify your documents before proceeding.
Why Payday UK
Payday UK has a reputation of being a responsible lender in the market. It goes through the profile of each and every applicant properly before deciding to give them a loan. Also, its proceedings are very transparent and the borrowers are treated with care and courteousness, thus raising the standards of service. If an applicant does not look like he can afford a loan, then Payday UK does not lend him in a loan in order to avoid spoiling his financial stability.
People with deep financial troubles are reject for a loan, because with a high interest loan, they are more likely to default on the payments and go deeper into debt. Hence, Payday UK makes sure that the applicant, along with having a good credit rating, also is financially stable. A bad credit rating also can get you a loan, but only if you meet their criteria and the loan is affordable.
Things to Remember
It happens a lot of times that due to some sudden troubles, the borrower is not able to repay the instalments on time. But it is not a reason to worry, as the FCA has already made regulations for such situations. In case you default on a Payday UK loan or are not ready for the next instalment, you must contact the lender ASAP and explain them the situation. Payday UK is a customer-oriented lender and hence does its best to get borrowers out of trouble. Payday UK are known to be a responsible and customer oriented lending company and hence will do their best to help you out in the repayment process. So they will work out a separate payment plan for you if you are having troubles repaying the loan.
So all in all we believe, Payday UK is a trustworthy lender and you can easily get your financial needs sorted with fast Payday UK loans.
Warning: Late repayment can cause you serious money problems
For help, go to moneyadviceservice.org.uk
Representative Example: Representative 1286.98% APR on a loan of £300.00 with 5 monthly repayments of £101.03 Total amount repayable £505.13 Annual interest rate (fixed) 290%
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Author: Author: External 3rd Party