What is a Payday Loan?

As the term suggests a Payday Loan is a short term loan paid direct into your bank account ( normally same day) and recouped at the end of the month or when you get paid. This can be a life saver for some people. Lets look at an example:- You have to drive to work everyday as you just can’t use public transport. Its Monday morning and you set off for work and half way there Bang the car blows up!!. You manage to get the car to a garage and they give you the bad news that its going to cost £250 to fix. You dont have any money left until you get paid. You need your car to get to work, so what do you do. Ask a friend for a Loan – No not a great idea, ask family for a loan again not great. This is where you can solve your problem with a Payday Loan.

Who would qualify for a Payday Loan?                                                                                                           To qualify you must be:-    

• Over 18 and in full time employment
• Earn over £750 per month
• Have a Bank account to pay the money into
• Have a Debit card so they recoup the money when you get paid

How much can I get?

Most Payday Loan companies will allow you to borrow between £80 and £750 depending on your circumsatnces. There is no Credit scoring which makes things a lot easier.

How Long does it take to get a Loan?

You can get an instant desicion by filling in a simple one page on line form and the money will normally be in your bank the same day. 

How much does it cost?

Generally Payday Loans are only outstanding for a month and as an example if you borrowed £80 you pay back £100 to the Loan company. Not bad for an emergency Loan that might get you out of a Tight spot.

For a complete breakdown of all the facts about Payday Loans visit Finance on The Web. You will be able to see what all the costs are and more information about Payday Loans