Payday Loan Has A Strong Foothold In The Financial Market
In this modern society everybody is working hard to earn their living. Even if you earn enough to lead a comfortable life, there are times when you are in need of cash and can’t wait for the next payday. You would find that most of the working people have faced this problem on multiple occasions. This is nothing unusual. You don’t even want to bother your family or friends for this small issue which you can solve in a few days.
One of the fastest methods to get emergency cash is payday loans. It is basically a short term loan which involves a small amount of money. Check outwww.loanpig.co.uk for further details on such loans. LoanPig is an FCA authorised and regulated direct lender and broker in the UK. So, even if they can’t lend you directly, they would be able to direct you to other reliable lenders.
How to Get a Payday Loan?
Things always don’t go the way you want in life, especially an unexpected financial shortage. You never know when you need to pay for a car repair or pay the credit card due immediately to avoid penalty and keep a good credit score. Always remember that a payday loan is taken when you need an instant loan for some necessary job that needs the cash immediately and you are sure that you would be able to pay off the loan in due time.
For getting a payday loan you need to search for a FCA registered lender, so that you know that they are regulated and feel secured. You can directly find a lender online and complete the whole process from their website. First, compare the criteria for eligibility to access the loan. For the approval of the loan, make sure that you fulfil the criteria. Otherwise there is a high chance of getting rejected and it will be recorded in your credit history for a long time.
The decision regarding the loan is sent out within a few minutes or hours of application. Once the loan is approved, it hardly takes a few minutes to get the amount credited to your account directly.
Why Is It Popular Despite Its High Interest Rate?
The maximum interests a FCA regulated lender can charge go up to 100% of the borrowed amount. So, when opting for a payday loan or any short term loan you should be prepared for incurring a high interest rate. Therefore, it is wise to apply for such a loan unless absolutely necessary.
Payday loan is still in demand because the amount that you borrow is quite less compared to other loan options, a maximum of £1500 over a maximum period of one year. You can either pay the whole amount after the next payday or in a couple of months in instalments. This option makes it easier for you to repay comfortably even if there is high interest. Even if you have a poor credit score or thin credit file you have a chance to get a short term loan, unlike other options where your application can be rejected simply based on these issues.