UK Payday Loans Advantage for UK Citizens

UK payday loans are a small short term loan that intends to cover the borrowers expenses until the next payday. It is granted to finance the borrowers immediate need for credit. Credit may be required to pay an outstanding bill or to pay for repairs.

The finance are lent by banks and lending institutions. Before sanctioning such credit, the lender checks the credit history of the borrower. The amount of finances decided to be lent is dependent upon the applicants credit worthiness and his employment standing. Generally, the advanced amount ranges from £80 to £1500, for a period of 1-30days

If the applicant has a bad credit rating, the rate of interest will be comparatively higher.

The positive features of this credit are; the credit has to be repaid by the next payday; this gives ample time for the borrower to arrange for the money. People with poor credit history are also granted credit. No security has to be placed; the advances are lent in good faith.

The negative features are:

As the credit is granted for a short term, the interest charged is high.

UK payday loans are sanctioned to the customer within 1 to 4hours. The finance is transferred into the borrowers bank account. This assures a quick service to the customer. The services provided by all lenders are fast as people who apply for such advances are in urgent need of money. They cannot wait until a credit check and other documentation is carried out.

The lender grants finance to the applicant, provided he meet the required criteria;

He must be a citizen of the UK; he must have an active bank account. He must be employed and drawing a monthly salary of at least £1000. He must be over 18years of age. He must possess a debit card.

UK payday loans can be easily applied for online. It saves a lot of time, about filling of the application form. The application contains details of the applicant; his name, age and address. He is also required to submit proof of employment.

The advance granted is transferred to the bank account of the applicant within 24hours.

Summary:

Immediate payday loans are a quick solution to finance your emergency credit needs. The advance has to be repaid when the next pay check arrives.