The title reminds the quote by Robert Burton- ‘Penny Wise, Pound Foolish.’ The phrase fits perfectly to those Britons, who cut corners of small costs and stingy about important expenses but going to the best restaurants. They often make a decision with the small amount that ends up making no sense and affect the large financial goals which never let them have a good sleep at night.
Falling asleep may be the easiest task in the world. It is not the body but your mind that wants rest after a long day of work. However, your mind never takes a rest when you are surrounded by the deep financial troubles. Of course, it is rarely an easy process to handle the change in your life. From stepping into the new investment to dealing with the existing bills, funds play an important role.
What if you are cash-strapped? Obviously, adjustment on the small expenditure would be your next step. But, if you have payday loans, cutting corners on small costs never sounds good.
Loans for the Families with 1 or 2 Wage Earners
If you think that it is important for every individual to learn how to live on a tight budget, then you must be unfamiliar with the concept of payday lending. The average income for families, having two working adults would be £40000 whereas the families with one earner have to make more efforts to afford the things they want.
Sometimes people fail to run their family in a smooth manner and start compromising on things that matter a lot. To avoid this and live without any discomfort on a single income, these lending options will help.
Wondering Should You Ask for Help from Your Dear Ones?
Asking from your dear ones for the help in the financial emergency could be an option. However, they may refuse to help you as it can affect their own financial plans. You may also wonder whether you are doing right or not by availing payday loans in the UK. Yes, of course. If you are budget conscious, relying on payday loans appears to be the best bet. The loans will serve you not only the instant financial relief but also give you a chance to avoid ‘Cycle of Debts’.
Qualifying for Loans is in Your Hands
Meet the following criteria and become a perfect candidate for these funding resources:
- Age of 18 years or more
- A resident of the UK
- Employment status
- Valid savings account
- Agree to credit verification
- No black mark on your credit report
Your Income Decides How Much You can Borrow
It does not matter you are applying for the loans first time or you have applied earlier. Generally, the loans are crafted to help you deal with the temporary problems that crop up all of a sudden. When you are running short of funds as well as ideas on how to deal with the circumstances at the same time, applying for these loans seems an immense help.
Before going ahead, people often wonder how much they can borrow. Fortunately, their monthly income decides the loan amount that you are eligible for. Actually, qualifying for the loan is a matter of affordability. That is why lenders consider your income and ability to afford the repayments before issuing the loan.
Let Your Fingers & Mouse do it Online
It is amazing when cash is urgently required and you need not go through the bank formalities. The procedure is entirely online and you can also avail the loans with no guarantor choice. You can apply simply by visiting the lender’s website. The online applications allow the borrowers to complete the form on the desktop and your mobile phones. You will require some basic personal details so the lender knows where to send the money. Online transactions are completely safe and keep your details secure.
Once you meet the responsible lending criteria and affordability check, the funds will be delivered to your savings account within a few minutes.
Look At Charges & Repayments Before Putting £s in Your Pocket
For better or worse, changes happen in everyone’s life. It does not matter what kind of changes you are facing but they might compel you to seek the way to get guaranteed loan approval.
Whenever you think of acquiring funds, the fear of getting trapped with charges and repayments may hold you back. Well, it is not something that you can’t control. Strategies are there that you can use to cope with the fear.
A Guide to Get Pocket-Friendly Loan Deals
Guidance is something that we all need to avoid the difficulties in life. This is also required in the case of finance. In fact, a guide will surely help you get the pocket-friendly deals. Are you ready to begin...?
- Let’s Start with the Charges
Transparency in lending services is what every individual wants. Then, why don’t you start with evaluating the charges? To be fully transparent, lending companies clearly show their rates on loan calculator and in terms and conditions as well. Usually, the legitimate lending companies never charge a processing fee or upfront fee in exchange for approving your loan on the same day.
- Repayments Will Surely Surprise You
Whether you are borrowing the first time or you have applied earlier, repayments will surely surprise you each time. Generally, the loans are paid back on your next salary day. Now, you don’t worry about the ‘Cycle of Debts’ as it is not going to follow you every month.
- Do Not Neglect Interest Rates
Of course, the rates of interest will be a bit high but bearable too at the same time. As a borrower, you are responsible for paying off the loan back with interest. That is why you should not neglect the interest rates if you want to ensure that the repayment is affordable.
Following the above-mentioned guide is always helpful in securing a budget-friendly loan deal.
More About Repayments...
People never hesitate while shopping for a loan. However, they often worry about the repayments. After all, it can affect your monthly budget. If you still have doubts regarding the repayments, go through the below-mentioned information.
Want to Make Early Repayment?
If you wish to repay the loan early, you can talk to your lender. Of course, it is your legal right and you can do it without worrying about anything. You will not be required to pay extra charges and you can clear the repayments early at any time. Best of all, it would not affect your credit record.
What if You Default on Repayment?
After getting the guaranteed approval on payday loans, the chances are less that you will make default on the repayments. The amount you borrow is small and what you have to repay is also not going to put a burden on your pocket. But if in case you still miss the repayment, it will hurt your credit score.
Need More Time to Repay the Loan?
If you find yourself unable to make timely repayment, it will end up with two major possibilities. You either miss the repayment or want more time to repay the loan. Missing repayment may cause harm to your financial life and that is why consulting with your lender always seems a wise choice. If you contact your lender, its customer support team will surely help you cope with the situation.
When it comes to making the repayments, doubts may take birth in your mind. If you follow above-stated advice, you will never face any inconvenience while repaying the borrowed amount.
Have a Plan & Secure the Approval
In the entire loan process, planning plays an important role. In fact, planning is a key to a successful application. ‘I need a loan and want to apply now’- The thought might come in your mind as you are cash-strapped. Nowadays, securing approval on loans is not complicated. But, all you need to do for securing the loan is having an effective plan. Consider these 3 questions to make an effective plan:
- How Much Do You Want?
As it is already discussed that your salary decides how much you can borrow. But, you should also figure out what amount is sufficient to deal with the emergency as it is not obligatory to borrow more than you need.
- What Can You Use the Money for?
You can use the loan on anything you want. There is no compulsion on the way you want to spend the money on. Once you received the amount in your bank account, feel free to utilise the money according to your requirements.
- How Will You Pay the Loan Back?
If you are borrowing funds with loans, you must follow a strategy that can help pay the borrowed amount back. You should also bear in mind that spending money on irrelevant things during the month of repayment may cause you serious trouble.
If you understand these above-mentioned questions clearly and completely, you will definitely get a direction. Now, you are ready to get a loan with assured acceptance.
What if Your Application is not Successful?
If you are worried about denial, the trouble will get double. Obviously, your circumstances get worse if a lender says ‘No’ to your loan request. Sometimes, you may find that your application is not successful. Reason...? Maybe your adverse credit record.
Is it the bad credit record that causing you a headache? If your answer is ‘Yes’, keep reading the blog...!
Can You Believe Loans Affect Your Credit Score?
You must be thinking what is new as it usually happens. But, the loans are responsible for your perfect and imperfect credit score. It is true that the borrowing nature of yours influences the credit record. If you do miss the repayment, it starts falling. On the contrary, making repayments on time helps to improve your credit score.
What’s Next if You Have Bad Credit?
Is bad credit responsible for constant loan rejection? Then, what’s next? Relax; bad credit rating never affects your request for loans with no credit check. No matter what purposes you are going to deal with by acquiring the funds. There are payday loans available for you. You can, in fact, expect a safer solution when financial difficulties surround you. Now, you do not have to worry about the adverse borrowing record.
When you are considering payday loans, you should also understand the importance of timely repayment. Since there is no cycle of debt, enhancing the credit performance is no longer a difficult task with payday loans for bad credit people. Other than this, finding out the right lending company is a good step to take.
Finding the Authentic Lender Near You
It is tempting to avail payday loans from the direct lenders. Such loans are available for every individual when he or she can’t decide how to overcome the cash crunches. The leniency in the lending nature of online lenders is what makes them superior than the high street banks. They always make sure that you enjoy the financial security and stability at every stage in your life.
Before you start applying, it is beneficial to look at the authenticity of the lending firm that you are dealing with. Here are some factors that you should consider before choosing a lender:
Customers’ Reviews- To judge the credibility of any lending institute, customers’ reviews always help. Go online and check the reviews of those applicants, who have applied from them earlier.
Rates of Interest- Charges and rates are always a matter of concern for every loan seeker. If you do not want to face any major harm in the future, check out the rates of interest carefully.
Repayment Schedule- Terms of repayments are important to know about. Make sure the schedule is according to you and avoid making any default on repayments to keep your credit score healthy.
Formalities- Formalities are what every loan aspirant wants to avoid as the funds are required fast. Choose the lender whose requirements, terms and conditions are easy to afford.
Approval Process- At the time of urgency, it is important to know how much time the approval process will take. Try to reach a lender, who is offering funds with the benefit of same day approval.
Services- Do not forget to check the services that lenders provide. Always look for the lender, who is not restricted to the lending only but also provide practical guidance. You can also look for the additional features such as no credit check and no guarantor required.
Consider the above-stated facts and take your time to find the right lender if you want peace of mind throughout the loan process.
Common Questions About Payday Loans
(1) Can Anyone Who Is Disabled Get A Payday Loan?
The loans are small and instantly available to the borrowers, who are physically unfit. Borrowing with these loans is an ideal way to deal with temporary crisis even if you are unable to go through the lending formalities.
(2) What Is Considered As A Regular Income?
Usually, lenders consider the following factors as a regular income:
- Unemployment benefits
- Income from rental properties
(3) Can I Get Payday Loans If I’m On Benefits?
Payday loans for unemployed people are the great solution for urgent cash requirements. It does not matter whether you are on benefits due to the unemployment or retirement, you can apply online.
(4) How Can Lenders Verify My Benefits?
Lenders can verify your benefits with a valid bank account statement and bank deposit statement that you are claiming government grants.
(5) Can I Apply For Money At A Place Near Me?
Of course, you can. In fact, you can attain the funds easily by applying using the internet through your computer and smart phone.
(6) Can You Make a Loan Request 24/7?
Yes, the lenders are working online and providing payday lending services 24/7.
There is no denying that you are responsible for borrowing money. That is why making repayments on time should be your prime concern always.
Payday loans are quite useful to fix the temporary crisis. Now, remember ‘Penny Wise, Pound Foolish’- the quote gives you a lesson not to cut the corners on important expenses as you have payday loans instantly available in the marketplace. Going to the best restaurant is your personal choice but compromising on the expenses that are relevant not only for you but also for your dear ones seems a foolish practice. Therefore, whenever you require a little extra cash, get the payday loans and don’t be foolish by avoiding your needs.