Payday loans are quite simple, they are just like any other loan really. There are a lot of misrepresentations about payday loans out there however, so here are ten things you should know about payday loans from Payday Loans UK.

You can get emergency cash fast with payday loans.

1. They are short term loans. The distinguishing factor of payday loans is that they are short term loans. They should be paid back when you are next paid.
2. They’re cheaper than unauthorised overdrafts. One of the things often said about payday loans is that they are far too expensive. In fact, however, they are one of the cheapest options when it comes to a short term loan, much cheaper than taking out an unauthorised overdraft with your bank.
3. The APR misrepresents them. The Annual Percentage Rate describes just that, the rate of interest a loan would accrue over a year. A payday loan should only ever be taken out over a month at most, so the high APR does not reveal the actual amount of interest you pay, which is about average.
4. They are a good form of emergency cash. When you need money quickly, payday loans are an excellent option. If you don’t have any savings, and can’t or don’t want to ask friends or family for money, payday loans are a quick and reliable form of emergency cash.
5. They are useful in a number of situations. Whether you have a bill that you have to pay right away, you need to repair your car, you’re stuck on holiday with no more cash or you need travelling expenses to get to a funeral, a payday loan can help in many emergency situations.
6. The application process is fast. When you need emergency cash, you generally need it fast. It is helpful to know, therefore, that the application process with Payday Loans UK only takes a few minutes.
7. The money can be transferred to your account the same day. Once your loan has been approved, and as long as you have a job that pays above a certain rate it will be, the money will be transferred quickly. If you have applied early enough, it will be in your bank account on the same day.
8. You need a valid bank account and a debit card. The only other requirements, other than having a job that pays monthly above a certain rate, is that you have a debit card with a valid bank account. This is so that we can transfer you the money.
9. You don’t have to fax any documents. One of the reasons that the application process is so fast is that we provide no-fax payday loans.
10. You pay them back after your next payday! You probably worked it out from the name, but perhaps the most important thing about payday loans is that they are designed to be paid back on your next payday.

That’s ten things that you now know about payday loans, and will hopefully give you confidence in using this service should the need ever arise.

Tags: APR, emergency cash, Payday Loans, Payday Loans UK, repair your car, short term loans, stuck on holiday, unauthorised overdraft

Written by tZiegler

Tony Spiel has years of experience in financial matters, especially in the payday loan market. In his off time he is a keen scuba diver.

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