Much has been written about payday loans. In the press much of it has been written by people with high paying jobs who would never need a payday loan, trying to protect the people who do need them every now and then by eliminating them. Eliminating payday loans that is, not the people.

APR Rate

Whether your credit is good or bad you can get a payday loan from Payday Loans UK.

One of the things that people like that seem to fail to notice is that people enter into arrangements with payday loan companies like Payday Loans UK voluntarily. That is, if they did not want the loan then they would not have asked for it. There are some scam organisations that might spam people with emails, but the legitimate ones don’t do that. Also, it is clearly not fair to judge legitimate payday loan companies by the actions of scam artists, otherwise banks would also have to be held responsible for the people who try to get their customer’s account details. The point here is that people approach real payday loan providers for the loans that they provide because they want them.

Payday loan providers are accused of preying on the poor though. This is ridiculous, because it is only people without a lot of money who would ever take out a short term loan. Should people without a lot of money be denied credit then? No, that is not the problem of course, they say that it is extortionate. And yet banks could offer short term loans themselves, with the APR rates the same as for the long term loans, and make no credit check, as most payday loan companies do. And not enquire what the loan is for, simply ask whether they have a job that is permanent, and whether it is going to pay enough to cover the loan next month. Banks could do that easily, except they don’t. Instead of that, the only comparable thing they do offer is unauthorised overdrafts, which sometimes have APR rates in the millions of percent. Why do they do this? Because they don’t want people turning a short term loan into a long term one. And why don’t they offer payday loans with the interest rates that apply to long term loans? Because they want to make money.

No Credit Check

Payday Loans UK offers payday loans with no credit check because we offer short term loans based on the money you are going to have in the immediate future, not on how you managed your finances in the past. This speeds up the application process and makes it possible for people who need money fast to be able to get it. The APR rate is higher for payday loans, that is true, but that is only because that is the only way to make the loans a fair price when they are only taken out over a month. Also, they are nowhere near as bad as unauthorised overdrafts.

Many of the people who write about payday loans in the press do not know what they are talking about. They see an APR rate which looks extremely high and try to put an end to voluntary transactions, in the name of helping the recipient, but if they were successful, they would would just be taking away a sometimes essential lifeline.

Tags: apr rate, bank loans, no credit check, Payday Loans, payday loans in the press, Payday Loans UK, unauthorised overdrafts

Written by sSeaborn

Samuel Sandrock has a degree in Economics and is an expert in financial matters. He likes listening to country music and playing squash.

Comments are closed.