Unexpected sudden increases of monthly expenses as well as cash shortage- many of us have faced such kind of situation once in a while. Generally, in such cases, people try to cope up the situation with their next payday cheque. But what if they are in urgent need of cash? In such cases, borrowers in the UK usually apply for payday loans. Payday loans UK try to bridge up the void of sudden cash shortfall.
Unlike other loans, in the UK payday loans are approved fast. With these loans, borrowers can avail cash within 24 hours. These loans are basically short-term loans, available for one to two weeks. Borrowers generally pay off the amount after getting their next payday cheque. But expanding of the period up to one month is possible as well.
Some prerequisites are there to avail payday loans UK. These are as follows
• Borrowers should be a UK dweller with minimum age of 18
• Borrowers must have fulltime employment
• A regular and recurring income is mandatory and it should not be less than ₤1200 p.m.
• And borrowers must have an active checking account
Usually, while availing payday loans, borrowers have to give lenders a post dated cheque. With these loans a borrower can avail the amount, ranging from ₤100- ₤1000. But borrowers’ monthly income pays an important role in deciding the lending amount. Normally, lenders do not check borrowers’ credit score while offering the loan amount. Hence, if you have a bad credit score, it won’t create any hurdle in your way.
Due to the short tenure, in the UK these loans are available at a higher interest rate. But at the same time, getting a favorable deal is not impossible as well. Do some research; it will facilitate you in availing payday loans UK at a better interest rate. In such cases, online option can be the best choice.