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Payday Loans

Easy Approval Payday Loans Online

Easy Approval Payday Loans Online

Payday loans are a great way to get a cash advance till your next salary comes in. The loan process is easy and quick and most lenders do seem to authorize cash payments in about an hour or so. This seems really easy to do but you are doubtful. Since you are applying for the first time, you are wondering whether there are chances that your particular payday loans online application could get rejected. You need the money very badly for a medical emergency and you cannot afford to have the loan get rejected. Is there some way to ensure approval of payday loans online? Yes you can. To ensure that your payday loan application is approved and processed, you can take a few simple precautions that will ensure approval of your payday loan.

Application Criteria

Most payday loans have simple application criteria. These criteria are usually listed right on the home page to ensure that you read through them before the application process.  You will have to be 18 years and over and you should be a UK citizen. Apart from being a mature UK citizen, you should also be currently employed, fulltime or part time and should be having a regular paycheck. This paycheck should be attached to a checking or savings account that has a direct debit and direct credit facility attached to it. Most sites will also require the borrower to have a minimum salary of about $1,000 which is required for passing a payday loan. However, requirements at each site will vary. We suggest you read the home page and Application Criteria of each site before applying for the loan.

Choose a Single Lender

It may seem alluring to get as much as cash as possible from two or three payday lenders but this is illegal. You have to choose a single payday lender and get an authorized loan only from one lender in a month. Applying to many companies may get your approved but it violates the terms of all lending agreements. You could be faced with legal action and you may be asked to payback the loan amount instantly with fees and charges. Usually, each payday loan will authorize you within an hour and they will ask you to sign a contract where you will categorically state that you are taking a loan only from this particular lender for so-and-so period of time.

Repeat loans

Of course, the lender will allow repeat loans but it depends on your repayment. If you have repaid the first loan that you took from the company quickly and efficiently, then most payday lender will approve repeat loans. However, there are sites that will just sanction a single loan per person for about three months. You are not allowed to apply to the site again and you can apply after three months for a repeat loan. If you have failed to repay a payday loan in the past, you will not be eligible for any variety of payday loans online in the future. As a result, it is very necessary that you pay off these loans quickly.

Most payday loans online sites will approve loans quickly and efficiently after checking your pay slip and details. Just make sure that you fill in the details accurately. Faking an application or putting in the wrong details could result in the all payday lenders blackballing you from any variety of instant loan.

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Payday Loans

Understanding Short Term Loans

Understanding Short Term Loans

Looking for a short term loan to cover your expenses? You aren’t the only one. The current economic condition is such that almost everyone needs more money. Food, shelter and basic medical needs have to be covered and for that you do need money. You can ask your boss for an advance on your salary, or you can borrow from family members. How long can you do that? Instead of asking money from friends, family and colleagues, you should think about short term loans which can help you out. Before you refuse to consider any type of loan, just think about it. A short term loan could be very helpful. It could tide you over these difficult times and you don’t have to ask anyone for money. To settle your mind, here are a few common thoughts people have about borrowing money and our answers for them.

Most people think: No, I don’t want a loan right now! Not in this economy!

Yes, almost everyone is thinking the same way. With the shaky economy, no one wants to take on a long term loan. No one is sure about their jobs and no one wants to take on additional risk in the form of a loan which they might not be able to pay back. For this short term loans are ideal. With a short term loan, you can make sure that you are taking the loan for a short period of time. This means usually you have to pay back the loan in about a month to two months. As the time period is short, and the loan amount is small you can ensure that the loan is paid back quickly with no effect on your credit history

Most people think: I don’t think I can get a short term loan: I have bad credit history!

Short term loans do not need to verify your credit history. Large banks and lenders do check your credit history as they are giving you money for a long period of time. Checking credit history is their way of ensuring that you are a paying customer. If you have good credit history, it means you pay your loan installments on time and you have not defaulted on any long term loans. But this is not applicable in a short term loan process. As you are taking a loan and then paying it back quickly, the lender will just need to verify that you have a way to pay back the money. This is usually done by checking your salary slip. The lender will verify that you are working and have a current source of income. There is no need to check your credit history.

Most people think: I don’t want to wait endlessly for the money; I need it for an emergency

Short term loans are expressly designed for people who want their money quickly. Of course, you can go to a bank to get your money. The bank will ask for paperwork, salary slips, and so on and so forth and eventually, it will refuse you the loan. Short term small loans are not sanctioned by banks and there is a very low chance that the bank will provide you with an overdraft. As a result, short term loans are the best. The lender will check your pay slip and he will then suggest an amount that for lending. After your approval, he will pass the loan. This usually takes place in a few hours and you get your cash directly deposited into your account. You can use it instantly.

Most people think: I don’t have collateral for any type of loan

Short tem loans do not need collateral. As the loan is for a short period of time, the lender knows that you will pay them back. They also know that you will be getting paid and when you get paid you will pay back the borrowed amount. It’s as simple as that. There is no question of collateral or guarantors or co-signors for this type of loan.

We hope that these answers have managed to settle your mind about short term loans. There are many lenders online that deal with short term loans but we suggest that you try us at Line Feed Payday Loans. We are reliable, ethical and qualified short term lenders and you are assured of the best interest rate and quick professional service from us.

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Payday Loans

The Difference Between a Bank Loan & Instant Payday Loans

The Difference Between a Bank Loan & Instant Payday Loans

This might probably be the most interesting question that needs to be answered. Why do people take instant payday loans when banks are available to lend money? After all, you might be having a steady job for the last six years, the bank staff knows you well as you’ve never had any overdraft and lending problems and you are a steady good customer. In fact, you feel that if you apply for a bank loan, you should be able to get it.

Wrong! Most people assume the same thing but banks are fickle creatures of finance. They do not sanction loans just because you are a good customer or you have been loyal to them for a long period of time. They follow financial rules, lending rules and then their own in-house rules before sanctioning any type of payment to the customer. Payday loans, on the other hand, just need to verify your salary slip before proceeding. If you still aren’t sure about which lender to choose, let us compare the lending process of a bank vs. a payday loan website

Bank loans

Banks are creatures of paper and they love their paperwork. As soon as you ask for a loan from the loan officer, he will ask for a range of paperwork which includes a formal letter applying for a loan with the reason for the loan listed in it. They will then ask for employment slips, employment contracts, credit score, birth certificates, bank statements, income tax papers, residential proof, and a range of paperwork. This will be assessed as per the bank lending regulations and financial lending regulations. You may be asked to fill in a formal loan application form and you may also be asked to submit more paperwork in the form of asset forms, guarantors if required, cash deposits and etc.  The bank continues the verification and assessment process and this usually takes anywhere from one week to a month. If you are approved or denied the loan, the loan officer will call you up and inform you about it. Usually, the loan officer will also inform you about the reason for a denial. The most common causes for denial of a bank loan are short term small amount loans and bad credit histories.

Payday Loans

Short term loans are well known for the quick application process and equally quick approval process. The vendors have a very simple application process by which borrowers can put in their name, age, address and work history. These details are verified and banking details and pay slips are requested. Based on the pay slips, the borrower is sanctioned a set amount of money based on his pay slip but they can also ask for a higher amount. The loan is approved in 2 hours and the cash is debited into the account. Borrowers can use the money as they want.

As a result, instant short term loans are usually more attractive to borrowers. They are approved instantly, they are easy to apply for and they can be paid back quickly. The interest rate may be higher but the borrower knows that they can pay back the amount quickly with fewer headaches. As a result, payday loans are going to the go-to option for consumers in the next decade.

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Payday Loans

Get Your Payday Loans: No Credit Check Required

Get Your Payday Loans: No Credit Check Required

Credit history records the loans that you have taken and how you have repaid them over a period of time. Independent credit reference agencies record your loan, repayment and banking history to make form your credit history. Most people have good or average credit as they pay their loans and utilities on time but sometimes, things may go bad. You may have lost your job or you might have a medical problem that prevented you from working. As a result, you fell back on your loan payments and this automatically got registered as a negative point on your credit history. Unfortunately, every lender relies heavily on data supplied by credit reference agencies. As a result, your loans do not get sanctioned or you are made to pay higher interest rates as you are a bad credit customer.

How your credit history influences lenders….

There are three credit agencies in the UK that collect data from banks, lenders, electoral roll, county court judgments, bankruptcy courts, house repossession, credit cards, loans, and financial institutions. All this data for a single customer is collected by agencies and sold to lenders upon request in the form of a credit history. The three agencies that collect credit ratings are Experian, Equifax and Call Credit. The credit history will not contain any details about your savings accounts, your personal history, medical history or criminal records that you might have. Lenders then use the credit history as a reflection of how you are going to pay back your loans. Each credit history will contain detailed information about customers who have defaulted on their loans and any bankruptcies that they might have. This information is critical to the lender who is providing you money.  If you are a frequently-defaulting customer, the lender has a right to raise interest rates or refuse you a loan. However, you can ask them to revise your loan request if you have relevant information or if the refusal was based in credit ratings. However, the lender does not have to justify why he refused a loan to you.

Getting payday loans: no credit check required is the easiest option for bad credit customers

As you can see, bad credit customers are not good candidates for instant payday loans by lenders and most lenders are well within their rights to refuse your loan application. We suggest that you opt for easier short term loans that have the interest rates. For example, payday loans no credit check required are the best types of loans for this reason. Payday loan companies will not check your credit history and this means that they are not influenced by your credit record. As the loan is short-term all you have to do is payback the loan as quickly as possible and you are fine. Pay day loan companies will also provide repeat loans so long as you pay back loans on time.

For bad credit customers, pay day loans are a god send. They provide easy cash during emergencies and they are probably the only variety of lender which will approve loans for them. If you are a bad credit customer, you should work to improve your score, but till the time that happens, use pay day lenders to help you deal with emergencies.

Filed Under: Payday Loans

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Payday Loans

3 Surprising Truths About Payday Loans

3 Surprising Truths About Payday Loans

Banks and financial experts tend to be very skeptical about payday loans. The UK Guardian has also been printing a series of articles informing customers about the pros and cons of payday loans but most of their articles seem to have a negative spin to them. Irrespective of the articles, pay day loan companies are having a healthy run with more business then they can handle. Business is up with more and more lenders taking loans from pay day lenders. For example, £100m was lent in the year 2004 and the amount has increased to about £1.7bn in the year 2010. That means that irrespective of the hype, payday lenders are doing a good job.  Are they really as bad as stated? If they are so bad, they why are they so popular? Whey don’t banks offer the same type of payday loans if small independent lenders are bad?

Let’s just find out.

The good points:

  1. Pay day lenders provide loans for customers who have bad credit histories. However, the tragedy is that such customers have to take on more loans and pay them back on time to be considered as good customers. With a bad credit history, conventional lenders will not lend to the customer and payday loans are the only option. As a result, customers have started bypassing banks completely in favor of smaller payday loans no credit check websites that are reliable and trustworthy.
  2. Instant approval and sanctioning of payments is another really good feature. Most banks take more than a month to approve any kind of loan. Short term loans are never approved as they tend to have no profit for banks who want longer term loans spread out with an appropriate interest rate. The shorter sanctioning time and cash dispersal makes these pay day loans seem really popular with customers. Moreover, customers can ensure that the loan is repaid just as quickly.
  3. Interest rates are higher but there is a catch here too. If you take a £100 for a month, you usually have to repay it as £125 depending on the interest rates. Most companies charge about 1350- 1450% a year. However, this interest rate can be compared with long term loan which are actually higher that a pay day loan. The benefit here is that you are paying off your loan quickly and efficiently in the shortest period of time.

This means that for bad credit customers, a pay day loan is feasible and worth it. Customers can get a loan and repay it quickly without any problems. The Guardian also reported though that more than 93% of pay day customers were happy with the lenders. They also stated that the lender treated them with respect and dignity. More than 89% of the customers also stated that payday lenders explained their policies, fees and the repayment process correctly. In fact, most customers were happy with payday lenders and their services.

Why the negative vibes?

The problem arises with the consumer. Most customers are well aware of the interest rates and the repayment date and the repayment amount before they sign the contract. Consumers who borrow more than they can pay back inevitably land up rolling over the loan. This is not a good idea. Pay day loans are short term loans and they are not meant to be rolled. Defaulting on a payday loan is also bad as you will not get any more pay day loans from other lenders as well. Almost 90% of all customers pay their loans back on time, it’s the defaulting 10% which give payday loans a bad name.