Payday Loans

Online payday loans

Payday Loans

Payday Loans

Has a financial emergency just taken an unexpected toll on your life? Perhaps you are in desperate need of some money but you don’t know where to look or where to turn too? Well, you a payday loan could be the best option for you.

What are Payday Loans?

Payday loans are small, emergency loans which you can borrow from lenders and brokers like PMLoans. Usually, you can borrow between £50-£1500. This is a perfect amount for somebody who just needs a small amount of cash quickly. Some lenders and banks only offer loans starting at around £200, but this is no good for you if you are only wanting a small loan for a month or so. So, that is why PMLoans begin their range at £50. All payday loans tend to have a repayment period of around 1 month to 12 months. This is so you are at ease when repaying your loan.

What can I use a payday loan for?

Unlike other loans, payday loans should only be used in emergencies. Maybe your car has broken down and needs urgent repairs. Or maybe your boiler has broken in the middle of winter. Either way, these are financial emergencies which need sorting as soon as they possibly can. But, unfortunately, most of us don’t have the money to afford these repairs straight away unless we have savings to fall back on.

Am I eligible for a payday loan?

When you apply for a loan, you will find that there is a criterion that you will need to meet in order for your application to be accepted. This is for any lender or broker to ensure that the company isn’t lending to people under a certain age or to people who cannot repay the loan. All lenders and brokers have slightly different criteria’s so the following example is one which might not cover every company, but it has a wide range of requirements so you can roughly see what criteria may look like.

  • Be over 18 years old & a UK resident
  • Have a bank account and an active debit card
  • Be in permanent employment or receiving various allowances
  • Meet our credit and affordability criteria.
  • Agree to provide accurate information about yourself and your financial situation

How do I apply for a payday loan?

Depending on which company you are wanting a loan from, you will be provided with an online or postal application form. You must complete this and submit it online or send it via post. An online lender or broker will offer you a faster process as they will receive your application straight away. This means they are able to inform you on whether or not you have been accepted soon after. Whereas if you apply for a loan in the post, you could be waiting weeks for a response.

Is it better to use a lender or a broker?

There are pros and cons of both lenders and brokers. But, that doesn’t mean they are as good as each other. Lenders can lend to you directly, this means that your information isn’t being passed on. But, you have the chances of being rejected and then having to take the time to find another lender to offer you a loan. This could take days or even weeks which isn’t ideal, especially if you are borrowing for an urgent emergency. Whereas a broker gathers your information via the application form and passes it onto a panel of lenders. This massively saves you time and increase your chances of getting a loan. As well as this, you will only have to complete one application instead of multiple as you have a high chance of being accepted.

Maybe you don’t like the idea of a loan and are in need of some other alternative advice? Visit our blog post on saving money here.