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1 Month Loans

Everything you need to know about 1 month loans

In the past, if you needed financial help you had two main options. You could either take out a personal loan or apply for a credit card. A personal loan would typically be paid back over a period of a few years, while credit cards could prove even more problematic as they encourage you to spend what you don’t have. However, these days there’s a new type of loan taking over and that’s 1 month loans. 

What is a 1 month loan?

A 1 month loan is more commonly referred to as a payday loan. This is where you borrow a small amount of money for just 30-31 days. The loan is repaid in full, along with any interest as soon as you next get paid. This means the repayments aren’t dragged on for months or years at a time. 

They are especially designed for those who need emergency cash. It could be an unexpected emergency such as vet or medical bills that you have to pay. If you simply don’t have any savings or money to last you until your next payday, this type of loan can be ideal. It’s worth pointing out that it is only supposed to be used for emergencies. Payday loans should never be used as a long term solution. 

Advantages and disadvantages of 1 month loans

Before deciding whether or not 1 month loans are the right option for you, it’s important to look at the advantages and the disadvantages involved.

Most payday loan lenders will be able to give you the money you need within the same day. In fact, there are some companies who put money into your account within an hour of being accepted. This is one of the main reasons why this type of loan is perfect for emergency cash flow problems. It gives you a peace of mind and allows you to pay those unexpected bills quickly and easily. 

Another major advantage to a payday loan is the fact that it doesn’t matter whether or not you have a poor credit rating. Credit checks are rarely carried out which means even if you have a poor credit history, it won’t necessarily affect your decision. In fact, there are very few restrictions placed upon these 1 month loans. While it will vary from lender to lender, you typically need to be aged 18, be in full time employment and have a bank account. The bank account details are especially important as that is how the lender will take back the money at the end of the month. 

The potential disadvantages of this type of loan include:

•You may struggle if you’re self-employed

•They can get you into huge debt 

These are the only two real disadvantages you need to be aware of. As most companies require you to be in full time employment, you might have trouble getting accepted if you’re self-employed. However, if you can provide details of your earnings for the past three years there’s a chance you can still get the finance you need. Some lenders also provide payday loans to those who are currently unemployed and on benefits. 

Perhaps the most worrying thing about payday loans is the fact they can get you into serious trouble if you misuse them. This is because of their huge interest rate. When you take out a personal loan, you can expect rates up to 21% (though some lenders will charge more) and you’d consider that to be quite high. However, take a look at payday loans and you’ll see their interest rates can reach over 4000%. This is an annual rate so if you’re borrowing money for just a month it won’t make much difference. It’s if you miss a repayment or have to extend the loan that this rate starts to become a problem. 1 month loans should never be taken out for more than 1 month if you don’t want to end up in serious financial trouble.  

How much can I borrow with a 1 month loan?

While all lenders are different, the average amount you can borrow with a payday loan varies from £50 to £1,000. Before you are accepted, the loan company will want to know how much you earn each month. This will help them to determine whether or not you can afford to pay it back. If for example you want to borrow £800 but you only earn £1000 in the month, it would be unwise to take out the loan. You’d be left with £200 on your next payday and that would likely lead you to need another payday loan in order to tide you over. 

Only ever take out what you can actually afford. If there’s a chance you’ll end up in the same situation next month, consider a different finance option. In terms of short term emergency cash, payday loans are fantastic. They can really help and they take just a couple of minutes to apply for.

Choosing a 1 month loan

The only thing you need to watch when you’re searching for 1 month loans is that you’re borrowing from a reliable company. There are many loan sharks out there, though the industry is starting to crack down on them now. Loan sharks will let you borrow large sums of money without caring whether or not you can pay the money back. They use unethical ways of getting the money they’re owed and will soon have you in mountains of debt. 

Take your time to ensure the company you are applying to has a good reputation. You can usually find this out with a quick online search. See what other customers have said and whether or not they recommend the company.

A 1 month loan can be really beneficial. You just need to make sure you can repay the loan in full when your next payday arrives. Take a look at the criteria of each lender before applying too. If you apply to companies and you get turned down, it can negatively affect your credit rating.  

 

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APR Explained

Rates between 45.3% ARR to maximum 1575% APR

Representative 277.6% APR

Representative Example:

Amount of credit: £850 for 11 months at £146.30 per month.

Total repayment of £1,609.25. Interest: £759.25.

Interest rate: 150% pa (fixed). 277.6% APR Representative.

APR rates range from 45.3% APR to 1575% Max APR. Your APR rate will be based on your circumstances.

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