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Different Types of Payday Loan

Different Types of Payday Loan

There are many different types of payday loan out there, so your first step after deciding that you need a loan is to look around and choose the best type of payday loan for you. Whether you need just a small amount to tide you over or a larger loan to set your finances straight, there will be a payday loan out there that suits your needs and your particular situation.

Researching the different types of payday loan is easy; all you need is an internet connection and you can browse through a great many companies who offer a payday loan service. Each company will be slightly different in the amount they will offer, who they will lend to and how quickly you repay, so it is worth taking a bit of time to work out what you need.

•If you only need to borrow a small amount then you can apply to borrow a few pounds just to keep you going until your wages appear-some companies ask for a minimum borrowing sum but you can find lenders dedicated to lending a small amount which will cover you.

•Larger loans are also available-but if this is your first loan then you may be restricted to what you can borrow until you have built up your borrowing reputation. 

•One Month Payday Loans are intended to be an amount of money that you borrow and repay in a very short space of time, often in the same month that you borrowed. This type of loan is great for those who need a quick boost but who don’t want to have debt hanging around for longer than is necessary.

All the different types of payday loan are quick and easy to apply for, simple and manageable to repay and are a great bonus when you really need to cover expenses that your wages, for whatever reason, cannot cover. 

It is always worth remembering that you should only apply for the amount you really need; try not to be tempted to take out more than the amount you need to cover your expenses. Because of the high interest rates, this type of borrowing is considered to be quite expensive-it works fantastically well in the short term, being quick and easy and with a high rate of approval-in the long term, however, you end up repaying considerably more than you borrowed and as such you may be refused if you apply for more than 4 payday loans in a year.

Taking out different types of payday loans is a service that is rapidly growing in popularity-there are a great many benefits to applying for a payday loan rather than the more well known forms of borrowing such as banks, credit cards or a sub from loved ones.

Firstly, there is the convenience and ease with which people can apply for loans. There are a few very basic criteria you must meet, but as long as you tick theses boxes then you are eligible to apply:

Are you over 18?
Are you a UK resident?
Do you have a bank account?
Do you have a take home monthly pay of £500 or more?

Once you have gone through the checklist and answered “yes” to each question then you are free to apply for the many different types of payday loan. Each company will have slightly different ways of working in terms of what they will lend and to whom, so a bit of research on your part will pay off and help you find the best payday loan for you.

Applying couldn’t be easier; you will be taken through the terms and conditions of the lender you have applied for, asked to fill in a short form then wait for a few minutes while your details undergo credit and affordability checks-and that’s it!

Once that all important approval has been granted, you will receive funds directly into your bank account, meaning that you can breathe a sigh of relief and get on with sorting your life out!

You can take out different types of payday loans for different reasons, depending on your financial situation. 

-For example, when you need a quick, short term boost of funds because the car has blown a gasket you can apply for a helping hand to get you through the month whilst still keeping your car on the road. 

-If you know that you have bills or bank charges coming up in the month approaching, you can take out a pre-emptive payday loan which will cover your costs and keep your head above water.

-When you have overlooked a bill or expense (don’t worry, it happens to the best of us!!) and you know you don’t have the money to cover it you can apply for a payday loan to make sure that you avoid the debt collectors.

Repayments for the different types of payday loan follow a similar pattern-you will borrow an amount, choose a date or dates for the repayments to be taken from your account, then you will repay what you borrowed plus the interest on your particular amount. Repaying on time is very important, as failure to do so can land you in financial difficulties even greater than before you took out your loan! Always ensure that you have sufficient money in your account to cover your repayments and maintain good communication with your loan company and you will experience no problems. 

Whatever your reason for financial difficulty, you can deal with it using one of the different types of payday loan which are out there. There are so many companies offering this service these days, and so many great advantages to payday loans, that you will be sure to find the perfect solution to your money moans with different types of payday loan!

 

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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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