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London Payday Loans

London Payday Loans

Are you considering using London payday loans? A survey carried out by The Money Advice Service has shown that out of the 2000 people questioned, 2.44% of them expect to fund Christmas via a payday loan.  

As pressure mounts to buy the latest gadgets and gifts, more people than ever before are having to turn to loans. It’s not just fancy gifts that people are struggling to afford however; it’s everything to do with the festive season. The food, decorations, gifts and drinks all add up to quite a large sum of money.

The question is should you turn to a payday loan this Christmas if you’re struggling financially?

Look realistically at your situation before taking out London payday loans 

The first thing you should do is take a realistic look at your financial situation. Payday loans can be really useful, providing you can afford to pay them back. 

The fundamental rule of a payday loan is you pay it back in full at the end of the month. As soon as your next pay check goes into your bank account, the lender will take the loan repayment automatically. This includes the interested owed on the loan too. Therefore you need to make sure you’re able to pay back the full amount without any further problems.

There are some people who are still paying off the London payday loans they took out last Christmas. Around 9% of the 2000 people questioned admitted they were still repaying last year’s spending spree. Obviously if you’re still paying off last Christmas, you shouldn’t consider borrowing again this Christmas. You will simply be getting yourself into further financial difficulties. 

Longer payday waiting times encourage borrowing

It’s not simply greed that drives people to borrow more throughout the Christmas period. Many people don’t actually get paid for a longer time period at Christmas time. Instead of having to wait four weeks for payment, they risk waiting up to six weeks. This can leave them in real trouble. They don’t just have to worry about the cost of Christmas; they also have to worry about their monthly bills and other expenses throughout the month. That’s where London payday loans can come in really useful. 

Promotions set to come with a warning for London Payday Loans

The Financial Conduct Authority is really starting to clamp down on the payday loan market. It is proposing that companies add risk warnings on their advertisements and promotions. This is designed to make sure customers think carefully before they take out a loan. While there’s certainly good logic behind this, it’s unlikely to deter those in desperate need of a loan. 

The one good thing that will come from these new changes in advertising is you’ll see which lenders are responsible. It can be difficult finding a decent lender when there are so many loan sharks out there. Consumers will clearly be able to see which ones follow the new rules and which lenders should be avoided.

Tips for using payday loans responsibly this Christmas with London Payday Loans

If you’re really struggling to afford the cost of Christmas then a payday loan can help you provided you use them correctly. The key factors to consider include:

•Don’t borrow more than you need to

•Pay for what you need, not what you want

•Pay the loan back in chunks if possible

The number one rule is to never borrow more than you actually need to. Payday lenders will typically lend you up to £500. However, there are some who will look at letting you borrow £1,000 - £2,000. 

Usually you need to have built up a good credit rating to get these increased loans, but that isn’t always the case. London Payday loans vary from lender to lender. Just because you can lend a high amount, it doesn’t mean you should. Always consider how much you can afford to pay back at the end of the month. 

Another way to save money is to only borrow for what you need, not what you want. There’s a big difference between want and need. For example, you may want to buy your children the latest gadgets but do you actually need to? 

Write a list of Christmas essentials and determine what you can pay for yourself. Then whatever is left over is what you actually need to borrow. Remember, the more you borrow the higher the interest will be. 

When it comes to actually paying the loan back, try to pay it off in chunks throughout January. You could even save money throughout December if you can. Paying off small chunks of the debt if you come into any additional money is a great idea. You could even use any money you’re given at Christmas to pay off the loan. It may seem boring, but financially it could ensure you start the New Year off with a peace of mind. 

When is a London Payday Loan not a good idea?

Taking out London payday loans isn’t a good idea if:

•You are currently in serious financial trouble

•You can’t afford to make the repayments

•You can’t guarantee how much you’re going to get paid

Even though payday loans are designed for those in financial trouble, they are only supposed to be a temporary solution. There are bad credit payday loans available which can help you get the money you need. However, if you’re in serious financial trouble there might be another solution that’s better for your circumstances. 

Overall, if you are planning on taking out London payday loans this Christmas you certainly won’t be alone. However, you do need to think carefully before you apply to ensure it’s the right decision for you. 

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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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