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Payday Advance Loans

Payday Advance

A payday advance is another name for a ‘payday loan.’ They have become one of the most popular forms of short term credit available. They are provided by independent lenders who aren’t part of a bank or building society. In comparison to standard loans, there are quite a lot of differences you should be aware of.  

Understanding Payday Advance Loans

When you apply for a loan via the bank or building society, you are typically agreeing to a term of at least six months. You can borrow anything from £1,000 to £25,000 and the repayment term can last for years. With a payday advance online you are borrowing the money for a much shorter time period. Therefore the amount that you can borrow is also a lot lower. The average short term loan is between £50 and £500. However, there are some lenders who will let you borrow up to £2000 depending upon your income.

The main difference between a standard and a payday loan is the amount of time you borrow it for. A payday advance needs to be repaid on your next payday. One month is the maximum amount of time you can borrow the money for. Then it is repaid in full, rather than in instalments on the date chosen. You need to provide the lender with your bank account details, as well as the date of when you will next be paid. 

Can I get a Payday Advance?

You’ll also need to say how much you earn in a month. This will help the lender determine whether or not you can afford to borrow the amount you’ve chosen. Any good responsible lender will refuse you a loan if there’s a chance it will put you into further debt. The aim of a short term loan is to ensure that you’re financially stable until your next payday. They are a short term solution only and should never be taken out for more than one month in a row. 

Payday loans are ideal for those needing quick cash for emergency bills or even for food. You can’t always guarantee what’s going to happen between paydays. If you barely have enough money left over when you’ve been paid, any unexpected bill could push you into the red. That’s when a payday loan can really help.

High interest rates, why on Payday Advances?

One of the main causes of concern with payday loans is the extremely high interest rates. It’s not unusual to see loans with 2000% to 4000% interest rates. However, what you don’t realise is that these rates will only ever become a problem if you don’t pay back payday advance on time. As a general guide, most payday lenders only charge around £25 interest on every £100 borrowed.

Therefore if you borrow £200 you will usually only have to repay £250 back. Of course these rates will vary from lender to lender, but that’s the average amount you’ll end up paying. 

What you’ll need to get a Payday Advance Loan

Before you apply for a payday loan, there are a few things you should have ready. While the requirements will vary from lender to lender, the general things you’ll need to meet include:

•Be at least 18 years of age

•Be a UK resident

•Have a bank account

•Have proof of income

The very first requirement you absolutely need to meet is being at least 18 years of age. You also need to ensure you’re a resident of the UK and that you have a full working bank account. 

Proof of income is one of the most important things the lender will look into. It’s worth pointing out that even tenants who are unemployed can benefit from a payday loan. However, not all payday lenders will accept unemployed so if this is something you need, you may have to search quite hard to find one. The self-employed will struggle the most to get the money they need. This is because you cannot always guarantee the amount you earn. You may need to send details of your bank statements for the past three years. This will obviously slow the process down. 

How quickly will you receive a Payday Advance?

Another major advantage to a payday advance is the fact that the money will usually go into your account the same day. In fact, some lenders will put the money into your account within an hour of being accepted. It takes less than a minute to get a decision about your application and then the money could be with you within an hour with a payday advance online.  

Things to remember with Payday Advance Online

Whilst payday loans can be extremely helpful, you need to think carefully before you take one out. If used incorrectly they could cause you to spiral into debt. Never borrow more than you can actually afford to pay back at the end of the month. Remember that you need your next pay check to last until the payday after that. You don’t want to have to borrow another payday loan next month! 

Should I a get an advance until payday?

Overall, a payday advance can be an excellent way out of financial crisis. You just need to remember to sue them as they are intended, not as a long term solution. Always take your time to compare the different lenders and choose one which has a good reputation. The last thing you need is to end up dealing with a loan shark. 

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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.

FCA Reference Number: 747184

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