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Before Deciding a Payday Loan

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Payday loan service enables people to have access to short term finance small loans fast. Before you make a decision to go this route to get credit, you must consider certain aspects to make sure that the decision is the best option for your situation.

1 Do you actually need a payday loan?

Is it really necessary for you to apply for a payday loan? Or can the new clothing / iPod or a weekend to wait?

If the payment for something you want to buy can wait, or the due date on your bill can be extended to allow you the money within the next month, then maybe you should check your savings or buy what you need on a later date, rather than borrow money to pay for something that is not absolutely urgent.

No doubt, if you are aware of the additional costs for the purchase you made or due payment of anything in the time you want and are happy with this, and that could be solved by your next payment of salaries, then there should be no problem to apply for a payday loans.

2 For how long you need cash advance?

Payday loans are short term cash loans. They are intended so that the balance between today’s expanses and the next payday can be preserved. If you borrow money for a long time, then a payday loan is not the best solution.

You can extend the repayment of a loan at a later date in the amount of interest payment every month until the full compensation. But, the more you continue to do this, the more the original loan will cost you. So, if you need to have access to some additional money resources for an extended period, you should try alternative forms of credit.

3 How much money should you apply for?

Payday loans typically range between L 80 – L 800. The idea of the loan is that it is possible for the client to repay the loans at their next payday.
Therefore, if you want to borrow more than L 800 and / or more than you know you can afford to pay when your next payday arrives, you should use alternative forms of credit.

4. Can you meet the criteria for a payday loan?

The criteria for most payday loans are as follows:
- the age older than 18 years
- to be a resident in the UK
- To have a full-time job
- to have a debit card on valid bank account, where the wages are paid.

The customers are required to be in full-time employment when they are applying for a payday loan. If you’re a student or unemployed, you are not eligible to apply for a payday loan.
Of course, if you don’t meet the conditions, then you have no right to a payday loan.

Some payday loan businesses require you to have a check book. But, there are plenty of providers of payday loans that do not require it so you should be able to get a loan without it.

5 Are your wages paid directly into your bank account?

Most, if not all, payday loan companies require a direct bank transfer of your salary to your debit card account. If you pay by check or in cash only, it means you are not eligible for payday loans.

6 Are you able to pay a payday loan?

If you realize you will not be able to afford the repayment of a payday loan, then you should look for other solution to your problems.

You can find a payday loan provider that allows payday loan interest payments each month until the repayment is completed. Though, it is not advisable to plan repayment of your loans in such a mode, because it will cost you more money than if you pay one time interest on the advance.

7 Do you know what the process of receiving and paying a payday loan looks like?

You have to decide what your priorities are when you are going to request a payday loan. Some companies require the various forms of documentation that might include bank statements, to give approval to your application. This may mean that you will not be able to receive same payday loans. If you want your money as fast as it can be done in the easiest way possible, then you should try payday loans from companies that supply them in the same day, transferring the cash immediately on the Internet. You can then apply directly, receive an instant decision and wait for the transfer of their money on the same day. Very often, there will be a credit check in order to be able to process the application as fast as possible. This is how faxless payday loans work. If you do not mind a credit check on your credit report, then this is a good way to get money quickly.

8 Are you aware of the cost of a payday loan?

Before you make a decision about applying for advance payday loan, you must be aware of the costs and make sure that the benefits outweigh the costs for you.

Most payday loan has an interest rate of 25% of the loan – even though some charge more than that, so make sure that this is ok for you, if you decide to go with a payday loan.

All companies are under obligation to ensure an effective annual interest rate quotes (annual payment fee). In 25% of the cost of credit for a loan to pay due 31 days prior to the annual percentage rate is typical of 1286.1%. While this seems very high, we must not forget that the effective annual interest rate is that of year payment, and a payday loan is offered for a month. It is important to remember that the cost of borrowing in the same month is usually a 25%. As a result, for every 80 pounds you can borrow, you must pay L 20 in interest. You have to think whether you are happy to pay this amount and is it worth it for you to apply for cash fast payday loan service.

9 Are you in a position that you can deal with your credits and debts?

If you already have a lot of outstanding loans or debts to fight in addition to monthly payments, then you should consider the fact that payday loans may not be a good option for you.
A payday loan should not be looked for as a means of solving long-term credit and debt problems. If you try to do it in this way it is more than likely that it only adds to these problems. You should only consider payday loans, if you will be able to afford to pay them, and only if it is a short-term credit problem.

10 If a payday loan is the best solution?

You must check what alternatives are available for a certain time and to evaluate whether the benefits of a payday loan outweigh the benefits of alternatives, also taking into account the disadvantages that includes the costs of various options.

There are cases when a payday loan can be a good choice in a certain time and / or in a specific situation. You must weigh the costs and benefits and decide whether the form of the loan is convenient for you at a given time.

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