Loan market has thousands of loan options for the borrowers. But the loans for immediate needs of the borrowers are the most popular loans. Payday loan is one such loan.
These loans are also known as cash advance loans, fast loans, same day loans, next day loans, hassle free loans, etc. These loans are approved without trouble. There is no need to fax papers to the lenders for these. No credit check is done for the approval of the loan application. These loans are used for personal and immediate use of the borrowers. The borrowers use this loan amount to pay the previous debts, to pay their medical bills, to buy short tours, to arrange get together or any other reasons. The lender does not interfere in this matter. The loan amount varies from £100 to £1500. It may go down to £80 and go up to £1800.
The loan term is short for these. The loan term varies from 1 or 2 weeks to 4 weeks. This term can be extended if the borrower cannot repay the loan in time but only for 15 days more. The lender charges extra fees for this extension.
These loans have higher rate of interest than other loans of the market. If the borrower do some research before taking these loans, the loan rates can be compared and the borrowers can get lower loan rates.
To avail the payday loans the borrowers have to fulfill some criteria. The borrower should be employed in a fixed job with stable salary. The borrower should be an adult. The borrower should have a valid bank account and legal citizenship. The borrower should give the accurate personal and bank details to the lenders. Payday loans are offered by traditional and online lenders. But online lenders are faster in processing and approving these loans.