When you are in need of emergency cash you might get confused as to what to do. The most convenient way is to turn to your family. But, you cannot be so brazen as to run to your family and friends whenever something small happens. It can be embarrassing and disrespectful at times. You would be better off with a short term loan from a credible lender.
One of the best choices would be payday loans. If you are not sure of the lender, then check for registered direct lenders like LoanPig. Visit their website LoanPig to know more about their services. They are the UK’s one of the most popular lenders. Their service does not stop at providing direct payday loans, but they also guide you to a large number of lenders suitable for your profile.
Purpose of A Payday Loan
To utilise this credit service, you need to first understand when you should get this loan. This is mainly used for an emergency purpose for which you need to pay instantly and cannot wait for the next payday. Most of the people in service would understand this. They always become calculating with the expenses in the second half of the month.
But a sudden need for money beyond your calculation can put you in a tight spot. This is where the payday loan comes in handy. Again, keep in mind that what we are talking about is a small amount of money which is repaid over a short period of time. The maximum loan amount can reach up to £1500 and the time for repayment is maximum one year.
Generally, as the name goes, a payday loan is supposed to be paid off by the next payday. The longer you take to repay the more will be the interest.
Time Taken for The Whole Process
The application of payday loans is mostly done through an online process. So, it hardly takes time to get a loan. You can simply use the service from anywhere and at any time. The filling up of information would take a few minutes. After the verification the lender would let you know about the decision and transfer the amount to your registered bank account through secured connection.
This whole process hardly takes a few hours. But, it may differ according to the company you are dealing with. The ideal time taken should not be more than 24 hours.
There are many options for getting loans in the market. But, the ones for emergency funding can be very tricky if not secured and authorised by an agency like FCA. The interest would not be more than double of the loan amount.
There are various loan sharks who might give you more time to repay your debt, but by that time you would see that the interest had shot up to an unimaginable amount. Be careful of these companies and make sure you do not loan money more than what you need. It will create an unnecessary burden on you as it would increase the interest rate.