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Payday loans – A blessing for salaried employees
For quick debt help requirement payday loans are ideal solution you can ever have. It can be too difficult to meet outlays of advance life and it is a very workable solution to deal with.
The requirements of people in UK have taken a swift turn with the improvement of technology in life. Satisfying all the requirements with the existing income do not always serve the purpose. So, one must have hard cash to accomplish urgent necessities . Payday loans have therefore became a necessity for individual where they feel short of money. Its fame has arrived the sky due to its approval to poor and good credit person, both. These reasons have enabled this loan segment to be sanctioned with complete gratification.
The list of requirement can be too long which my demand lump sum money to fulfil. One can consume the borrowed money to remit school fees, medical fees, repair car or home, purchasing home gadgets and many other purposes. So that, every classification of individual can avail this loan anytime, payday loans has been introduced as unsecured loan.
The most remarkable feature of the payday loans is its accessibility to any borrower, irrespective of their credit record. Besides that, no collaterals are necessary for the sanctioning of the loan. At the time of acquiring this loan, there is no need of time wasting documentation and faxing the papers.
This loan has a usual eligibility criteria which is suitable to most of people and for this your age should not more than than 18 years and you should must own citizenship certificate of UK. Having a saving bank account and permanent source of monthly income is s must for taking up this loan. It is necessary for the applicant to meet the above condition so as to get the loan amount. Along with comfortable application procedure, you have the benefit that there may not be the requirement of debit card to acquire the loan.
Payday loans are exist with a slightly higher interest rate as compared to other kind of loan. The reason of being this loan more high priced is the risk feature associated with debt providers because of being unsecured in nature. A deep search can lead a individual towards the wanted out come. As the lent money is paid back within brief period, it is also renowned as ‘short term loan’. The borrower should repay the loan amount with APR on the right time fixed by the lender. It provide the cash to use until your next payday.
4 Top reasons why you should prefer 3 month loans over payday loans?
The concept of 3 month loans is slowly substituting payday loans. This article lists four prime reasons why one should prefer 3 month loans over payday loans for the knowledge of readers of this article.
Urgency of cash always drives people to the walls. In such times, normal tendency suggest that one should go for payday loans. However, opting for payday loans in such situations might not be the right decision in such situations. Hence, what to do then? In such cases, if better sense prevails, focus should be on finding a deal that gives ample chance to repay the loan but not without putting much stress on sources of income of the borrower. Obviously, finding a short-term alternative of this type isn’t that easy but then as the popular adage goes, ‘Where there is a Will there is a Way’.
3 months loans are known to be the best alternative to modern-day payday loans. Reason: There are plenty but few have been listed here.
Point No.1 – Longer Repayment Tenure
Yes! 3 month loans become an obvious choice for people who need an instant credit help but are not in shape to repay it back almost the same way. As the name suggests, the time-period offered is sufficient to repay any sort of short-term debt. Clearly, longer repayment tenure makes them the most sought-after loan product in the industry today.
Point No. 2 – Comparatively Low APR
Another place where 3 month loans earn brownie points is on APR front (also known as Annual Percentage Rate). Normally, as everyone knows, payday loans are secured against next month’s paycheck of the borrower. But even then the APR is on the higher side. However, in case of 3 month loans, APR is far more relaxed then its payday loan counterpart because of the time duration.
Point No. 3 – Larger amount can be quoted!
Under 3 month loans banner, one can quote a comparatively higher sum as loan amount than in case of payday loans.
Point No. 4 – Room for negotiation with lender!
In case if you have missed the deadline or you are set to miss the deadline of payment of instalment. 3 month loan give you an option to talk to your lender and explain things to him/her and ask for an extension. But remember, the decision to extend the deadlines or granting such favours rests with the lender only. Although the same chance is also available to lenders under payday loans but then you don’t have much time at your disposal to ask such things.
Meanwhile, the fourth point is applicable if the borrower wishes to seek waiver for certain fraction of interest or amount.
If one will gave a close look to these differences, he/she will surely be able to figure out why one should prefer 3 month loans over payday loans.