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90 day payday loans Instant Cash Assistance
Life is full of surprises. Some surprises leave pleasant memories while others leave you perplexed. No matter how carefully and intelligently you plan your monthly budget; chances are that you might get stuck in unexpected crisis. After all, even the smartly planned budgets and other strategies are always on the verge of going wrong. Keeping this in mind along with the fact that a large number of UK residents survive on limited monthly income, financial market of the United Kingdom has introduced what is popularly known as 90 day payday loans. This loan can be availed to combat all types of temporary troubles without any delay.
As the name implies, the amount can be availed for a limited period of three moths. That means you can use this for tenure of three months and repay it once you get your salary cheque. In fact, loan amount is sanctioned against your upcoming paydays cheque.
It is important for you to know that as the cash is advanced without any type of valuable asset or collateral, these loans carry a high rate of interest. However, do not worry because with the availability of various lenders and intense competition amongst them you will certainly find a deal that is perfect for your pocket as well as needs. Online loan market is one of the most sought after places to find just the right deal.
If you are suffering with appalling credit status then look no further then these loans for it require no applicant to undergo credit checking procedure. This one characteristic has done wonders to the life of people living with tainted tags such as arrears, defaults, late payments, individual voluntary arrangements, foreclosures, insolvency and county court judgments including other tags.
You have complete freedom to spend the cash the way you wish to without disclosing the reason to the money-lender. 90 day payday loans have proved to be of great monetary assistance for a large number of people living in the United Kingdom, these loans are the ultimate source of financial relief.
The Severe Drawbacks of Payday Loans
Although payday loans may seem like the easy way to fix your current financial problems, they are not. Instead there are many drawbacks to using payday loans, and you can benefit by learning about these before ever applying for, or receiving, a payday loan.
The extremely high interest rates charged by payday loan companies is one of the biggest drawbacks, and it is something that should deter you from ever using one to hold you over until payday. Some states have gone so far as to ban payday lending companies from offering loans to residents because of the predatory interest rates. In fact, some interest rates are so high that the companies can easily be considered ‘loan sharks’. These companies are often making huge profits by giving high interest loans to desperate people.
Why would people even consider applying for a payday loan with the high interest rates? For one thing the advertising campaigns run by most loan companies make it appear extremely easy to get a loan and just as easy to pay it back. The companies will simply ask for a canceled check to get your bank information and will get their money back directly from your account. What the ad doesn’t tell you is that because of the high borrowing fees and interest rates you will have double, triple, or quadruple the amount that you actual borrowed taken back from your bank account.
Harassment for non-payment is also a drawback to using a payday loan company. The amount which you are loaned must be paid back, and this may not be accomplished with just one paycheck if you took out a large sum of money. Instead the company will work with you to set up a payment plan that is explained to you before the loan is finalized. The company will make the payment plan seem reasonable and convenient hiding that you are often paying back additional fees. If you are late on a payment or a payment attempt is returned because of insufficient funds companies will call your home and work place constantly. Some will even contact your neighbors and family members to embarrass and harass you. Many payday loan companies have even found ways to go around the laws set in place by the Fair Debt Collection Act so that they can harass loan holders without fear of legal retribution.
Finally the largest drawback to payday loans is the fact that they are not a permanent solution to a long-term financial problem and can often cause more financial woe. If you are living paycheck to paycheck and experience a sudden emergency that requires quick cash, a payday loan will only cause more headaches for you rather than actually help you. You will still end up with an additional bill to pay to a lender that will usually not be reasonable if you experience repayment problems. It is important that you realize this and find alternatives to getting the cash you need in order to avoid serious financial problems later or even bankruptcy.