Tag Archives: year
Unemployed 18 year old loans jobless people in UK
There are lots of people who have to meet numerous difficulties during the time when they are out of source of stable income. Keeping in view lenders have come forward with an advanced scheme of obtaining loan. This scheme of availing cash is known as unemployed 18 year old loans for those people who have to struggle because of not having job. Now they can get rid off their fiscal troubles and meet the expenses with the help of unemployed 18 Year Old loans. These loans are helpful loans for the unemployed people as they provide instant cash. If you are also one those who face unemployment problem, dont get troubled because you can make the best of these loans.
Unemployed 18 years old loans have been launched for unemployed people who dont have source of income and are not able even to place any valuable asset as collateral to obtain any loan. As there is no collateral pledging so, unemployed people can easily avail it and solve their troubles. These loans are short term loans unsecured in nature. The method of availing the loan is very easy and flexible and the service of providing loan is opened 24 hours so, you can apply anytime.
Bad creditors are also acceptable for unemployed 18 year old loans and this way they can have a chance to enhance their credit score by making repayment on time. So, if you are in need of cash, just apply for unemployed loans and get cash easily. To get the loan you will have to fill out a simple online application form with all required details. As soon as your loan form is approved by lending company, your loan amount will be transferred to your bank account on the same day of applying. The loan title implies to apply for the loan you must be minimum 18 years of the age, you must have an active checking bank account at least six months old for the direct transaction of loan amount and you must be the citizen of UK.
By way of these loans; to be employed is possible for one and all because fast personal loans for unemployed are obtained in two forms secured and unsecured. By the help of one of the two; the task as set up new own business, pay for higher education and to seek out new job. This kind of loans are available for those people who are worthy in such criteria for instance “their age is older than 18 years, their residential proof must be past for 6 months, citizenship is of UK and have an active checking account past for 90 days old.” Having such criteria, these loans are approved in the least span of time.
Are Payday Loans Good or Bad?
When it comes to Payday Loans there is divided opinion on whether they are a good thing or a bad thing. But why are they perceived by some as a bad way of worrying? To look at this we first need to look at exactly what are Payday Loans?
The clue is in the name. They are a short-term loan designed to paid back on the borrowers next Payday. Therefore, the loan is designed only to be borrowed over a few days or at a maximum of a few weeks.
The key with any borrowing that is taken out is that the borrower is always keen to know the APR. This is understandable and this is why Payday Loans are sometimes criticised. The APR on a Payday Loan is high very high. However, the key with a Payday Loan is remembering that you borrow the loan only over a matter of days. APR stands for Annual Percentage Rate so is therefore a percentage rate over a year. It is therefore deemed a little unfair to judge a payday loan over a year as nobody would borrow the loan over that length of time.
It is common knowledge that if you were to borrow an unsecured loan over a few years you can expect to pay back sometimes double of what you initially borrow especially if the length of time the loan is taken over is a few years. So how does this compare into the Payday Loan world?
It is hard to give a specific figure on the amount of interest you will pay on a payday loan as there are many lenders that have different rates. It would not be unfair to say that you may pay back £30 of interest for every £100 borrowed. So, a £300 loan would cost you a total of £390. This would be at an APR of 2000%+ Sounds high? Well, remember the APR is if the loan was borrowed over a year but you will only borrow it for a few days/ weeks.
On the above Payday Loan model you are paying about 1/3 of the amount borrowed in interest. How would this compare to a £5,000 unsecured loan borrowed over 7 years? A 1/3 more of the amount borrowed would be a total payback of about £6,650. This could be achieved at a monthly payment of around £98. So the APR would be similar as the Payday Loan? No. The APR on this example would be about 12.4%.
I hope the above example highlights the “APR argument” when it comes to Payday Loans. You can pay the same split of interest on a Payday Loan as an Unsecured Loan and the APR is massively different the sole reason for this is that a Payday Loan will only be paid back over a matter of days.
Do Payday Loans deserve their bad reputation? Probably not. If they are used correctly, as a short-term financial product instead of a long-term financial solution, and they are paid back on time then they are an excellent form of short-term borrowing in an emergency.