Warning: Late repayments can cause you serious money problems. For help, go to moneyhelper.org.uk. We are a broker not a lender.
Warning: Late repayments can cause you serious money problems. For help, go to moneyhelper.org.uk. We are a broker not a lender.
Oct 4, 2019
When there's no time to wait for a traditional loan to be approved, payday loans may be a viable option to look towards. These types of loans are known by a number of names, including payday advance loans and short term loans. These are typically loans for smaller amounts, set out for a short term and unsecured.
Interest rates for payday loans can be calculated in different ways, depending on the lender and the loan offer being made. Whether this is a flat-rate charge based on a set time limit, or there's an interest rate provided, it's important for an individual to know and understand the terms of the loan they are accepting before moving forward.
These short term loans need to be paid back in a much quicker manner than loans from traditional banks. It's imperative, in order to build and maintain your credit score, that an individual keeps up with regular payments.
When you're looking for a good option for obtaining funds quickly and with much less hassle than a bank, payday loans can be a good option. Just be sure to know the terms you're agreeing to before accepting any funds.