What is Considered a Short Term Loan?

A short term loan can be defined as any form of borrowing that doesn’t involve repayments in multiple installments. As such, any amount borrowed will need to be repaid in its entirety, often within a month.

This kind of borrowing has numerous risks and rewards associated with it. For instance, a careful consumer can use a short term loan to steer away from significant financial issues. However, where people use the ready availability of cash to patch up long term debt problems, the consequences can be dire.

Short term loans are known by a number of different names. You may well have heard of instant loans, same day loans and, of course, payday loans, all of which effectively describe the same form of lending practice. Whilst the format is relatively new, it has quickly grown in popularity as an ever-increasing number of people seek accessible solutions to financial difficulties.

How is it different from a bank loan?

There are numerous differences between short term loans and your conventional personal loan; some are subtle, others very obvious indeed. One of the more eye-catching of these is the rate of interest charged. Often running up to and far beyond 1,000% representative APR, a borrower will often actually pay just 25% in charges. By no means insignificant, but this difference in rates is certainly less monumental than the initial figure perhaps suggests.

In terms of benefits, availability is certainly high up on the list. Whilst this also represents one of the potential dangers, the ability for almost anybody in full-time employment to gain a short term loan makes it a far less strenuous and protracted process than many consumers have become accustomed to.


Borrowing Defined by Speed and Availability

Short term loans have also become synonymous with the Internet. This helps to aid availability and responsiveness from lenders. A borrower can now apply at any time, day or night, be provided with a near instant decision and get the funds transferred swiftly. Therefore much of the red tape and formality of a bank application is discarded, as are the waiting times. Again, this goes some way to explaining their popularity.

Due to the openness of this form of lending, most companies have a strict cap on how much you can borrow. This is another aspect that really sets it apart from a long term loan. Therefore, whilst you might go to a bank to secure a few thousand pounds, you could instead choose a payday loan provider if you’re only seeking a few hundred.

So, in essence, a short term loan is a quick fix to help get you out of a sticky financial situation. You wouldn’t apply for one to buy a car, but you might if your vehicle was stuck in the garage in need of repair. It’s not the cheapest form of borrowing, but the convenience and swiftness it affords has proven to be hugely successful.

When to take out a Payday Loan?

Payday loans do get a very bad press but there are still quite a lot of people who take them out. It is important to understand what they are and who they are aimed at so that you can consider how relevant they are for you.

One main attraction of the payday loan is that they do not do a credit check. This means that if you already have a bad credit record, you will not need to worry about being turned down for the loan. Most lenders will check your credit record and may not take you on if they think that you are a big lending risk. Without these checks being done, more people are likely to be accepted for the loan.

Online payday loans can also be arranged very quickly. Sometimes it can only take a few hours to organise, which is quicker than some other types of loan. However, it can be possible to get store card approval very quickly, although they normally do a credit check. You may also be able to organise an overdraft with your bank over the telephone and they may be able to get it sorted for you straight away. So even if time is an issue, there may be other options for you.

A payday loan can be expensive, but you do not borrow the money for long. So if you have no other borrowing options or none that are so cheap, then it could be the way to go. You will need to be over 18 and a UK resident. In most cases you will need a job or at least a regular income.

Any loan should only be considered in an emergency. If there is no other way that you can get the money and it is vital that you have it, then a loan is an option. Take as much time as you can to look at all your options and consider the costs of the loan. Only take it out if there is nothing else that you can do to get the money and it is critical that you have the money right then. If you can possibly wait until you are next paid, then do so. If it is a bill you need to pay, try negotiating with the person you owe the money to and see if they will let you delay until you are next paid. If it is a big company, they may be more helpful than you might expect. It can also be worth asking your employer for a pay advance. Some of them will allow you to have a portion of your salary early if you need financial help.

Is It Time to Acquire A Payday loan?

No matter how thrifty you are with your cash there comes a time when your finances may take a dip, leading you in search of some assistance. There are a number of approaches you can take. You can borrow from your friends and family or you can pawn an item or two. Some of these approaches can be embarrassing to you and can also be costly. In addition such methods may also spark doubt over whether you can pay back the amount that you have borrowed. Furthermore, asking for a loan from your relative or friend may expose you to the risk of confrontation when the time for payment is due. These risks involved do not only refer to the relationship emanating from the loan but also from the personal relationship you have with your relative or friend. Payday loans however remain the best financial solution and will help you get by for a while until your cheque goes through or you have been cleared. Here are a few reasons why it can work for you.

It is a quick method of getting cash. If you are planning on asking for money from your friends there is no guarantee that any of them will have the kind of cash you want at a moment’s notice. Most payday loans are approved quickly, and within hours you will have your cash, in some cases you may even have your money within minutes of asking for it. If you try going to the banks or other loaning facilities it will be days before your application goes through and you are still unsure whether you will get any.

Payday loans do not require strict credit checks. Most of the financial institutions require that you have a positive credit rating before your loan is processed. This is a condition to ensure you will not default. With payday loans this is not necessary and they will not need to evaluate your credit history and expose your previous debt issues. These applications are carried out off the grid and will not appear anywhere in your credit history. Sometimes you might be in need of cash to address some personal needs and some of those needs might not be so honourable. If you borrow from friends you may not have the security of confidentially, yet when applying for online payday loans you do not need to expose your needs.

Why get a loan?

Why take out a cash loan

If you need instant cash to tide you over until your next payday, a quick cash loan could be for you. These loans are designed to provide immediate access to cash that is then paid back within a relatively short time period.

Why people take out cash loans

There are several reasons why people take out a quick UK cash loan from payday loan companies. The following people may benefit from cash loans:

• Those who need instant access to cash for unexpected emergencies such as household or car expenses. These could be expenses such as a broken washing machine, higher than expected bill, or a car service

• Those who find being paid monthly inconvenient, with money becoming tight towards the end of the month. Payday loans provide instant access to money at any time of the month, allowing consumers to budget with more ease

• Those with low credit scores and who cannot obtain loans from their banks or alternative lenders

Why consumers prefer cash loans

There are various reasons that make applying for a cash loan simple and straightforward:

• The application process is quick and convenient. It can be done online with no need for lengthy paper applications or expensive telephone calls

• Payday loan companies are usually open for business 24 hours a day, 7 days a week, so you can access money when you need it rather than when the banks are open for business

• Websites usually give clear and transparent information on the amount you can borrow, how much you will pay back and the representative APR

• Following application, a decision is given promptly and your money transferred soon afterwards

• Payday loan companies will usually have telephone support available, if there is anything you are unclear on or need assistance with

Paying back a cash loan

Cash loans are simple to take out and simple to pay back. Companies will usually take the money owed direct from your bank on the date you choose, so there is no need to worry about transferring it back. You simply need to make sure there is enough money in your account to cover the cost of the loan.

Why Are Same Day Loans So Popular?

Same day loans, or payday loans as they are also known, are an incredibly popular short term lending solution. Why is this the case? Well, it has a lot to do with the current financial climate and the ease at which people can borrow money with same day loans.

In terms of the current state of the economy, people are finding it increasingly difficult to pay for essential items just to get by each month. The rise in the cost of living and the stagnation of wages has caused a lot of people to seek other forms of income to help. It might not necessarily mean thousands and thousands of pounds, but just a little to get by.

If someone needs a little extra income to pay for something, it might not be worth taking out a second job (they might not even have the time). To get a small amount just to pay for a bill or an emergency repair, it is far easier to seek a short term financial solution; and there is no better short term financial solution than a same day loan.

Why are they so easy?

Same day loans were designed as a hassle free and incredibly quickly way to obtain a short term loan. These are great for people with a poor credit history or people who don’t have the time to apply for a loan through a traditional financial institution such as a bank.

same day loans

In some instances, someone with a poor credit rating won’t necessarily be approved a traditional loan from a bank; this is where payday loans have become so useful. Bank loans are also time consuming and are only really suitable if you need to borrow a larger amount over a longer period of time e.g. to buy a car or for career development.

Same day loans are different, they’re meant to help with those short term financial struggles for when you need a little bit of money and quickly. This is why they are far easier to apply for, and almost anyone can be approved. You just need to make sure you adhere to their recommendations:

  • A UK resident
  • Over 18 years old
  • Working full time, part time, temporarily or contractually
  • Earning over £500 per month
  • Get paid by direct deposit into your bank account
  • Have a bank account with a valid debit card

When would a same day loan be a good option?

As mentioned, these types of loans are really meant as a short term financial solution; you may find that you desperately need a small amount to pay for a utility bill, or you have to pay for an emergency repair job on your home or car.

Whether you’ve spent all of your wages or you’ve allocated your outgoings for the month, something like an emergency repair can really throw you off course. This is where same day loans can help. You don’t have t worry about not being able to afford that bill payment or getting your car fixed; you can pay for the things you need hassle free. There really is no rival financial solution.

Are Payday Loans the Best Way to get Money Fast?

If you need money really quickly, then you may try to get some using a payday loan. These can be extremely quick, so much so that you may be tempted to call then instant payday loans. However, they are not the only option open to those who need quick money and it is worth considering all of them.

Credit Card – A credit card can allow you to get money fast, but you have to have a card with some credit available on it and be able to use it for the required transaction. It can be slightly limiting because it may not always be accepted and if you have spent the maximum available then you not be able to use it. If you only pay back the minimum amount each month, it can be very expensive.

Store Card – These can only work in certain stores so it depends on what you need the money for as to whether they will provide you with the credit that you need. The interest can also be high which means that if you cannot pay it back quickly it could be expensive.

Man removes cash from wallet

Overdraft – This can seem like the perfect solution but may not be. Some people do not have overdrafts and if you borrow without one, you will find that there are very high charges as well as interest to pay. It is also easy to not pay it back as there is no repayment schedule or demands for payment so the debt can add up without you noticing.

Other Loans – Most forms of lending take a considerable amount of time to organise. You will have to sign papers, perhaps go in to a bank or speak to someone on the telephone and this will delay things. They will do a credit check, may need collateral and will want to check that you can make the repayments. This process can take a significant amount of time and is unlikely to be considered to be quick.

Therefore it could be that a payday loan is your only option for a quick loan. It will often be arranged in a few hours meaning that you can get the money very quickly. It may also be the only option to those with a bad credit record or no other arranged forms of credit. If you do have options it is wise to take a look at them. Individual circumstances will determine what options you have and how much they will cost and so you will need to take a look at site like www.cashadvance-247.com and decide for yourself.

Lean On a Payday Loan For a While – Then Move On!

If you’re trying to make ends meet, you might have already seen a lot of advertisements for payday loans. The reality is that these loans aren’t “evil” the way everyone has been saying they are. They fill a very strong need in the market. Payday loans are here to stay whether people like them or not. It’s not something that will necessarily make you feel good, but the reality is that sometimes you just need a little help. That’s not a bad thing, right? Not at all.

You are going to need to reach out for anything and everything that makes you feel like you’re on solid financial ground. It can be tough to actually press forward, but it can be done.

The main goal of a payday loan is to be a bridge to better financial times. You want to make sure that you lean on a payday loan for a little while and then move on. SO if you’re trying to get your car repaired so you can make it back and forth to work, you will find that this is a very good purpose for a payday loan. However, if you’re trying to get extra money just to go shopping for things that you don’t need, you might want to look at other funding for that type of thing. We only say this because of the fees involved with the payday loan. You aren’t blocked from using the money for any purpose — it’s just that some purposes make more sense than other ones.

It’s going to be up to you to figure out whether or not you can handle a payday loan. If you know that you’re going to have the discipline to pay it off quickly, then you should definitely pursue it. On the other hand, if you’re someone that will not pay the loan on time, you might as well avoid it.

Being honest with yourself can help you avoid ruining your financial life. It’s not a bad thing to lean on loans for a little while, but you eventually want to get your financial life to the point where you don’t need to depend on loans at all. Wouldn’t that be nice? Well, it all starts with saving a lot more than what you’re probably saving now. But for the time being, start with using the payday loan to get caught up financially, then go about making up a higher level of a savings than before. You can do it, so don’t worry at all!

Recovering from Depression – Payday Loans Can Help

There’s a popular commercial that asks, “Where does depression hurt?”

Everywhere. Truly, utterly, and deeply: everywhere. If you’re recovering from depression and trying to claim your life back, you might be surprised at everything that’s broken. Maybe you have some bills that got behind while you were trying to get treatment. Maybe you were hoping that family covered bills that they just forgot about. It’s hard to feel like everything is spinning out of control.

The truth? You have infinite power and ability to turn things around. There’s no need to feel like it’s impossible to get things off the ground again. Your friends and family may not be able to help you anymore, but that’s okay. Given what we’re about to share with you, you will have the power to take care of yourself again. And that’s really empowering, when you can step back and realize that everything that you could possibly want and need is handled for you.

It’s a good time to review payday loans — what they’re really like, not just what the media reports. Of course, the interest rate is something that’s going to cross your mind. We’re pretty sorry about that, but if your back is really against the wall and the bills are getting behind, it could be a great way to finally get a grip on the way things are going. You will be able to take care of bills that are on the verge of causing you big headaches.

In order to really make sure that the payday loan is going to be a good fit for you, you need to make sure that you are really back to work. Paying back the loan on time is going to be very important. You don’t want to damage your credit anymore than what’s already on there.

You can apply online for a payday loan, which means that the approval process is super fast. It also means that you’re not going to have to go out in public. When you’re dealing with depression, it can often feel like everyone is staring at you. Breaking out the cycle of depression means controlling things in your favor. You need to be able to handle things from the comfort of your own home for a while.

Keep in mind that it’s super important that you pay the loan back. If you can’t, then you’re going to face a lot of fees and penalties.

Worried that this isn’t a good option? Want to wait on a bank loan? You might be waiting a lot longer for a bank loan than you think. Indeed, even top notch creditholders are having a hard time getting new credit in this marketplace. If you don’t have stellar credit and superb job history, what makes you think that your situation will end any differently than those with excellent credit?

Friends and family? They’re probably having their own struggles. While they wish you the best with your life, they probably can’t help you out financially. Plus, borrowing money from family is always hard. They expect to have that money back quickly. If you can’t provide that… you might be out of luck. And have some hard feelings to deal with in the process.

It’s time to check out the world of payday loans. Once you get the loan paid off, you can build a better financial life to make sure that you don’t run into trouble again. That’s really all there is to it, so good luck and apply as soon as you can!

How to Find The Right Payday Loan Lender

It seems that everybody is using payday loan lenders these days. Of course, it’s not really surprising, especially when you consider that the cost of living has soared to record levels during the last couple of years.

One of the main problems with payday loans is finding the right lender. Sure, a quick search in Google will supply you with hundreds of websites, but just how many of these payday loan lenders can be trusted?

In fact, it may shock you to discover that many of the payday loan companies you can find online are operating illegally, and do not comply with government rules and regulations.

While this might not seem like a big deal to you right now, especially if your only thought is about getting fast cash into your bank account, it could end up hurting you down the line.

The reason? These payday lenders will think nothing of adding unlawful charges onto your loan, or even scamming you out of your money altogether.

Because of this, you need guidance on how to choose the right payday loan lender, which is why we have compiled the tips below…

Look for reviews

One of the best aspects of the internet is that people are not afraid to have their say about companies they have used in the past.

If you are thinking about using a particular payday loan company, then it is a good idea to check for reviews before you submit your application.

Check the terms and conditions

Legitimate payday loan companies will always clearly state the terms and conditions of the loan on the application page, so you can gain a better understanding of the interest rates, fees and charges.

If a website doesn’t include any terms and conditions, then it is safe to say that they are illegal lenders and should be avoided.

Contact customer support

It’s highly unlikely that a rogue payday lender will have a team of customer support staff on hand to answer any questions you may have. In fact, you may be hard pressed to find any contact details at all.

Trustworthy payday loan companies realize the importance of great customer service, which is why they hire friendly staff and have multiple ways for you to contact them.

Website design

One of the biggest indicators that a payday lender is not legitimate is poor website design. If you land on a website and it looks like something from the 1990’s, then you should probably stay away.

Popular payday lenders spend a lot of time and energy making sure their websites are well designed and offer a great user experience.

1 Hour Loans UK

Looking for a solution to problems when it comes to expenses? 1 Hour Loan comes with an end to all your money problems that you are facing right now. Loan in 1 Hour can help you in recovering from a financial crisis as long as you smartly know how to look for lenders offering payday loans online. 1 Hour pay day Loans are what loan advisors would suggest you to go for if you need money which falls in the range of £50 to £2500. There are situations when you face any kind of financial crisis in a month and you are sure that you can arrange money on your payday. This is where 1 Hour loans holds good. 1 Hour payday loans come up with benefits as well as drawbacks and one should know how to look for 1 Hour payday loans online if he wants to compare fast 1 hour loans in the UK.

Benefits and limitations of Payday Loans

In order to borrow cash in 1 hour, you don’t have to go through too much of documentation and this is what makes most of people in UK opt for instant cash loans. People looking for fast cash loans in 1 hour don’t find tough obtaining 1 hour loans UK lenders are in numbers who offer payday loans at nominal interest rates and 1 hour loan for bad credit as well. There are times when you need to pay bills in case of emergency like medical bills, unwanted and financial crisis which could happen once in a while. You can easily get out of trouble after seeking instant payday loans where you have to repay the amount within a period of 1 to 30 days. Filling up an online application form for all 1 hour loans won’t leave you with efforts and you can easily find a broker for instant cash loans in UK who will help you by discussing all important terms and conditions. When it comes to same day loan in UK, approval rates are high as close to almost 100%. Looking at benefits of 1 hour loan Unemployed UK citizens don’t mind applying for it in lieu of security.

When it comes to limitations, all you need to know is that interest rates of one hour payday loans are more than normal loans but once you hire an experienced broker, you can expect lower interest rates. One would find it easy to acquire loans which can be considered as advance to payday in 1 hour but he should not make it a habit of renewing payday loan again and again. Enjoy the benefits of payday loans and work on its limitations; you are surely going to get out of your crisis.