As the very name implies it is granted instantly to the borrower. Time taken for the approval of the loan is very less due to many reasons. These loans are also known as advance loans because the money is advanced to you based on your monthly salary. And you have to pay the money back on the very arrival of your next payday and so the name payday is.
Normally these loans are given without any paper work as the absence of long and boring paper processing work will substantially reduce the approval time. And to do so no security is asked from the lender. So no property paper evaluation is needed here. An amount of ?100 to ?3000 can be secured through these loans and interest rate will be 25% of the amount taken.
Every UK citizen of age 18 or above is eligible to apply for. He or she must be having a regular source of income of ?200 to ?2000 for the last three months and a current active bank account number must be provided to the lender. As soon as the loan gets sanctioned, money will be transferred automatically to your account and on the arrival of your payday it will be deducted to.
Going online to search for the lender is the best advice given in this case because it will save you a lot of time and harassment. You can fill out the form online with a few click and wait till gets approved. And if everything goes well chances are there money will be transferred to your account within hours.
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