11 October 2017

Payday Advance ? Meet Ends With Timely Money

It could be that you are having shortage of money in the mid of a month, while there is a bill to be paid off. Such circumstances, in fact, crop up very often in case of salaried people. Payday advance can be a solution to the problem of finding monetary help instantly. However, these loans should be availed only when you can easily repay them. A feature of these loans is that its approval is given instantly, usually within hours. The borrower gets the loan within 24 hours in his or her bank account.

Under these loans, usually ?100 to ?1500 can be availed as an advance for 14 days. Usually the only security that such a loan is given against is a post-dated cheque of the loaned amount and fee on it, from the borrower. The repayment can be made at the time of your next paycheque, or you can rollover the loan for couple of weeks. The borrower must be employed for past six months at least, with a bank account in the name.

However, payday loans involve very high rate of interest, which typically may be 30 percent or above. Therefore, these loans should be opted for only to combat some urgency. Still, it is possible to obtain these loans at comparatively lower rate of interest, if you search the internet for such offers.

A bad credit history like late payments, defaults, arrears and CCJs generally does not come in the way of availing payday advance. This is because the lenders do not run any credit checks on the borrowers. It can be said that the loan can be used for improving your Credit rating in the coming days once you have repaid the loan on time. It is advisable to not to extend repayment of the loan to escape exorbitant interest payments.