Top Payday Loans

Interested in a payday loan? Are they a real alternative to a bank overdraft ?

When we’re desperate and have an urgent need of some ready cash, payday loans can provide a quick solution to short-term cash problems. An instant solution to getting back on track or not!  Here are a few reasons why this type of loan should always be a last resort.

If you’re contemplating out a payday loan, you most probably have a poor credit history. You may think it’s the only way you’ll be able to get the cash you need. So why are they eager to provide the loan?

Apart from the money they earn from the interest charged it’s practically guaranteed they’ll get their money back. While the loan may be easy to come by you still need to be cautious and make sure that you can repay the loan by your next payday.

When you apply for a cash advance payday loan, most of the time you don’t even need to provide any documentation or fax any id. To qualify, you will need to be in full time employment and earn a minimum of around £600 per month, have a current bank account and a debit card

Interest rates on payday loans are typically high due to the short-term loan cycle! Typically on average you will pay around £25 in interest charges for every £100 borrowed.

When you’re strapped for ready cash, there are other alternatives so long as you don’t wait until the last minute.

If you recognize at least a couple of weeks in advance that you’ll be in a predicament where money is concerned, there are other ways you can raise cash! You could go to a car boot sale, hold a garage sale, or sell all your unwanted items on eBay! You may perhaps be astonished to discover that you’ve got lots of articles you either don’t use or need.

Clothes, toys and gadgets are fast sellers on eBay and at car boot garage sales. If you own gold jewellery or diamonds, take them to a pawn shop and add that cash to your growing fund. Pawn shops generally charge 10% interest and you have three months to redeem your goods. You could also see if you can secure an advance on your pay … sure, it’ll be deducted from your next pay, but you won’t pay any interest! You can also ask relatives if they might loan you some money on a short-term arrangement.

If you have tried all of the above and still need a solution to your short-term cash needs, a payday loan can still be a sensible option, provided that you repay the loan before your next payday and avoid any extensions that are usually offered by the loan provider.