Payday Loans offered on Bad Credit Site – Why are they different?

The economic conditions prevailing in the United Kingdom have created a situation where people face major cash shortfalls before their next pay day. They require taking out loans from time to time to meet urgent and emergency financial needs. The loans help them to cover their living expenses and attend to urgent cash needs while their next pay day may be some days away. Exigencies happen at inappropriate moments when they face a financial crunch.

Payday loans are the solution to a majority of people and they would be able to apply for and access payday loans on Bad Credit Site in the United Kingdom. This website carries out its services in the trading name of PJG Financial Limited. It was founded to help borrowers gain access to short term credit facilities from reliable sources in the form of payday loans on Bad Credit Site. The site allows people to have access to a vast range of payday loan lenders. There is only one loan application that needs to be made and the Bad Credit Site will direct you to the most economical lender in terms of services and interest rates. The process of the loan application takes only few minutes to take care of. The applicants would get a chance to see the best possible offer from their panel of lenders.

Payday Loans on Bad Credit Site

Payday loans are unsecured loans that are given out on a short term basis. They handle small loan amounts which are referred to as payday advances. There are different kinds of payday loans on Bad Credit Site. All these loans offer a whole host of benefits.

The biggest benefit offered by payday loans on Bad Credit Site is the guarantee of receiving instant payment once the loan application is approved. On the other hand, when people approach lenders or banks for short term loans, the process may take few days to finalise. Often, bank loans take so much time in transferring money to the borrowers that they cannot be used fruitfully for the desired purpose of meeting urgent and emergency financial needs. This particular problem is taken care of by payday loans on Bad Credit Site. Borrowers can expect to have access to their money in twenty four hours when they apply for payday loans here.

The second biggest benefit offered by payday loans at Bad Credit Site is that there is no credit check carried out before sanctioning a payday loan. The credit ratings of borrowers do not determine whether they can qualify for a payday loan or not. These kinds of loans are available for whoever needs them, regardless of his or her credit rating. Once the basic requirements are met of being over eighteen years of age, proving a regular source of income and being a resident of the United Kingdom, anyone can qualify for a payday loan.

Types of Available Payday Loans on Bad Credit Site

Borrowers can select from various types of BCS payday Loans. These types of loans include online payday loans, no credit rating pay day loans, no fax payday loans and paperless payday loans. It will depend on the individual need and financial ability of a borrower while repaying the loan amount.

Whatever the type of payday loan selected, the borrower has to repay the loan amount along with interest charges on his or her payday. Most of these loans have a small-sized amount range between £100 and £2,000. A regular source of income is mandatory as a qualification for the payday loans. The monthly earnings cannot be less than £1,000. It is practical because if the borrower’s income is less than this amount, repayment of the loan will become difficult after paying expenses for house, living and taxes. Some payday lenders insist that the borrowers need to show employment at their existing place of work for more than ninety days.

How Payday Loans Work

There are many situations in life where payday loans could actually be very helpful. Before you consider applying for a payday loan, it is important that you understand how it works. Of course, there are various costs and risks associated with this type of loan, and that’s why you are advised to do your own research before applying.

How Payday Loans Work

First, it is important to understand what exactly a payday loan is. Payday loans are short-term loans that you can apply for when you are having an emergency and you are out of cash. Usually, the lender requires borrowers to pay back the loan within a period of two weeks or 30 days depending on the amount borrowed. To access this loan, borrowers are required to write a check for the amount that you would like to borrow plus the fee charged. The next step is to submit the check and cash it once you are ready to repay the loan.

If your loan is due and you are not able to repay it, you can ask your lender to roll it over to the next repayment period. The only problem is that the fees charged will be accumulated. Sometimes, the number of times that you can roll over your loan is limited depending on your lender.

Payday loans are sometimes referred to as no credit loans. What this means is that you don’t
need to have a good credit rating to access payday loans. In fact, credit history is not one of the requirements for applying for a payday loan. When compared to the traditional loans, payday loans are easy to apply and get approved. This is why it is the most preferred option among people faced with financial difficulties and small emergencies.

The Costs Involved When Applying For Payday Loan

Payday loans are somewhat costly compared to the traditional loans. The APR (annual percentage rate) charged is very high. For example, a loan of £100 may require you to pay an APR of up to £20 for a period of two weeks. It is evident that the interests charged on these loans are high, but they are easy to be approved. Another reason for the high APR rate is that they are unsecured; no collateral is required during the application.

What Are The Requirements For Payday Loan?

In order to be eligible for a payday loan, you must fulfil the following requirements:

· Have a bank account with relatively good standing
· Regular source of income
· Be at least 18 years old and above
· Working at least 16 hours per week

As mentioned earlier, payday lenders are interested in your credit history. In fact, they will not interview you to try to find out if you are capable of repaying the loan. The loans are not given out based on the borrower’s ability to repay; they are based on the ability of the lender to collect. It is known that borrowers have other obligations and responsibilities to take care of, and that is why lenders are advised to loan you the amount that they are able to collect. This is typically how payday loans work.