Payday loans are unique in that they are never supposed to be borrowed over the space of a year – they are one-off loans meant to be paid back within a month. Put in simple terms, with our lenders you will never pay back more than ?24 for every ?100 you borrow* and this is generally put to you as a one-time ‘fee’, rather than as ‘interest’. These fees serve as guidance only and your exact loan, including repayment information will be confirmed with you prior to your loan agreement commencing. Representative Example: Borrow ?300 for 65 days with one repayment of ? and one repayment of ?. Interest: ?. Interest rate: 292% pa (fixed). 1294.1% APR
As previously mentioned where you will run into trouble is if you are incapable of paying back the loan under the terms set out in your original contract, at which point you will incur a fee. However, fees on payday loans have now been capped to twice the initial loan https://www.signaturetitleloans.com/payday-loans-sc amount. Meaning that if customers do run into trouble, there is a cap on the charges.
Where the same day loan is often overlooked is for the majority of customers’ without existing debt problems and whom usually do not run out of money at any time of the month and this is truly a one-off emergency.
Increases in demand
Because of restricted lending across the board in the credit world, borrowers continue to utilise cash loans to cover themselves for the unexpected.
To this group of borrowers there are clear advantages to an instant option that can provide them with an immediate ount and payment time.
- Fast cash whenever you need it: The money is paid directly into your UK bank account. It does not matter the time of the month you need it or what you need the amount for, you will be approved for your request based off of your present financial circumstances and as long as it does not exceed your monthly expenditure and is affordable for you to repay. Some other loans may require a guarantor or collateral such as goods to be handed over to them, meaning they take time to organise. Loans through our website will be fast – as we collect simple details and offer an immediate resolution.
- Is hassle free: unlike most banks where you have to go through a lot of stress and paperwork to have your application approved. Cash loans through Simple Payday are virtually hassle free. With the advances in technology, you can logon from a mobile phone, laptop or tablet without having to leave the comfort of your home or office and get the loan approved in minutes.
- Can serve as a lifesaver: All manner of disasters, final demands, urgent payments and bailiff fees can be settled. As long as you understand the rates and are happy with the repayment terms, they can solve your short-term issue.
These also include pawn-brokers, cash advance outlets and cash-4-gold traders
The key to using short-term lending is to only use if you really need it – that is what they were designed for. That is why we believe strongly in only lending to those whom can afford the terms.
Everyone has the potential to get into a sticky scenario. Some may opt to tap-up relatives or friends for a favour to tide them over until the financial catastrophe has been resolved. However, your friends and family may not have cash to spare either, which is why you would have to look elsewhere instead.
The necessity in borrowing money when the larger credit institutions say ‘NO’ could be another contributing factor in turning to other sources.