Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

How to Choose a Responsible UK Payday Loan Lender

By Phoenix Payroll Ltd Subscribe to RSS | May 24th 2012 | Views:
loading
 
  



The phenomenon of the payday loan has reached new heights in the UK. Perhaps as a result of the recession, with its attendant pay freezes and the increasing prices of food and fuel, more and more people are turning to payday loan lenders for a short term cash injection.

Payday loans are supposed to be small amounts of money (usually around £400) which you can borrow to help you out of a tight spot until your pay cheque arrives. Interest rates are typically high and build up by the day, which makes these loans more expensive than a loan from a bank or building society, but they’re also easier to get and a lot more convenient than a bank loan.

While there are some safety measures in place (you’ll need to have a valid UK address, bank account, steady employment and be over 18), generally speaking, payday loan lenders will consider lending to people with bad credit. This means that if you struggle to borrow using traditional methods, a payday loan can help.

The flipside is the interest rates, which can reach over 5,000 APR and accumulate by the day. For this reason, payday loans are not suitable as a long-term solution for financial difficulties, but if you are borrowing a small sum for a short period of time, the rates aren’t crippling as you’ll only pay interest for the short period in which you took out the loan.

Payday loans have come in for criticism because of their high interest rates and the fact that they are relatively easy to obtain. These factors can leave some borrowers with debt that can be difficult to pay off, which leads to borrowers taking out new loans to pay off existing debt, racking up interest all the while.

Taking out a loan of any kind involves risk, for both the borrower and the lender. But with UK payday loan lenders, certain standards have to be met which protect customers. UK lenders are required to be registered with the Office of Fair Trading, for example, as a guarantee that they are genuine companies operating according to responsible lending standards.

These responsible lending standards mean carrying out checks to ensure that borrowers are only granted a loan if they can reasonably be expected to pay it back. UK payday lenders are also required to state their APR and other fees upfront, so there are no nasty surprises once a customer has accepted a loan.

Phoenix Payroll Ltd - About Author:
Yorkshirecash.co.uk is a payday loans lenders in UK who provides short term cash loans to the UK, giving you a break when you need it most. We lend up to £400 in cash, which you pay back on your next pay day. We are licensed by the Office of Fair Trading and we won’t lend you money unless we truly believe you are capable of repaying it. Find out more at http://www.yorkshirecash.co.uk/.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/loans-articles/how-to-choose-a-responsible-uk-payday-loan-lender.htm

Related Loans Articles Subscribe to RSS

Cash till payday: Rocking Cash Assistance
Published by Roben Dacon on June 13th 2012 | Loans
Cash till payday is the rocking assistance for you that can be enjoyed during any cash scarcity with...
 
Cheap payday loans: Effortless Deed to Do
Published by Andra Nail on May 25th 2012 | Loans
Cheap payday loans would let you come out of any cash dilemma without any hassle and even no hard-hi...
 
Early payday loans: Get Money in a Few Hours
Published by Jaren Lese on July 12th 2012 | Loans
Early payday loans can make great moments in your life and you would be able to sort out every need ...
 
Small payday loans- Satisfy any unexpected financial needs now!
Published by Abell Bush on June 2nd 2012 | Loans
If you are acquiring instant funds via small payday loans, it is possible for you to achieve unexpec...
 
Early payday: GET Money Ahead of Coming Salary
Published by Jaren Lese on June 26th 2012 | Loans
Early payday is what can help you come out of any cash crisis with comfort without going through any...
 
Cash for next payday: Gain Easy Money Against Next Payday
Published by Jaren Lese on June 13th 2012 | Loans
Cash for next payday would bring a long lasting smile on your face as you can cater any need without...
 
Online fast payday loans – find funds through the net
Published by Johanwatson on April 21st 2012 | Loans
Online fast payday loans are incredibly straightforward and problem free. You only have to be compel...
 
Quick payday loans no credit check- Alleviate any financial crunch in no time
Published by Aldenn James on June 9th 2012 | Loans
If you are availing quick funds from quick payday loans no credit check, you can meet unexpected fis...
 
15 day payday loans: perfect Decision for the Short Term Demands
Published by Norwick Kerry on April 7th 2012 | Loans
15 day payday loans would let you meet any fiscal disaster with comfort that have snatched your peac...
 
Fast payday loans today – capable of providing cash for your emergency
Published by Johan Watson on May 30th 2012 | Loans
Fast payday loans today are designed to meet all of your short term demands in an exceedingly hassle...
 
Monthly payday loans online- Get instant money and stay tension-free lifestyle!
Published by Malen Cheks on December 1st 2011 | Loans
To get quick money, you need to apply for monthly payday loans online so that you can accomplish fin...
 
National payday loans- the quickest way to avail instant funds
Published by David Hassia on April 5th 2012 | Loans
If you have obtained National payday loans, you will never miss out to face financial hurdles. This ...
 
Military payday loans no credit check- Ultimate fiscal help for military people
Published by Jon Kohli on June 19th 2012 | Loans
If you are military personnel and seeking for quick cash, you should apply for military payday loans...
 
Mobile payday loans- Get quick funds and enjoy awesome lifestyle
Published by Alesia Ace on April 27th 2012 | Loans
If you are taking Mobile payday loans, you will get sufficient amount of funds to fight small financ...
 
Pounds till payday: Best way to facilitate the salaried person
Published by Alexander Thomas on December 14th 2011 | Loans
Choose an option of Pounds till payday now and eliminate you fiscal matters immediately. This provis...
 
US payday loan services- Fast service to offer quick cash
Published by Adam Felix on May 21st 2012 | Loans
With the aid of US payday loan services, everyone is capable to avail quick cash without any hassle....
 
Faxless payday loans-Meet financial worries with ease!
Published by Ponting Sarad on December 6th 2011 | Loans
In order to fulfill your financial needs, you can apply for Faxless payday loans today with simple o...
 
Cash loans till payday-money obtained instantly
Published by Shaun Marsh on December 9th 2011 | Loans
There is no moment when one does not require money .Today availing money from various schemes has be...
 
3 month payday loans- Utilize money for 3 months!
Published by Jaken Smeth on June 16th 2012 | Loans
If you are availed 3 month payday loans, you can utilize money for many purposes. This is a cash sup...
 
6 month payday loans: Get Rid of your Urgent Expenses Now
Published by Davis Mllen on May 22nd 2012 | Loans
6 month payday loans are given to people for long period with no faxing and no collateral requiremen...