Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Payday Loans: a Simple Way to Meet Life’s Unexpected Expenses

By Phoenix Payroll Ltd Subscribe to RSS | May 3rd 2012 | Views:
loading
 
  



A payday loan is a short term loan which allows you to borrow a small amount of cash which you return on your next pay day.

The concept began in the US but is becoming increasingly popular throughout the world and especially in the UK as a simple solution to a short term financial problem such as an unexpected bill or an important and expensive event. For example, you may rely on a car to travel to work and find out that it needs emergency repairs or risk breaking down.

In cases like these, it’s not always possible to wait until pay day to meet necessary expenses in time and you may need a little extra cash to tide you over in the meantime. Where banks are generally unable (or unwilling) to lend the odd fifty quid here and there, payday loans can provide an easy bail-out.

So how does it work? The basic idea is quite simple – the applicant sets the amount they would like to borrow, then sets the repayment date (generally, the date their pay cheque is due). The loans provider will then either approve or refuse the request.

What sets payday loans apart from traditional credit and longer term loans is their speed. Loans providers are often able to provide an instant decision about whether or not to lend based on predetermined criteria, and payments can be made within 24 hours, depending on the borrower’s bank.

The amount you can borrow usually depends on how much you earn, although broadly speaking most loans range from £100 to £1,000. Applicants with very low earnings may be refused a loan entirely or able only to take on a small amount of debt at any one time.

Measures such as this are designed to safeguard the interests of both lender and the borrower –ensuring that loans will repaid on time and avoiding borrowers getting into more debt than they can manage.

The fees on payday loans in the UK are flat fees rather than interest rates, and vary according to the amount of money that is borrowed. Generally speaking, the bigger the loan, the higher the fee.

Besides setting a limit on the amount of the loan, there are also some basic requirements for the loan applicant, to determine that they will be able to pay back what they have borrowed. Applicants for a payday loan in the UK must be at least 18, be a current resident of the UK, have a bank account and be able to demonstrate a steady, verifiable source of income.

Phoenix Payroll Ltd - About Author:
About Us
Yorkshirecash.co.uk provides short term pay day 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, so you can be sure you’re in safe hands. 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/payday-loans-a-simple-way-to-meet-life-s-unexpected-expenses.htm

Related Loans Articles Subscribe to RSS

Online signature loans- Avail quick amount of funds today!
Published by John Simen on July 2nd 2012 | Loans
Simply, online signature loans are nowadays available online. So, it is easy for everyone to avail s...
 
No fax instant payday loans - Suitable financial help available online
Published by Vikon Nail on July 5th 2012 | Loans
No doubt, no fax instant payday loans are the ideal financial help for you to meet cash hurdles in t...
 
Doorstep loans UK - Free from the obligations
Published by Look Right on December 3rd 2011 | Loans
Doorstep loans UK offers instant funds at your doors for minimizing your financial crunches. The cal...
 
Funding small business with unsecured loans
Published by Macrobusinesscapital@gmail.com on February 22nd 2012 | Loans
Funding is the first requirement for all businesses. Without enough fund, you can't expect a busines...
 
Signature loans- Easy to obtain quick cash with your signature
Published by Baldwin Will on June 6th 2012 | Loans
Nowadays, signature loans are very popular due to many reasons. You can now grab instant funds with ...
 
Cash for next payday: Take Cash in Your Hand with Ease
Published by Jaren Lese on March 31st 2012 | Loans
When you don’t find anyone standing with you in your tough condition, you can rely on the most sou...
 
300 loans- Great financial help for you
Published by Kenim Wids on June 15th 2012 | Loans
By availing 300 loans, you can easily forget about any financial stress. It is considered to be good...
 
90 day loans with bad credit- Unique and advance cash for bad creditors
Published by Alesia Ace on March 23rd 2012 | Loans
If you want to get rid of financial trauma, you can apply for 90 day loans with bad credit so that y...
 
Money loans today: Fulfill Every Necessity on Time
Published by Karen Flec on July 16th 2012 | Loans
Money loans today are the most sought after deals that bring you money at the eleventh hour so that ...
 
Short term cash loans - fight with the devils of financial crisis
Published by Jeniffer Thomus on November 29th 2011 | Loans
Short term cash loans provide instant funds to an individual without looking into their past credit ...
 
Instant loans for bad credit- instant loans for bad credit for creditors
Published by Ryan Harten on December 31st 2011 | Loans
Ryan Harten is an economic expert and he knows how to give his knowledge to the other citizens. He i...
 
Money loans for people with bad credit- Crucial fiscal plan for bad credit people
Published by Kenim Wids on April 16th 2012 | Loans
With the aid of money, which has taken from money loans for people with bad credit, you can meet urg...
 
Payday loans cash advance no credit check- Valuable money plan
Published by Nain Seek on June 12th 2012 | Loans
If you have bad credit profile then it is better for you to apply payday loans cash advance no credi...
 
Unsecured Loans- Unsecured loans with faster approval
Published by William Winch on January 6th 2012 | Loans
If you are looking for unsecured, collateral free loans, with extremely faster approval, you may app...
 
6 Month loans for bad credit- Useful financial help for bad creditors
Published by Lewis Jasvin on May 9th 2012 | Loans
If you take instant cash with the aid of 6 Month loans for bad credit, it is possible for you to res...
 
Mini text loans: the prolific arrangement
Published by Alexander Thomas on December 11th 2011 | Loans
Do not care of your previous credit profile at all. Apply the credit plan of mini text loans and ava...
 
Payday loans – five points to ponder
Published by Jack on April 7th 2012 | Finance
For most people, getting payday loans is a simple task. Now it has become even simpler because one c...
 
Student loans for bad credit- Right cash solution to meet emergencies
Published by John Simen on June 30th 2012 | Loans
If you are in need of instant funds for higher education, it is better for you to avail student loan...
 
Payday loans USA- Fastest way to acquire instant funds
Published by Addison Maddy on June 12th 2012 | Loans
If you are hurriedly in need of money, you have the right option to avail payday loans USA. These lo...
 
Payday loans in Ontario- Solve financial hurdles in time
Published by Ricky Leyer on June 1st 2012 | Loans
By acquiring quick cash via payday loans in Ontario, you can easily manage monthly financial budget ...