Mike’s Payday Loans UK are quick and easy payday loans for people that need some cash until payday.
Before now there might not have been any reason to be thinking about any type of loan and certainly not a quick loan. However a situation may arise which bring the idea to mind and the need to hear more about a loan that can be accessed immediately. The payday loan can be described as one that has to be repaid in a short period of time and generally accessed to deal with urgent financial issues until the next pay day. The amount that is allowed is generally from
Â£80 to Â£1000 and this total must be paid in full immediately after the borrower’s next wage is deposited in his or her bank account.
Accessing a loan and getting the cash immediately is what makes this type of loan attractive. The borrower is offered leniency in relation to credit history; that is the loan application will not be affected by bad credit. Application for the loan can be done online and the cash sent to the borrower’s bank in a very short period sometimes in only fifteen minutes. The requirement for most lenders is that the person is older than 18 years have a job that pays monthly income on a steady basis and have an account at a bank.
Anyone accessing this type of credit for the first time should be aware that a cost is attached to this type of direct access loan. Several UK companies that offer this loan require payment of interest rate up to 2000% (APR) and higher. It should also be noted that borrowers have the option of rolling their debt from the agreed pay day to the next (and the next). However the pay back interest should be carefully considered before making that decision.
Even though a lot of people might not have a desperate need for credit these days some are still in need of instant cash. Payday loans UK are mostly recommended for persons who have tried all the other avenues to get money or who have a credit history that is not very flattering. Individuals considering the loan should ask themselves whether or not they really need this type of direct loan. They should sleep on the thought then ask themselves the same question the next morning. It might be extremely important to take a loan to purchase medicine or to buy food but is it just as important to get instant cash to pay for a vacation?
Persons might become faced with urgent situations that force them to seriously consider requesting a pay day loan. One of these circumstances could be an unexpected medical bill that must be dealt with immediately. This type of loan should only be considered after the situation has been explained to the people requiring immediate payment and there is no other option left. If every avenue has been completely exhausted for acquiring cash and the decision is finally made to get an instant-access loan the borrower has the option of checking out several loan companies to compare the APR and choose the lowest one. This could significantly save on the pay back interest. The borrower should also compare the criteria of the loan companies.
There are loan companies of this nature that tend not to put the APR rate out in the open and use only pounds to quote the repayments. For example repaying Â£125 for a Â£100 loan may not seem too expensive when the situation is extreme but there may be a 1735% APR charge in the fine print. The borrower is required to carefully consider the payback APR rate. Failure to repay the loan on the pay day that was agreed on will more than likely result in additional interest being charged for every month that the full amount is not repaid.
While the application and acquiring of this kind of loan is almost effortless and speedy the onus is on the borrower to take great care when the decision is made to apply for one. Adequate time should be spent carefully reading everything that is written in the section that lists the terms and conditions especially the very small print.
The potential borrower should consider alternatives such as asking a friend or a family member for the loan amount. This request might even link him or her with other suggested options. If there is absolutely no other option but to access a quick loan even after taking the high interest rates into consideration then repaying the full amount of the loan on the next pay day may be the only way to get out of an exceptionally risky financial circumstance. It is recommended also that this decision is made only if the repayment can actually be made from the next wage. In addition only the minimum that is needed should be borrowed.