Do you know how to deal with debt or a gap between what you earn and spend?
If you are trying to cover a gap which will still be there next month and the month after, a payday loan is the most expensive way of doing it and not recommended. However, if it is for a slight shortfall that you can repay comfortably, then borrowing an instant payday loan from a payday lender can help take care of any unexpected emergency bills and expenses.
Instant Payday loan providers who have to pass your application on to other lenders will inevitably have longer processes, and are unlikely to be able to guarantee a time frame for getting your money to you, as this will vary depending on which lender ends up actually providing the loan. As there is an extra party to be paid in such transactions, you can end up paying more for a loan through a broker. For this reason you tend to get a better deal by going to a direct lender.
Since the payday loan industry has unfortunately attracted many people who get trapped into a debt cycle, it has earned a bad rep for funding such loans. Some companies deliberately apply very high penalties for any late payment or extension of the loan period. There are two elements to this one is that some companies have these exploitative fees at all, the other is that some people use payday loans for the wrong reasons, which is why they end up paying the fees in the first place.
So with this important factor which is relevant to all types of payday lending in mind, you must take care to apply for a well-established lender with a good reputation in the market that is authorized and regulated by the Financial Conduct Authority!
Things that slow down the application and approval process are carrying out credit checks or having to fax through documents. Improve your chances of a fast approval by sticking to a direct lender who does the credit check or the faxing of any documentation ASAP!
The credit checks are really necessary for payday loans because they give the lender information that is actually relevant to this kind of borrowing. It is also compulsory nowadays and any Lender suggesting they don’t perform some kind of credit check is one to avoid. As long as the lender knows that you earn enough money every month to cover the loan and that you have a bank account that can be used for the repayment, they have the assurance they need with regard to your ability to repay the loan!