It can sometimes happen that just when you least need it, things can go wrong. In the current economic climate where many people are already struggling to make ends meet, the last thing they need is an expensive emergency to sort out.
So if something were to crop up that needs a chunk of money to put right, how do you pay for it if you have no money to spare?
Well you could pay by credit card but what if you are up to your limit? What about getting a loan? Well, credit is not that easy to come by still and most banks will only lend to you if you are a customer of theirs. It is not like the days of two or so years ago when the banks would literally be throwing credit at you. The situation is different now. Then there is the overdraft. Good news if you can get one approved. But if you can’t get one approved, do not even think about going overdrawn without permission. You are looking at serious interest and charges, often into 6 figure APR’s!
You could try and borrow the money from a friend or member of your family, but chances are, they are in the same kind of financial month to month existence as you are.
So where do you turn? What if you need to pay for your car to be fixed in order to get to work, because if you can’t get to work you don’t get paid Well, help is at hand with payday loans. These instant decision loans are short term loans with the sole purpose of getting you through times of difficulty and then you repay the loan on your next payday. Simple.
Despite their bad press stating the high interest rates, payday loans from reputable lenders are the only loan currently available where you know in advance exactly how much you have to repay and when. Borrow £200 and you will be required to pay back £250. That is it. So you know exactly how much you are being charged. Payday cash advances are totally transparent. Can you say that about credit cards or overdrafts?