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Payday loans are an excellent way to
bridge that gap between when you got paid and when you are expecting your next
cheque. When a money emergency crops up, a payday loan may be the answer that
you seek. Instead of getting hassled at your bank and filling out tonnes of
paperwork, log on to your computer, day or night, and get an easy loan.
Payday loans are different than a
traditional loan received from a bank or a credit union. They are unsecured
loans and meant only for a short term problem. They are due back on the date
you get paid again, with applicable finance charges. They are usually available
for amounts between £100 and £1,000, as long as you are able to repay them when
you expect your next paycheque to come in.
No credit check is necessary when
you apply for this type of loan. This is a fabulous plus for a lot of people
who simply have a poor score, because of past repossessions, bounced cheques,
charge-offs and more. Sometimes, just a couple of late payments on your credit
card bill will cause your score to significantly drop, leaving you vulnerable
to the word NO when you apply for a loan from the bank. You don't have to worry
about that with a payday loan. There is no credit check whatsoever. You don't
even need any collateral to get a loan, so all of your assets will always
remain safe.
These types of loans have been
looked down on by many who believe that they simply make a bad situation worse.
If you can't pay them back or afford the small financial fee, you may choose to
forgo them. However, they are excellent for problems that arise that are
unexpected, and especially if you have nowhere else to turn. For example, say
you are short on money and you get an extraordinarily high heating bill because
of the cold temperatures. You can't pay it all, but the company will shut off
your heat if you don't. The money from a payday loan can help you pay your
bill, keep your heat on, as well as miss all of the late fees and turn-on
charges a shut-off utility can cause. In essence, you are saving money with a
payday loan.
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