Payday Loans
Payday Loans have emerged in the UK in recent years and are set to grow rapidly in the future, as they offer customers a means of quickly and easily gaining access to a relatively small amount of cash to solve a short-term need for credit. They are ideal for paying emergency or unexpected expenses that require immediate payment, when customers have insufficient cash with which to do so at the time, but will be able to repay the funds borrowed on their payday.
With online payday loans, customers can apply online within minutes and, after undergoing a credit check, receive a loan approval decision there and then. If they are approved, they will then be able to submit an e-signature on an Electronic Credit Agreement, and will not need to send the lender any paperwork. In order to meet the need of instant cash, most payday loans lenders also offer same day cash transfers.
Many customers choose payday loans because they generally cost less than bouncing a cheque or paying unarranged overdraft fees, late bill penalties or credit card late fees, and they are more desirable than asking family to borrow money or pawning personal possessions. They enable one to get in control of one's finances in a month when financial planning may have gone awry, without requiring customers to enter into long term credit agreements.
A payday loan is generally valued £80-£800, although many lenders restrict the amount lent for a first-time loan.
Typical reasons to use a Payday Advance
- Unexpected emergency
- Holidays
- Weekend away
- A bargain in the sales
- Back- to-school uniforms
- Short term disruption to income
Responsible Lending & Borrowing
We at Express Finance promote both responsible lending and responsible borrowing with our customers.
We carry our credit checks during our application to assess credit worthiness and urge customers to assess their financial situation before borrowing in light of the fact that payday loans are a short-term advance designed to help ‘bridge the gap’ until their next payday, and should not be used if the loan cannot be repaid on payday, and/or if their credit requirements are for a longer term.
To find out more about payday loans or to apply for one online, click here to visit our Payday Express website.