same-day-loan

Can You Qualify for the Same day Loan with Guaranteed Approval?

Do you need to make a repair right away but are awaiting your wages? same day loan

Do you have urgent bill payment deadlines but lack the cash to pay them?

Yes, everyone faces situations like these at least once in a lifetime. Indeed, one should attend boiler repair, urgent bills, and medical expenses without delay. But, lacking the cash in hand can delay the process.

In this case, you cannot wait for your salary to hit the account when you need cash that very moment.

Here, Payday loans emerge as the greatest savior.

What are Payday Loans?

These loans are short-term monetary assistance provided by direct lenders to individuals. For minor needs, one can borrow up to £1500 for 3-4 weeks. One can borrow for meeting emergencies. As the name reveals, “PAY-DAY” is an income-based loan and one repays the amount on the salary day. These are short-term loans that have high-interest rates. One should never take a payday loan until he is sure of repaying it on the dedicated deadline. With easy access, these costs can soon spiral out of control. It is also known as fast cash loans, quick loans or salaried loans.

Financial Conduct Authority (FCA)define payday loan charges and fee. The authority limits the fee and the penalty a lender can charge on the late repayment of the loan.

According to the law, “someone taking out a loan for 30 days will pay no more than £24 in fees and £100 per borrowed. If a borrower cannot pay the amount on the due date, the lender can charge no more than £15 plus interest on the amount he borrows.”

Why Do Payday Loans are High-Interest Rates offerings?

Payday loans are short-term loans that a lender provides almost instantly to a borrower. These are income-based loans that prioritize income as the primary qualification criteria for the loan. Anyone can borrow these loans regardless of their credit score.

It is this flexibility that makes individuals borrow payday loans unmindfully. To restrict the usage and prevent individuals from borrowing it unnecessarily, the lenders provide it at a high-interest rate. It is a no- collateral loan. APR (Annual Percentage Rate) grants some type of security.

APR is an amount that an individual has to pay upfront. One can also pay it after or at the time of loan repayment.

APR is high since the figure is compounded to make it appear annualized. This results in an inflated and unrealistic APR %, like 1000%.

A reasonable APR rate on Payday loans is 400%.

How do Quick Loans like Payday Work?

These are no credit check direct lender loans. Once you file an application stating your details and send the quote, a representative will contact you immediately. After minimal income repayment proof verification, the amount is transferred directly to the bank account on the same day. The borrower has to repay the amount along with total interest on the due date.

You can borrow the amount for a more extended period, like 3 months and repay in instalments. It is advisable not to borrow these loans for an extended time. Payday loans can affect your credit score if you delay or cannot pay the loan timely. Think about your options before borrowing a payday loan.

The lenders may ask a borrower to set up CPA Or Continuous Payment Authority. It grants flexibility to the lender to deduct the repayment account automatically from the borrower’s account. It can be risky and may not leave enough money in your account. It’s may also make you exceed the overdraft limit. If you want, you can cancel your CPA anytime. You can instead pay the repayment amount manually.

Can I borrow emergency Bad Credit Payday Loans?

Yes, one can borrow fast cash loans with bad credit online. Some lenders provide small-term loans regardless of the credit score. It is because payday loans are urgent monetary assistance that is open to everyone with a decent income. Here income plays a significant role in quick loan approval. Anyone above 18 years of age can qualify for a loan.

If you are a student seeking urgent money for stationary or rent payments, you can also get one by providing income proof. You just need to have a verified UK bank account to get the loan.

Depending on the personal circumstances, a lender may exceed the loan repayment term or break the repayment into affordable payments. So, whether you have a bad or poor credit history, you can apply for emergency bad credit payday loans with a lender.

Before applying for the loan, analyze the total repayment amount and other fees. Can you repay the amount easily? Go for it only if you are confident enough. Because defaulting on a payday loan with bad credit can impact the credit score severely.

Are there any alternatives to No Credit Check Direct Lender Loans?

If you need cash urgently, there are other alternatives to payday loans. These can help you avoid extensive interest rates and costly payday loans.

  • Use your Savings

One applies for payday loans in the absence of immediate cash or cannot wait for the salary day. If you have some savings, use them to fund your need. Generally, people borrowing payday loans lack savings. But, if you have a minimum amount that can meet your need, do not borrow payday loans. Most individuals borrow money to save those minimal savings for other needs. But taking a loan may prove costly furthermore. Thus, evaluate your savings before taking the loan.

  • Turn to your friends/ family

If you share knowledge about the expense you will need to meet before the salary hits the account, ask for an advance from the employer. You can ask for small funds if you are on benefits. The employer may pay off the sum from your benefits. It is only a possibility.

  • Ask for an advance from the Employer

If you share knowledge about the expense you will need to meet before the salary hits the account, ask for an advance from the employer. You can ask for small funds if you are on benefits. The employer may pay off the sum from your benefits. It is only a possibility.

  • Consider an Overdraft

Sometimes none of the above options works. You can tap into an overdraft to borrow an amount. Overdraft is helpful even when you do have a minimum balance in your account. One can borrow even If the account is negative.

Check for the lenders offering an interest-free overdraft. The interest-free overdraft is more affordable than a normal overdraft. Presently, banks are offering an overdraft of only up to £500. It is due to the pandemic financial constraints.

  • Borrow on Credit Card

While many may not think so, a credit card can prove precious in times like these. If you do not have credit card arrears, you can borrow a specific amount on a credit card. It is an easy alternative to no credit check direct lender loans. If you manage to pay the credit card bill within 30 days, you will be exempted from any interest payments. In this way, credit card borrowings can meet your urgent requirements.

Bottom Line

So, yes, you can get the loan the same day with guaranteed approval. Payday loans are all you need when you run short of cash. You can consider a payday loan for food items, bill payments, repairs, etc. Get money instantly in your account. You can consider cheaper alternatives if you do not want to go for high-interest payday loans. If you do not like waiting, fast cash loans are your thing.

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