Five things you should do when applying for payday loans

Have you been declined for credit, and now want to increase the chance that you have of success when looking for a payday loan? Do you want to take out this form of short-term credit for the purpose of building your credit rating, and with the view to getting money with a lower interest rate? If so, this article will give you five brilliant pieces of advice to consider as you apply for a payday loan.

1. Have you used a payday lender before? If so, try to stick with them as much as possible. Some lenders have trust ratings, and others will be more inclined to accept your request for credit more easily if you have transacted with them before. Following on from the sub-prime mortgage crisis, companies were hesitant to work with borrowers who they hadn’t lent to before, but you will have a better chance if you are an existing company.

2. Apply online. If you want a secure and comfortable experience, make sure you apply for a payday loan for the Internet instead of on the high street. It will save you time, and it could save you money.

3. Budget your money carefully. For some of us, the prospect of payday loan repayments next month can be a nightmare if we don’t map out our money carefully in advance. As such, you should whip out your calculator and using your expected salary for next month, ensure that you will have enough money to pay off your other bills and buy food as well as repay your payday loan.

4. Check that the lender has good customer service. There are certain scenarios when using a payday loan when you can benefit from the support and advice of a dedicated team of consumers from a payday lender. By getting their telephone number and email address, you will be able to contact them whenever is best for you – even if this is out of business hours.

5. Check out their online systems. One thing that can really be convenient as a lender is the opportunity to manage your money online through budgeting and paying back the money you owe. By seeing the resources that they have for you to use, you will be able to have a fantastic start in using payday loans.

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Five things you shouldn’t do when applying for payday loans

If you want to provide a strong application to payday loan companies, there are some things that you shouldn’t do. By taking the time to fill out the forms you will be given carefully, there is a way to increase the potential for a successful application, as this article explores.

1. Don’t lie about the level of income you earn. If you falsely state that you have enough income to meet payday loan repayments when you don’t, you have the potential to damage your credit rating irreparably. Honesty and transparency is the key to a successful application.

2. Don’t submit your payday loan application without double-checking all of the information you put in each field first. In the process of asking for credit, you will be expected to provide your full name, address and other details about yourself. If the data you provide doesn’t match the records held on your electoral register, you could find that your request will automatically be declined.

3. Don’t apply for a loan if your purpose is to repay other debts. One of the biggest mistakes that any consumer can make is to apply for a payday loan in order to settle other balances that they may have. In these instances, you should talk to the lender where your debt is to arrange a new repayment plan that you will be able to work towards. Remember – you should always think about the long-term: if you are having trouble paying off existing debts, what are you going to do when your payday loan bill arrives?

4. Don’t apply for a payday loan no credit check for more money and for longer than you need. Every time you apply for a payday loan, it is likely that you will be levied considerable interest on top of the amount you borrow. If you decide to draw out short-term credit beyond the repayment date you could meet for your convenience, this will mean a higher level of APR that you will need to repay. Because of this, you should seriously consider budgeting your money carefully to figure out the money that you need overall.

5. Don’t opt for a payday lender without comparing deals from other companies first. Go on a payday loan website and you will see one rate of APR. Go on a different website and you will see a cheaper or a more expensive rate. Indeed, some lenders will also offer more money than others. Therefore, don’t be afraid to compare and contrast the different services that these companies offer to people like you.

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Examples of unexpected emergencies perfect for payday loans

Payday loans are quickly becoming the credit agreement of choice, these days. Payday loans uk allow you near-instant access to the cash that you need when you’re struggling, without complicated application processes with a ‘no fuss’ approach. Simply find an online company, make your requests and receive the cash that you need. The money that will be transferred into your bank account can be spent on anything that you wish, without the kind of restrictions that you would experience if you were taking out a mortgage or a car loan. It’s an incredibly simple procedure that provides a number of benefits, one of which includes being able to make necessary payments that you might simply not be able to afford.

Sometimes in life you will have to pay for some kind of emergency that you simply can’t afford to pay. It might be as simple as a fridge or other household appliance breaking, in which you will need to buy a new one. If you can’t, or don’t want to, claim on your home insurance, you simply cannot go without some household appliances. What a payday loan does is allow you to buy the appliance that you need with a quick cash payment, and make the repayment when you get your next payday. Of course, payday loans are only useful in this sense if you can actually afford to make the repayment after you have received your next payday. Ensure that you will be able to afford the repayment, and a payday loan agreement can be incredibly useful to you.

But not only are payday loans useful for buying new household appliances, but they’re also a great way of relieving some debts! Of course, you can’t expect a payday loan to get you out of thousands of pounds worth of debt, but you can utilise this modern form of credit agreement to pay for some small debts. Say for instance that for some reason you cannot meet a monthly payment this month, but know that next month’s pay cheque will allow you to make the repayment, a payday loan simply gives you the cash you would otherwise have had in advance. By bringing forward your payday, you will be able to better make other repayments and cover costs that you can’t quite afford. Take advantage of a payday loan today, and your financial worries can soon be over.

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How customer service with payday loans works

Payday loans are very much an online service, these days. Whilst payday loans can be achieved over the telephone or in a shop, most of the services are found on the Internet – and with thousands of them available, it’s become an online phenomenon. Hence, customer service is generally online as well. Customer service is available to those who are having problems with their payday loan repayment. If you are unable to make the repayment on time then there is a relatively simple procedure. You will need to get in touch with your payday loans lenders, usually online, to tell them that you will need more time to make the repayment. You will have to pay a missed payment fee, and there will be further costs in terms of extended interest.

Furthermore, customer service might be required if you do not receive your money in time. Generally you will receive the money you need within 24 hours, but if you do not, then you simply need to get in touch with your payday loan lender. This can be done online, but if you really want your matter to be dealt with quickly then you can use the traditional method of using the telephone. Even though payday loans are used online, they will generally have call centres available that are able to provide you with the quick help and assurance that you need.

So, will you need to get in touch with customer service? It’s relatively unlikely. As well as being one of the most popular forms of credit, payday loans are also one of the most reliable. Operating in such a highly competitive market, standards need to remain high in order to remain one of the best companies available. Customer service will rarely be required; due to the fact your application process is incredibly easy.

All you will need to do is sign up online, enter your personal details, and soon enough your application will be accepted or denied. If your application is denied, then it’s possible you will have to contact customer service to discuss your declined application. If your application is accepted, then there is a simple procedure of placing the money into your bank account. It is relatively uncommon for money not to be transferred, and as long as you’re sticking with a legitimate and reputable company, you can be sure to get the money you need.

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Do you have to repay payday loans on your payday?

Payday loans, despite the name, do not necessarily have to be repaid on your payday. They must, however, be taken out at a time in which there will be appropriate time for your next payment to occur before the final date of repayment. What does this mean? Basically, if you are paid every month, and you have two weeks to make your payday loan repayment, then you should take out the payday loans two weeks into the month or later. This means that when your next date of repayment can occur on or before the date of final repayment.

By doing this, you can ensure that you will make the repayment on time and make it in full. Failure to take out the loan at the right part of the month can mean that the direct debit transaction when you need to make the repayment will fail. This results in a missed payment fee and an increase in the amount of interest that you have to pay.

Payday loans online generally are paid within two weeks, but after discussion with your lender or simply choosing a different lender, you will sometimes be able to extend the date of repayment to 31 days. Obviously, having longer to make your repayment can be handy, but do remember you’ll have to pay more in interest. Equally, extending debt over a long period of time isn’t always beneficial. This can simply add to your money problems if you are already in debt, as you will remain in debt for a longer period of time.

Equally, do remember that payday loans are only small amounts of money. The whole nature of a payday loan is that it is a small sum of money that is repaid in a short period of time. This means that the amount that you repay is low, and the period of time in which you are in debt is also small.

Of course, payday loans will always be a debt. You will have to pay the money back either way, and are hence only the way to go if you know you can handle the repayments. By making sure you are responsible for your repayments and able to make them efficiently, you can ensure that payday loans remain convenient and do not become problematic. Payday loans are always beneficial as long as you remember you need to be responsible for your own finances.

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Can you get a payday loan if you are self-employed?

Getting a payday loan is really easy. Companies who provide these loans aim to ensure that getting the loan is as simple and quick as possible in order to remain competitive in the market of easy credit, and have become the notoriously easy way of getting quick cash. You must meet some very basic requirements to get this kind of loan, too. If you’re over 18 and you have a steady income, then you’re pretty much able to get a payday loan – even if you have a bad credit score!

Payday loans are perfect for those who find themselves stuck for money, and unable to make necessary payments. Self employed people, just like other people who work for an employer, sometimes need a payday loan too. The only issue with this is that it can be relatively difficult to provide proof of employment. If you cannot prove that you have a steady income and are in fact employed, then you will not be able to get a payday loan. Though this is an issue, it’s not impossible to get a payday loan if you’re self employed. There are ways round it, including providing the payday loan lender that you are employed by providing bank statements and other financial documents. Formerly, it was more difficult as many institutions did not consider a self employed individual as technically employed.

When you do provide the payday loan company with a bank statement, the first thing that they will do is kook at how much money you currently have within your bank account. Equally, they will check to see whether you do have regular and sufficient income to be able to afford a payday loan agreement. If you are able to afford the payday loan and you have been approved by the lender, then soon enough your application will be accepted and you’ll find the money in your bank account within 24 hours. Nothing could be easier.

When it does come to taking out a payday loan, remember to discuss with your lender the terms of agreement. You need to be sure that you are responsible, and know yourself that you will not have any unexpected expenditure that could mean you cannot afford to make the repayment. Responsible borrowing is the key to financial prosperity, and failure to do this can cause you financial problems in the future.

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