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As the credit Crunch realy starts to bite more and more people are using Payday Loans to cover for emergancies. They are a fast and simple way to secure a loan that is repaid when you get paid. 

What are Payday Loans ?
are a very simple and hassle free way to get a short term loan until you get paid at the end of the month. They can be used for emergancy borrowing when times are tight. For example, you have to travel to work by car as public transport is just not an option. Your car breaks down and you cant get to work, catch 22, no car, no work therefore loss of pay - a visous circle. with a payday loan you can get an emegency loan the same day paid straight into your bank account and get your car fixed. Problem solved.

How do Payday Loans work?
Very simple. You can apply for a Payday Loan via the internet using a single page form. There are no credit checks and you can have the money the same day. The only requirements are:-
1) Yo must be over 18
2) You must be in full time employment and earning more than £750 per month.
3) You must have a bank account to pay the loan into
4) You must have a debit card. This card will be used to automatically take the loan amount back out of your bank accounyt when you have been paid.

Can I get a Payday Loan?
If you are over 18, in full time employment and earning more than £750 a month, you are likely to qualify. All you then need is a bank account for us to pay the loan in, with a debit card for you to repay!

What information do they need?
Generally the simple online form requires the following information:
Your name and address
Your date of birth
Your contact telephone numbers and email
Your work and pay details
Your bank account and debit card details
 
Why do they need all this information?
As responsible loan providers the company have to verify:
That it is you taking out the loan
That you are in full time employment and able to repay the loan
That they put the money in your account and no-one else’s account
That you can repay them in a simple and hassle-free way

How long does it take?
It takes as long as it takes for you toi fill in the form. You will get an instant desicion once you have completed the online form. Once approved the money will be in your account the same day. Note with some banks it may take 1-3 days for the money to clear.

How much can you Borrow?
You borrow from £80 upto £750 depending on your circumsatnces. Below is a table showing what the costs of payday loans are:-

Amount Borrowed    Amount you repay
    £80                                     £100
    £100                                   £125
    £200                                   £250
    £300                                   £375
    £400                                   £500
    £500                                   £625
    £600                                   £750
    £750                                   £937.50

Now this equates to a Typical APR  of 1845% which sounds horrendous but lets look at some comparisons of other types of lending.  

Type of Loan     Amount       Months     Total repayment     APR     Actual Interest
Installment           £500            36                   £745             16.9%           49%
Installment           £500            60                   £970             16.9%           94%
Payday Loan       £500             1                   £625            1845%         25%

This puts things into perspective. The two longer term loans seem to have much lower interest rates (APR) but in reality you will end up paying a lot more back then if you borrowed in comparison to a Payday loan, this is why Payday Loan companies always focus on the actual amount you will pay back not the Interest rate. Personally I think that if I needed to borrow money for an emergency I would prefer a payday Loan to a normal long term loan as it will be cleared the next time I get paid.

How do I pay back my loan?
Easy – the loan company will take the agreed repayment amount from your debit card on your next payday – there’s nothing else for you to do.

Can I defer my payment?
Yes - although after deferring the payday loan twice they will ask you to start reducing the balance. Deferral will incur new charges for every month the loan is deferred – but still at our fixed rate – there are no additional charges.
What if your payday or debit card details change
If your payday has changed, or you have a new debit card, just contact the customer services department and they will change your details straight away.

What if I have problems paying?
Payday Loan companies understand that people’s circumstances can change. If this is the case, you must let them know as soon as possible and they will always do their best to help.
The most important things to note are:
Don’t borrow money you don’t think you can pay back
If you are having difficulties then always contact the company as soon as possible and they will help.     

Popularity: 67% [?]

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How to secure a NO CREDIT CHECK Loan in 24 Hours or less!!!

As the credit crunch starts to bite most unsecured and secured lenders are really tightening up on the criteria for offering loans. For people who have a bad credit history this means that they can find it very difficult to secure any kind of Loan.

There is one company in the UK that offers a Solution. They are called Logbook Loans. If you own your own car they will give you a loan secured against the value of your car. They do not have credit checks and the amount of loan they will offer you is purely based on the value of your car. They will Loan between £500-£50,000

If you meet the following criteria they will give you a loan. You can repay the loan early therefore reducing the APR % and the total amount you pay back. I would recommend this type of loan only for short term borrowing as if you let the Loan run for the whole term you will pay a huge amount of Interest. They will normally approve your Loan in 24 hours or the same day and they can even pay you on the same day as a cheque or as cash.

These are the criteria for a log book loan.

• Do you own your vehicle
• Is the vehicle clear or nearly clear of finance
  • There are no Personal credit checks
  • The loan is secured on your car
  • Borrow between £500-£50,000
  • You can apply instantly online
  • You will get your money in 24 hours or less

A bad credit rating is something that now affects more people than ever before. A Logbook Loan is an ideal solution for those consumers who have bad credit and are in need of a secured loan, bad credit loan or a payday loan. Having bad credit is something that can prove to be a real struggle, especially when someone is looking to borrow money for home improvements, holidays or any other purpose.

These Loans should only be used in emergencies but are very useful for getting through a difficult time. Remember you are using your car as security and if you default on the Loan you may loose your car.

Popularity: 53% [?]

Technorati Tags: bad credit loans, loans against my car, Logbook Loans, no credit check loans, unsecured loans with bad credit