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Online Payday Loans:  the Advantages

There are various lenders who offer online payday loans. These loans are designed for individuals who have financial emergencies. Getting a loan from a bank or any other financial institution usually takes a long time because the applications have to undergo thorough assessments. The requirements you are supposed to meet by these conventional lenders are also restrictive because they include thorough credit checks. Therefore, you cannot use them if you are in debt. This is why online payday loans have become so  popular.

If you are one of those people who have bad credit, applying for online payday loans is a good idea. There are no credit checks. Therefore, you do not have to worry about affecting your credit score. When you apply for a loan from a conventional lender, they have to request a credit report from the credit bureaus. Credit checks have a negative effect on your credit score. Therefore, it is advisable to keep them at a minimum. This is one of the advantages that you enjoy with online payday loans.

When you are faced with an emergency and require a certain amount of money immediately, getting a loan from a bank is not a wise decision. Banks take a considerable amount of time to process applications because there are various aspects about your financial situation that they have to check before they can approve the loan. The online payday loans are only suitable for emergencies because in most cases, the amount you get is limited.

Online Payday Loans – Keep Personal Business Private

Another advantage that you get with online payday loans is that the application process is discreet. When you send an application online, nobody will know that you have an emergency and you are short of cash and, therefore, require a loan. The payday lenders ask for certain personal details including your names and the income you get, but this information is not shared with third parties. Online payday loans are, therefore, the most suitable discrete option.

Online payday loans are also possible because the applications are processed very fast sometimes even the same day. This is essential during an emergency because you require cash as soon as possible. When you apply for this type of loan, you will receive a response within a few hours. The online payday loan lenders use automated systems, therefore, it is possible for you to find out if your application was successful or not.

The requirements provided for online payday loans are not strict. Therefore, almost anybody can apply for one. To apply for this kind of loan, you have to be at least 18 years old and have a stable source of income. You can be employed or self-employed. The lenders also require you to have a checking account. The checking account is required because the amount you request for is sent directly. The amount of money that you make each month will also determine if the loan you want will be approved. These are easy requirements that most people can fulfill, therefore, it is very easy to get approval for online payday loans when you fill out an application.

Representative example on a loan of £200 repaid after 30 days:

  • Total charge for credit: £248
  • Payable in one payment of: £248
  • Interest: £48
  • Interest rate: 292% p.a.
  • Representative 1223.6% APR (variable)

Customer Satisfaction

Our Customer Service centre will respond to your emails promptly
Monday-Friday from 9.30am-5.30pm
*subject to lenders requirements and approval

Our company is a licensed credit broker and not a lender

Marc Obadia T/a - Payday Lenders Direct Registered Office : 8 Parson Street, London NW4 1QB
Financial Conduct Authority Interim Permission Number: 654479 Data Protection Registration: ZA060351 Payday Lenders Direct is Authorised and Regulated by the Financial Conduct Authority”
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