How do I make my repayments?
The easiest and most reliable way to make your repayments is via direct debit. If you sign up for this service, you can forget about having to make the payments on time and let the bank take care of it for you. You must just ensure that the funds are available for transfer in your assigned checking account. The direct debit can be set up at the same time as arranging the loan.
You can select to pay back your loan via your checking account or from your debit card. If you select this method you can then arrange to send the payments yourself at times convenient to your financial situation. You must ensure that your payments are made in full and on time, otherwise late fees will be applied to your account.
As we hinted already, the first and foremost disadvantage of the payday loans is their overall cost to the borrower. Compared to the other types of loans, both the short-term and long-term ones, the payday advance scores pretty badly with an APR from 300 to as high as 900 per cent. Over the course of the loan, this APR would mean that for every 100 pounds that are borrowed, you will have to pay back 15 to 25 pounds.
Payday loans are especially perilous to people who are not privy to their mechanics. In Jacks example, the lender offered him a rollover on his loan. This might seem like a positive thing, but in reality, it is done solely for the benefit of the lender. After his client has postponed repaying his debt, he will have to repay a sum that is way higher than the initial terms. When we consider the social strata these loans are created for, we can see how that can be counted as a very negative thing. Most of the borrowers are experiencing money problems even before they take up the loan. So, in a way, this loan targets the individuals who can pay back the loan only if they rollover on their debt. As a result, about 6 per cent of the borrowers default. This, in turn, costs payday lenders over a quarter of their revenue each year.
Payday Loans When You Need Them
We understand that life throws you a curve ball once in a while. Everyone has a financial emergency at some point. The times when you need cash urgently, a payday loan can be a life-line. Those unforeseen crises often happen when you do not have a cash stash to fall back on. When you need cash quickly and it cannot wait for your salary, we can help you with a payday loan.
The whole process is fast and efficient. You apply for, receive and repay the money all within 30 days. Everything happens online in a secure system. It is easy to do and hassle free. There are no documents to submit, no queues to stand in and no waiting for days on end for your approval. Loan approval happens within minutes and the money is paid into your bank account the next day. Repayment is arranged for you via a direct debit from your account at the next pay cycle.