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What is a pay day loan? |
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A payday loan (also often referred to as payday cash, pay day advance, same day cash advance) is a short-term loan intended to cover the borrower’s expenses until their next pay day.
Payday loans in the UK typically range from £80 to £750 and repayable with interest after 30days. Payday loans if used wisely can benefit the user. Some of the uses and benefits of a payday loan or cash advance are: to pay bills, cover emergencies at home and every day expenses while you wait for your normal monthly pay.
Although most payday loan lenders do not perform credit checks and thus are able to lend to borrowers with bad credit, it is essential to realise that a payday loan is not a gift but is still a loan and thus the borrower must ensure that they are able to repay the payday loans in full taking into account the interests or APR applied.
Some of the UK’s top payday loan lenders are: MEM Capital, CashnetUSA (QuickQuid), Wage Day Advance and PoundsTilPayday; with new lenders springing up periodically to take advantage of the increase in interest for payday loan products and the potential profits from it.
By completing the one short application form and applying for a payday loan on this website, we automatically forward your application to multiple lenders and also present with an instant decision online.
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