UK Payday Lenders
Payday loans originated in the USA where they have been around for many years and they are now the fastest growing method of borrowing in the world. Although UK payday lenders are relatively new, already over 4 million people from all walks of life apply each year and the number is increasing all the time.
In the current economic climate many people find themselves running out of money in between paydays. Some people resort to using an overdraft facility on their current account to get through the month, or they use their credit card to pay for day-to-day expenses.
Depending on the UK payday lender you use, you could pay a fee up to £25 per £100 that you borrow. Additionally, some companies charge administration fees that add to the amount of money you have to repay. So if you borrow £400, you pay the payday lender £500 plus any additional charges the lender adds on. You may be able to find less expensive ways to borrow money, but if you need money in a financial emergency it may be worth the cost.
Another option now available for financial emergencies is a payday or short-term loan. These loans are becoming increasingly popular as they allow you to borrow between £80 and £1000 for up to a month. There is no credit check required and as long as you can prove you have a regular income and a bank account you usually qualify for one of these loans. This makes them especially useful if you have a less than perfect credit score.
The smarter payday and short-term loan websites search many lenders just from one application form. In a sense it's like a price comparison site and all the lenders behind the application process have their own criteria and one of them is likely to lend. Unforeseen expenses crop up all the time and as long as you are able to clear the payday loan in a reasonable amount of time then you should be able to rely on this type loan to help you out.
The Internet has made the application process fast and anyone who applies can get an almost instant decision. The website you choose to use quickly and confidentially sends your application each of its lending partners and you can get a decision back within 2 minutes on screen in front of you. Once you have been accepted you can normally get your loan within one hour, directly deposited into your bank account. PaydayHapp.co.uk sends you application to many of the top UK payday lenders to provide you with a higher chance of being accepted for a short term cash payday loan.