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Can Anyone Have Payday Loans?

There are plenty of people that do not really know much about payday loans including who they are for. This is because they are not offered by traditional banks and so you may not know so much about them. It is a good idea though, to make sure that you do know about them and then you will be able to decide whether they will be a loan that will be useful to you. You never know when you might need to borrow money and it is hard to predict what your circumstances might be like when you do need it and therefore it is a good idea to know a bit more about them and whether they are something that you will be able to use.

Who are They for?

  • Those with a Poor Credit Record – if you have a poor credit record then your borrowing options will be limited. Many lenders will want to see that a person has a good credit history – that they make repayments and payments on time, for example. If you do not have this then it will be harder for you to borrow. However, a payday lender will not look at this sort of thing, they will lend to most people and will just lend small amounts to reduced the risk to them of people not repaying the loans. They were actually designed to help out those people with a poor credit record.
  • Those Needing Money in an Emergency – the loans were also designed with emergencies in mind. The lenders realise that there are a lot of people that need money quickly and it is not always easy to get money fast. Therefore, they make sure that they money will be with you very soon after you apply and some lenders will even get you the money within a few hours. There are also some which operate outside of normal banking hours – at weekends and overnight so that you can get money any time that you need it.
  • Those Wanting a Quick Loan – there are some people that want a loan which will be repaid really quickly. This is because there are people that d not like being in debt and want to pay it off as quickly as possible. With a payday loan it will be repaid when the borrower next gets paid. This means all the money borrowed and any interest or fees will all have to be repaid in one go on your next pay day, which will be in a few weeks or maybe a few days after you take out the loan. This means that you will not be in debt for very long at all which is something which a lot of people will be happy about.
  • Borrow small amounts – some loans are for large amounts of money but with a payday loan you can normally only borrow up to £1,000 and often less. This means that the loan will be for a more manageable amount and it will be less daunting that theloans which are for really large amounts of money.

So, you can see that there are lots of features of payday loans which make them attractive to different types of people. It is worth thinking about what you are looking or in a loan and then you will be able to decide whether a payday loan will be right for you. Of course, our borrowing needs may not always be the same, so it is good to keep in mind what this loan will offer and then you can use it when it is a good time for you to be able to do so.

Are Payday Loans Just for Emergencies?

There are lots of people that do not know much about payday loans. This is usually because they have not used them before and because they are not something that is offered by their bank. However, it is important for us to know about the main features of this loan. This is because the more we know about loans, the better a choice we can make when we take a loan out. It is important for us to use a loan that will suit our needs and that means that we need to know what each loan can offer us and then we will be able to pick the best one. If we do this, then it is unlikely that we will have questions such as whether Payday loans are just for emergencies as we will know this for ourselves. It is worth this question being addressed now though.

What Were Payday Loans Designed for?

Payday loans came about because it was observed that when those people that had a poor credit record and therefore could not borrow money easily, needed money in an emergency. It was very hard for them to get any money. Therefore, it was felt that they needed some sort of loan which would enable them to have money so that they could get through the emergency more easily. The payday loan was therefore started and now there are many lenders that are offering them.

Why are They Good for Emergencies?

The loans were designed for emergencies and the lenders realise that this means that the borrowers will need the money quickly. Therefore, they will make sure that they process the applications as soon as possible so that the money is available quickly. The time it takes will vary between lenders though but there are some that will be able to get the money to the borrower within a few hours. Others will take a bit longer and so you will need to check, as if you do need the money really quickly, you will need to make sure that you are able to do that. There are also some payday lenders that will be open all of the time which means that they will be able to organise loans outside of normal banking hours. This means that you will be able to get money from them at the weekends and overnight. This could be a handy feature for some people depending on when they need the money so it is worth bearing in mind that this is something that could be worth looking in to as well.

Are they Only for Emergencies?

A payday lender will not check to make sure that you are borrowing for an emergency though. Their loans will be available for whatever purpose you need. This means that you could use them when you do not have an emergency. Of course, there are other loans which take longer to arrange which could also be useful in situations like this. However, a payday lender will lend to you even if you have a poor credit record. This is something worth bearing in mind as it could make a big difference. If you cannot borrow elsewhere then the payday loan could be a useful loan to use. It does lend up to £1,000 normally, although first time borrowers may not be able to borrow this much and you will repay it really quickly. This can be great for anyone that does not like being in debt, but it might be tricky for those people that find it hard to manage repayments. This is because you have to repay everything in one go on your next pay day, so you need to plan carefully and make sure that you have the money available to do this.