Best payday options
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Best payday options
The best payday loan options for your needs
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Understanding how the online payday lending application process works

Understanding how the online payday lending application process works | Best payday options | Scoop.it

1. Complete a Short Application Form.

2. PaydayKong.com will let you know almost straight away if you have been approved for a loan. On rare occasions we are unable to confirm details submitted to us. If this happens, we will ask you to forward us some documentation, which may enable us to approve your loan.

3. Simply sign your loan agreement electronically using the Internet.

If you apply before 3pm Monday to Friday we will deposit the agreed funds into your account on the same day. Apply after 3pm and we will deposit your funds on the next working day. If you need funds in your account on a Monday then simply apply over the weekend and we will take care of the rest.

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Tips when researching payday lenders

Sometimes expenses appear out of thin air but with a payday loan the funds you need could be at your disposal within an hour of your request.

If you are looking for the best payday loan option the Internet will help you shop around to find the top deals available. You'll be able to find reviews, write-ups and evaluations for most of the payday loan services operating today, making it easier to narrow down your options. Doing a little online research can pay off, enabling you to find the right payday lending option that fits your current circumstances.

The best payday option to suit you will be easy to find online and it's entirely possible to apply for and receive the money you need without ever having to leave your home. Once you are approved online, the money can be electronically transferred to your bank account.

In addition, having a less than perfect credit history should not stop you from finding the best payday option available. It is unfair that a past problem will deny you the chance to get a payday or a short-term loan that you desperately need. Companies that issue payday loans are not concerned about your credit rating or past economic issues. Their main concern is your ability to repay the current loan.

The best payday and short-term lenders simply need details about your identity, your address, employment details and bank account. Payday lenders will normally only keep you waiting for a few minutes while they verify your details.

Taking out a payday or short-term loan is simple, easy, fast and confidential.

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Payday loans- the UK's fastest growing method of short term finance

Payday loans- the UK's fastest growing method of short term finance | Best payday options | Scoop.it

An increasingly popular way to borrow cash in an emergency is a payday or short-term loan. These loans typically range from between £80 and £1000 and the cash can be used for any purpose.

Although payday loans are a relatively new way of borrowing cash in the UK they are the fastest growing way of borrowing money in the world. In the UK, over 4 million people, from all walks of life have taken out a payday or short-term loan and the number is increasing all the time.

The majority of UK payday and short-term cash lenders have simplified their application processes and offer almost instant approval. So customers know straight away if they have been successful. The loan amount can then be deposited in to a bank account on the same day of the application.

A payday or short-term loan can be a convenient way to bridge a financial gap and can offer greater flexibility than the banks and other high street lenders because money is made available to people with all types of credit history - good and bad.

A typical loan period is up to 30 days and cash can be deposited directly in to your bank account the same day you apply. If you need the money now and don't get paid until later in the month payday loans are a transparent, easy to understand and fast way to borrow the cash you need almost instantly.

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How do I choose a payday loan?

How do I choose a payday loan? | Best payday options | Scoop.it

A typical payday loan works on the basis that when a person takes out the loan it is repaid on their next payday. So most loans are between 1 to 30 days in length and the loan amount and the charge (Interest) is automatically withdrawn from the person's bank account on the agreed payday date.

Payday loans are a relatively new concept in the UK but are the fastest growing method of borrowing in the world. Already, over 4 million people in the UK, from all walks of life apply each year and the number is growing all the time.

Applications are made online and most payday and short-term lenders work on a 24-hour basis, 7 days a week. Potential borrowers receive an almost instant decision about a loan application and the funds are transferred to their bank account the same day or the next bank working day.

Before you take out a payday or short-term loan visit a number of companies' websites so you can make an informed choice about which lender is best for you.

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Before choosing a payday loan, calculate all charges.

Before choosing a payday loan, calculate all charges. | Best payday options | Scoop.it

Comparing loans can be difficult and confusing with the different types of payment amounts and repayment lengths. The finance industry is required to use APR (Annual Percentage Rate of charge) to make comparing loans simpler.
APR does work well when you compare long-term loans like those from a bank or building society because they are based over a 12-month term or longer. But the use of APR can make shorter-term loans can look quite high at first glance and less favourable in comparison.
This is because traditional lenders do not include things like fees and late payment charges in their APRs, which can make them, appear much lower than ours. Also, unlike ordinary short-term loans, credit on cards can be subject to interest rate changes while you're still paying back the balance.

Representative Loan Example:

If you borrow £300 for 30 days
The amount you payback will be £375
The interest will be £75.
The Interest rate is 1734% (variable rate)

So while the payday lender's APR may look higher than other lenders you should remember:

They won't charge you extra admin fees

The fee is fixed so you always know where you stand

There are no hidden charges

Calculate Loan APR

Use the loan calculator on most payday lenders' websites to calculate the loan amount.
The average APR depending on the lender that accepts is 1734% which is one of the lowest rates in the payday market in the UK.

Representative Loan Example

If you borrow £300 for 30 days
The amount you payback will be £375
The interest will be £75
The Interest rate is 1734% (variable rate)

 


Via paydayhappy
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Calculate all charges before choosing a loan

Calculate all charges before choosing a loan | Best payday options | Scoop.it

Before choosing a payday loan, calculate all charges.

Comparing loans can be difficult and confusing with the different types of payment amounts and repayment lengths. The finance industry is required to use APR (Annual Percentage Rate of charge) to make comparing loans simpler.

APR does work well when you compare long-term loans like those from a bank or building society because they are based over a 12-month term or longer. But the use of APR can make shorter-term loans like ours look quite high at first glance and less favourable in comparison.

This is because traditional lenders do not include things like fees and late payment charges in their APRs, which can make them, appear much lower than ours. Also, unlike our short-term loans, credit on cards can be subject to interest rate changes while you're still paying back the balance.

Comparing loans can be difficult and confusing with the different types of payment amounts and repayment lengths. The finance industry is required to use APR (Annual Percentage Rate of charge) to make comparing loans simpler.

APR does work well when you compare long-term loans like those from a bank or building society because they are based over a 12-month term or longer. But the use of APR can make shorter-term loans like ours look quite high at first glance and less favourable in comparison.

This is because traditional lenders do not include things like fees and late payment charges in their APRs, which can make them, appear much lower than ours. Also, unlike our short-term loans, credit on cards can be subject to interest rate changes while you're still paying back the balance.

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Steps to choosing a payday lender

Steps to choosing a payday lender | Best payday options | Scoop.it

Before you apply for your loan, visit a number of payday and short-term loan providers' websites so you can make an informed choice about which lender is best for you. Because the majority of loan providers work exclusively online you can do this at any time of day or night from the comfort of your own home.

When you have chosen your preferred loan provider go to their loan application page, which is normally a single page online application.

You will need some basic information about yourself, the place you work and your banking details to complete the application.

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