It is a common scenario for most of the average working population to go thrifty on the second half of the month anxiously waiting for the next payday. Well, it might be a disastrous situation if something urgent comes up during this time and you cannot wait for your next pay cheque. It is obvious that you would find it difficult to ask your family and friend for the money.
There various ways to get money quickly from the market or the bank. You can think of bank facilities like overdraft loans or credit card withdrawals. However, there are some serious issues with these options. An unplanned overdraft facility can charge you more heavily than other credit products in the market on daily basis. As for credit cards, they have affordable interest rates but often your credit score does not meet the provider’s criteria.
One of the fastest modes to get money would be to apply for short term loans. Search FCA registered direct lender like LoanPig for payday loans. For smooth and secured service sign up for LoanPig and research their criteria. You can also check through their how much you need to repay for your choice of amount and time of repayment. Their payday loan application is done totally online. You can instantly get the decision on the application.
The Amount of Loan You Can Apply For
Different institutions offer different range of loan amounts. For a bank the minimum amount for loan application generally starts from £1000, which is not feasible if you are looking for small amount of loan.
Contrary to that, an online direct lender offers up to £1500 in loan. You can choose the mode of payment of loan. If you can pay it by the next payday, go for a payday loan and if you are comfortable with small instalments, instalment loans are the best choice.
How Long Does It Takes to Get the Money in Your Account?
Most of the short-term loans are processed within few minutes or maximum few hours. After the lender reaches to a decision, they do not delay the money transferring process. It hardly takes fifteen minutes. Since, this loan is for emergency purpose and requires fastest transaction, the process is made simple and hassle free.
Advantages of Direct Lender Loans
- With approval from FCA, a direct lender is registered and then regulated. Therefore, it follows certain standardised rules. A price cap is also set on high cost short term loans.
- Even if you have bad credit score or thin credit file your application may not be rejected.
- Apply from anywhere and at any time, as everything can be done online.
- You do not need to apply for more than the amount you need. Just fix the loan amount to the nearest pound of the amount required.
Apply for the loan only when you have fully understood the conditions mentioned and are able to make the repayments in time. Otherwise, you may have a bad credit record.