When I look online for a loan, one of the first things I see is payday loans, everywhere I turn. So since my curiosity got piqued, I decided to look into what payday loans entail. When I need money, I want it sooner rather than later, and these loans promise that. When looking, however, I realized that there are a lot of mixed reviews about these types of loans. But since there are a lot of good reviews mixed in, I decided to look further into it. I would like just a small loan, because I am unable to get a credit card due to my poor credit history. And unfortunately, too many banks and credit unions look at your credit score immediately, and deny you because of it. So I felt it couldn't hurt to look into a payday loan company for my needs.
This is what I have found so far:
A short term, unsecured loan does not require a credit check to be eligible. You are required to make at least £500 a month in order to be able to get the loan, and you must have a checking account. That is pretty much the basics of a payday loan. From everything that I have read about these loans online, the process for applying is quite quick and easy. You can do the whole thing online, and the bank will transfer the money into your account within about 24 hours, sometimes even less. Many people have turned to payday loans because they are faced with a monetary emergency, and have no where else to turn. They pay them back when the due date arises, as well as the fees. I have read that payday loans cost a lot in fees, and I do somewhat agree with this. But unfortunately, having bad credit has left me with little other options for getting the loan that I need. Another thing I have read is that by applying for an unsecured loan and paying it back on time, you can actually start rebuilding your credit score. I thought this was a pretty good plus for payday loans, so I added this to the pros of the experiment. One warning about these loans is the issue of missing payments, although I don't plan to do this. If you do, you can be hit with huge fees that are difficult to pay back. But since I plan on being a responsible borrower, I have no worries about this. I have no intention of borrowing money and then defaulting on the loan.
So do I think that a payday loan is worth it? From what I have seen and read, yes, I do think they are. I believe that problems occur mostly from borrowers who take out a loan and then cannot repay it in time, thus racking up huge late fees and problems. These types of unsecured loans are tempting because of the ease at which they can be received, and their features. Not having to supply a credit history, as well as not having to fax in paperwork to be approved, left me with the urge to get a loan immediately! Overall, I believe they would work well for my situation. However, I am completely open to hearing what so many others think about these loans, as well, and why they decided to take a payday loan out.
If you are looking for a payday loan, then our site compares lenders and shows their total costs