Quick loans can be a useful and easily accessible way of obtaining cash in a financial emergency

Loans approved within the hour can be applied for from your home or office. The funds are then sent to your UK bank account on the same day/or if the day is nearly over the next day.

Loans can be sent by lenders within one hour, although this will vary if your bank does not accept ‘faster payments’ if your bank does, then once sent, by the lender, loans should be processed shortly thereafter.

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Decision on loan amount offered within minutes

Lenders within this sector have frequently been criticised for having substantial interest rates, sometimes over 2000%. It is worth taking into account that payday loans are rarely meant to be taken out over a long period of time, making this figure somewhat misleading, with the actual amount you can expect to pay being in the region of £24 for every £100 you take out. (RAPR – Amount of credit: £200 for 30 days you would repay a single payment of £248.00. Interest is 292% per annum (variable). Representative 1269.7% APR.)

However, this figure rises substantially if you are unable to pay back the loan within the standard 30 day repayment period set out in your loan contract, and with penalty charges and interest rising rapidly once you have missed a repayment, customers can find themselves paying back the total cost of the loan multiple times over should they struggle with repayments.

Loans that hit your account in one hour are exactly the same as standard loans in that they must be paid back, in full, under the terms of the contract. Despite being easily obtained and relatively flexible in amounts, they are real borrowings and add to a customers debt in exactly the same way as a bank loan or credit card. When taking one out, you must be prepared to pay it back in full, plus interest.

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Research loan providers

Payday loans companies are springing up constantly online. With such a wide range of loans companies offering what appears to be the same deal, it can be tempting to go with the first loan you find, but there are dangers in doing this.

  1. Always make sure you know exactly what the terms of your loan are, and how much you are expecting to pay back.
  2. For your own safety, you should only borrow from loans companies that are regulated, or affiliated with a financial services provider that you are familiar with.
  3. Use comparison websites to get the very best deal you possibly can.

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Don’t ask for more than you need

In a financial emergency, you should work out exactly what you need to cover your expense and take that amount, with the intention of paying back this full amount.

In the case of an unexpected expense, it can be very stressful trying to work out where this money is going to come from, and loans do ease this fear, however, should you take a little bit more cash than you actually need, to ‘get through the month’, you will end up spending far beyond your means, and may find yourself unable to pay back the loan, or be forced to take another loan to pay the original one in full, leading to a vicious circle of debt.

 

Make sure that a same day loan is your best option

The instant nature of same day funding mean that they are a great way to bridge the gap in a financial emergency, such as an essential household maintenance problem, or unexpected bill. In these situations, you are faced with a rare but immediately critical problem that can only be filled with fast cash It is not going to be a regular situation and you will be able to budget and pay the loan back.

For general spending, it is best to look at other options with lower interest rates, such as credit cards or an overdraft, and for large purchases a credit card is a good way to buy the product in one payment, whilst paying back over a long period of time without racking up too much interest.

If you are certain that loan within the hour is your best option, and that you will be able to pay it back in full, then payday borrowing can be a great way to ease financial stress and get through difficult times easily and without getting into long term debt which will affect your life and credit rating for the longer future.

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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk