Applying for a loan is never easy, but perhaps the most difficult part of the process is completing the application form. As banks have become more and more picky about who they are willing to lend to, they have created a massive application form that can now take up as much as 10 or 12 pages. Filling in this form can be daunting, and may even be impossible, depending upon just how detailed your financial notes are.
Those with a record of every single transaction taken since 1983 might expect to find this easier than those with only a vague recollection of their bank account number, but finding the one piece of paper in amidst piles of receipts can also be difficult. So no matter who you are, and how good your finances, the loan application form can be hard work.
The era of faxed loans
In the past, it was a very similar situation with payday loans companies. Even after they moved online, many payday lenders were reluctant to let go of all traditions, so they often asked borrowers to fax them details of their finances, as well as a lot of personal information.
In fact, you can still do this today, and it may save you a few pounds on your repayment. However, faxing is an outdated technology, so that many people don’t have a private or business fax machine. You can fax it from a public machine, often found in post-offices, but this is neither private, nor secure.
Faxing over details of your bank account, your home address and other personal information could leave you open to identity theft or fraud.
Save the Day
Rather than go through all this, a faxless payday loan can be your answer. Unlike a bank, you don’t have to wade through masses of information to complete the form, and unlike a faxed payday loan, you aren’t running the risk of giving your personal information to strangers. Instead, all that you have to do is fill in a simple online form, giving the bare details of why you want the loan. With a faxless payday loan, you may not even need to undergo a credit check, you can just get the loan the same day. For small cash advances of every kind, these short-term faxless loans are the ideal solution.
What if I fail to repay the loan?
If your debts are mounting up beyond the amount that one of our loans can temporarily patch up, then you will need to calmly assess your situation, start budgeting especially carefully and take swift and sure action.
Paying off debts is never an exciting prospect, and it will certainly not be glamorous or attract the admiration of the opposite sex. On the other hand, being deeply in debt will also not look attractive, and the consequences of defaulting on loans could lead to very serious consequences. Rather than face the prospect of CCJs or debt collectors knocking at your door, it is a much better idea to try and clear off your debts before you do anything else. If you can’t pay all of your debts at once, then you need to look carefully at your financial situation.
Clearing Your Debts
You need to consider which accounts to pay, and what to try and defer for another time.There are certain high priority debts that you must clear first if you are to avoid potentially drastic consequences. These could include fuel debts, secured loans and maintenance payments, all of which have to be given priority.
Failure to pay rent or mortgage arrears could result in the loss of your home, while doing the same for council tax, income tax or VAT arrears could land you in prison.Next in the pecking order are, among others, outstanding debts from credit cards or overdrafts, as well as cash lent by your family or friends. Use any available income to pay these. You should also not forget utility payments and other essentials.
Losing your job
When you are unemployed, even small debts can seem like an impossible mountain to climb. Not only do you suffer prejudice against you in the local area, but national banks can also hold your lack of employment against you. Getting a loan is virtually impossible, and even credit card companies tend to deny those who are currently without a job.
As you need money to try and establish yourself, perhaps for those first few days of work while you are travelling to and from your new place of work, getting a loan can be vital. In these circumstances, it is no surprise that many people turn to cash advances.
What about repaying my loan if I am unemployed?
Of course, when you are without a job, nothing is easy or simple, and even the line of credit that a payday loan affords you can be difficult to get unless you are prepared to do some research. Most companies who offer short-term loans like this expect you to be able to provide some evidence of a regular source of income. If you are unemployed, you have your Jobseeker’s Allowance, which is not usually enough to fund a payday loan.
You might seek to get small amounts, perhaps less than £100, which might be afforded by the unemployed, but it can still be a difficult task. You may have to request a loan from a number of customers before you find one that is prepared to let you borrow any money. Most forms of payday loan will be refused to you, but it pays to persevere.
Are these loans even offered to the unemployed?
The first place you should look for an unemployed payday loan is online. For every need, the internet has an answer, and this is as true of payday loans for those out of work as it is of everything else. Specialist lenders can offer small cash advances for those without employment.
These companies will still expect to see your source of income, and they will still need you to have a current account, but as they are lending to the unemployed, they will not seek evidence of employment. They might also offer to extend the loan over two months, rather than the usual 30 days, in order to give you more time to pay. When it comes to settling small debts on unemployment benefit, it is worthwhile considering taking out a specialised payday loan.