Don’t be forced to wait for your cash

Anyone who has ever taken out a bank loan knows that it can take an age between the application being agreed, and the money from the loan appearing in your account. Banks are notoriously slow, and while you are waiting for the money, that financial emergency has reached epic portions.

Even emergency cash loans can be termed as non-emergency loans if the lender fails to pay the loan in a prompt and responsive fashion, according to the borrowers emergency needs. This is not what you want when you are only borrowing money for the short-term. You need the money there as quickly as possible so that you can put it to good use.

• We work with all the major lenders in the UK, that means you can make one application with us and we will search our extensive database to bring you the best loan for your circumstances and current position, at the best possible rates.
• Loans are available for all emergency situations and scenarios, we also offer payday loans for the weekend meaning that you can rest assured whenever disaster strikes, while major lenders might not consider an application for a loan without collateral in the form of security, payday loans require no surety or form of guarantor.
• Applying with us is a simple process of a 60-application form to then be given a loan decision, you would then be asked to sign your loan agreement before the loan is deposited into your account on the same day, often within the hour.* The application is given and immediate response by our system meaning that you will know the outcome of your loan application within minutes.

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From Application To Acceptance

In the old system, the time between application and acceptance could be a while. You would have to send off forms, and endure a credit check. This meant that your loan could take up to a week to be agreed.

Now modern lenders use an online form, so they can see what you need, and how you are able to pay it back, without having to read through lots of documents. This makes loan processing faster, and also speeds up the referral time for the loan. Typically payday loans are deposited in one hour, acceptance of your request will result in an automatic notification of;

1. Loan amount you have been successful in securing
2. What time you can expect to see it in your UK bank account
3. When and how much you will be required to repay

Once you have read all the information, you will be asked to sign your loan agreement, this is usually done straight away, although you may be sent an email also confirming the loan agreement.

From Acceptance to Account

Once the loan has been accepted, it is just a matter of waiting for the money to appear in your account. All faster payment transfers are deposited within the hour to the recipient.

All details on your loan processing time and funding time will also be sent to you in a separate email.

Although this is standard procedure, there will be circumstances which could make the loan take longer. For example, if your loan is agreed late on a Sunday evening, then your bank might not process it until the following Monday, leaving you without cash. However, this does not happen often, and most loans are given on the same day they are agreed.

My major concern is that if I borrow say, £250 today, and then pay back approximately £300 in a couple of weeks when I get paid, then I’m £50 worse off (plus the £250 originally borrowed) and still be only just starting the month. Once I’ve gone down the route of the cash advances will it then be self-perpetuating, as I will always have a shortfall, unless I’ve been fortunate and either had some overtime pay at work, or a windfall from another source. I think that if I had an emergency – it could be anything – but maybe the car needed servicing and extra repairs were required then it could be a lifesaver. I’ve probably budgeted for the service and have money set aside for repairs but they’ve been required earlier than expected. In such a situation one of these could be beneficial.

Is it easy to be approved for payday loans?

Some people assume that it is relatively easy to actually get fast finance. However, it can be notoriously hard and will obviously be wholly dependent on the lenders criteria. Where it does differ is that instead of being “tutted” at by the bank at being so bad at managing your money, you can fill in a simple form, and have a decision within a few minutes – certainly in less than a couple of hours.

No matter your level of financial freedom, there are bound to be times when you may just be in need of something extra. Most times it happens in the event of an emergency; such as a mechanical problem with your car. While that may be a little hitch for those who are cooling off at the top most part of the financial ladder, for those living on pay-cheque to pay-cheque; that could be a time to expect a miracle to happen.

Numbers of lenders increasing

With such need in the heart, people are keen in moving toward payday loan companies for assistance. One beautiful thing about cash advances that attracts borrowers’ is that you can get your loan in one hour even if you have previously been bankrupt. As such, Internet lenders have been on the rise in the United Kingdom, some estimates stating it has quadrupled in the past 4 years.

Apart from the fact that you can obtain such loans with ease, the obvious observation that the interest rate charged by lenders is larger than normal loan, some borrowers have noted it to be lesser than what defaulters are to pay in the event of going over the overdraft limit on bank lending.

It is also glaring that the UK is yet to experience a total liberation from the shackles of the recession. Banks in the UK have affirmed to the fact that they are limiting lending and that, with the idea of an early recovery from recession in doubt, they are to put higher interest into planned overdrafts as the economy is predicted to be in this state for the next 5 years.

The growth in short term lending is also due to the fact that,

• While for countries like Canada, and some states in the US, the business has been regulated by the government to the extent of imposing a limit on repayment of loan; the easy credit business in the UK has been allowed to run wild without strict regulations to assist borrowers come off the hook as soon as possible. This has made same day loan firms in the UK so successful over the years.
• For some who have been successful as borrowers, payday lenders should be allowed to grow in the UK; but a higher percentage of Britons would rather have the government do something about the interest rate charged on borrowers. Such rate could go up to 2500% APR, and that can sentence a borrower to a lifetime of debt repayment.