Fast & mass payday loans are a different way of borrowing money. These loans may be simpler and faster to arrange than standard or traditional borrowing and may be a better fit for you if you only need to borrow a little money for a short time.
Although each payday lender may set their own lending criteria, you may generally find that all you may need to qualify for this kind of loan is to be: aged 18 or over, an existing bank account holder with a debit car, working full-time, earning over a certain amount each month.
These kinds of loans may also be worth looking at if you have existing credit issues. Top pay day loans providers may be a little less stressed about bad credit than other lenders. They may not see you as such a big risk, for example, as you commit to repaying what you borrow in a short period of time and your repayment is set up automatically when you get your loan.
There are a lot of reasons why you may need a payday loan. Some, for example, just need some cash to keep them going till their next payday. So, you may sometimes find that you: get an unexpected bill or large expense that makes things difficult for you cash-wise, have a heavy spending month and need a little extra cash to tide you over, want to buy something now but won’t have the spare cash until your salary is paid in again.
A payday loan may work in these situations just because they are designed to deal with short-term cash advances. They aren’t meant to let you borrow thousands of pounds to take a luxury holiday or build a patio that you then spend years’ paying back.
Guaranteed cash-advance, used correctly, may see you able to borrow what you need when you need it. You may be able to arrange your loan in less than a day (and get your money paid into your bank account!) and repay it a few weeks later when you get paid next time round.
Applying for a standard bank loan, even one that promises instant approval, can take weeks. This may be fine in some cases where you need to borrow larger sums of money but, in others, you may be better off thinking about a fast payday loan as an alternative. Sometimes, for example, you may just need to borrow:
> a small sum of money
> for a short period of time
Traditional bank financing, such as secured and unsecured loans, may not tick all your boxes if you just need a small amount of cash quickly for a few weeks (i.e. until your next salary comes in). Many of these loans aren’t able to be set up for smaller sums and, by the time you get approval, you may have been paid again anyway!
So, how fast might a payday loan be? This may depend on the loans company you use, of course, but generally you’ll be looking at getting approval and payment typically in a day or so. Most payday companies are able to organise their loans so you get:
> virtually instant approval
> your loan paid into your bank account within 24 hours or so (often within just a matter of hours)
So, as you may be able to work out for yourself, this may be a good solution if you need to borrow enough to cover a cash short-fall without getting into a long-term loan/debt agreement. The whole point of payday loans is that you repay what you borrow at a pre-agreed date automatically.
So, your payday loan might be done, dusted and repaid in full come your next payday. Your fee for borrowing is added to your original loan sum. This is typically a fixed fee to start with so you’ll know what your loan costs you.
Bear in mind, however, that a fast payday loan is meant to be repaid (to make the most of it) when your salary next comes in. Some companies may allow you to roll-over your loan for a longer period but this may be when higher interest charges kick in and this may therefore be best avoided.