Pay Day Loans
A Pay Day Loan is a short term money solution to immediate cash needs, ideally for unexpected expenses. They are a commonly used financial tool designed to help individuals through to their pay day - bridging the gap between one payday and the next.
The advantages of applying for a loan with Payday Bank
Applying with us has many advantages, and here are just a few:
- Quick online application
- Huge panel of lenders, which could give you a higher chance of approval
- Same Day Funding in most cases, and even one hour funding is sometimes available depending on the lender
- Up to £750 transferred to your bank account
Why is the APR so High?
A pay day loan is a short term solution designed to help people until their next payday. As such, a yearly APR% may be a bit confusing. They carry a higher than usual APR due to the short amount of time they are for, and a higher general amount of interest than some loans to cover the administrative costs of the loans and the risk involved in lending a product with a relatively high default rate. It also helps as a warning to applicants to avoid having their loans rolled over to the next month, which can be more expensive for both sides.
But the yearly calculation of APR that all lenders have to advertise is in many ways a complicated way to judge the true cost of a pay day loan because they are short term loans for relatively small amounts of money, designed to be repaid quickly. Using an annual rate to compare it can be rather difficult.
Who uses Pay day Loans?
Pay day loans are a product most commonly consumed by individuals who need to deal with some kind of financial emergency. They require money fast and don't want a long-term repayment plan hanging over them. These people can access money fast using these loans because they are able to easily apply online and the whole procedure is finished within a few minutes.
How does is work?
Pay day loans are easy to apply for with a simple online registration that means you can access emergency cash usually the same day. To get started, simply fill in the initial customer application form on Payday Bank's website and this will be sent to our lenders for a decision; if successful, then the money is then transferred to your bank account within 24-48 hours. Some lenders take a lot less time, and can get cash to you within the hour you apply. The money you receive from an application can be used for any need whatsoever.