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Does a payday loan have to be repaid in full on my next payday?

Does a payday loan have to be repaid in full on my next payday?

A small short term loan or a payday loan offers a temporary financial solution and should not for use as a long term financial solution.

Loans for Life’s Emergencies

The online application process is straightforward, and we have a dedicated and efficient customer support team. If approved, we will have the money in your account within 15 minutes*, although the time can vary depending on your bank’s procedures.

A payday loan can be particularly useful when faced with an unexpected expense that can’t wait. While the reasons people take out a loan are numerous, some of the most common causes include an unexpected vet bill, car, or house repair.

Due to the often urgent nature of the loan, payday loan lenders have streamlined the process so they can have the money in your account quickly.

As all payday loans are over a shorter term than conventional loans, the APR is typically higher to reflect the short window of interest. A payday loan should never be a long term solution to a financial problem. Fully certified lenders will offer a competitive and transparent loan. You must read the relevant information, so you grasp the terms of the loan and understand the consequences of failing to pay.

To help you understand payday loans, we’ve provided the answers to some of the most common things we get asked below. If you can’t find the answer to your question, please get in touch, we love to hear from you and are always happy to help.

No. Payday loans can be paid back when you reach your next payday, but many people in the UK pay them back over several months. This longer-term is to help avoid being in a similar situation the following month when the loan is due to be repaid. Splitting the repayment into a few smaller payments makes it more manageable, leaving more of your wages for you to live off.

The term of your loan will depend on what you agree when accepting a loan offer. Small loans are usually spread over a shorter period, while more significant amounts sometimes need to be repaid over a longer-term. If for any reason you can’t repay your loan on time, contact your lender straight away. Speaking honestly with your lender will help them to resolve the issue before you fall behind on your payments.

Can I apply online for a payday loan?

The quick answer is yes. To meet the increasing demand for online services and to take advantage of breakthroughs in mobile technology, many direct lenders in the UK now offer payday loans online. To help you get complete access to the different types of payday loans available, many of the direct lenders offer online loans. Meaning you can apply for a credit on your phone, laptop or tablet, as well as from any location.

Incredibly simple to use, mobile loan applications are similar to traditional application processes in regards to the information asked for and the type of credit check performed. After providing details of your current personal situation, as well as relevant identification and other information, your application is dealt with very quickly. You can often get the funds you need the same day as your application; sometimes within hours or even minutes.

Quick, safe and available from the comfort of your own home, online loans have quickly become one of the easiest and popular types of payday loans currently available in the UK. As such, many of the biggest direct lenders in the UK now offer a range of online loans, including online loans for people with bad credit.

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