There are times when we all run a little short in between paydays or have an unexpected expense such as need for a new tire or your car breaks down. Don’t fret it is possible to get an in between payday loan to help you out. One of the UK’s number one leaders in the market of online payday loans, PaydayUK, a division of MEM Consumer Finance Ltd, is a great place to start when you need to apply for a payday loan for times when you run short on cash.
Application and approval process
Applying for a short term payday loan is easy. There are requirements that need to be fullfilled in order to be approved. The applicant must be a resident/citizen of the UK, proof of residence is required. Must be over 18 years old, and have had steady current employment for minimum of six months. A current bank account, in the name of applicant, current for at least 3 months. Upon approval the money is then transferred to the bank account of the borrower. Paying off the loan is simple, it is done electronically and automatically deducted from the borrower’s bank account on the scheduled repayment date.
Amount borrowed and interest rates
The amounts that can be borrowed range from £100-£1500. Interest rates vary and are based on the term of loan. For example if the applicant borrows £500 on a 36 month installment loan the total repayment amount would be £745, this calculates to be an APR of 16.9% with the acutal interest rate of 49%. The longer term of the loan the more interest charged. A sixty month installment loan for £500 would be a repayment amount of £970 at an APR of 16.9% or an actual interest rate of 94%. Needless to say it is in your best interest to keep the term of this loan as short term as possible.
Everyone has unexpected expenses or running short on cash between paydays help is out there. The next time you find yourself short on cash between paydays check out www.paydayuk.co.uk for some help. Their process is simple and if you qualify you will have the loan in your bank account before you know it. Just ask your friends and you will find that they would recommend that you go to PaydayUK for a short term payday loan.
