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What is Pay Day Loan or Short-Term Loan?
Payday loan is the shortest term loan available in the market. Payday loans are unsecured loans. They are used generally to meet certain emergency financial needs like delay in a pay check, medical bill payment, tuition fees payment, etc. It is paid back after you receive your pay check on your payday.
LOANPIG.CO.UK is a loan creditor that provides online loans in a fast, easy, and efficient manner. In case if you don’t match the requirements of the company, they will surely find you a lender that’s suitable for the details provided in your documents. There may be many lenders in the UK, but this loan lender works faster and everything is done online. With a high acceptance rate, you get money transferred into your account within 24 hours.
Advantages of short term loans
- If you have unavoidable circumstances where you need instant cash, but you’re short of funds, then these loans could help. You get quick access to money.
- You don’t need any guarantor or tie up your assets like car, home, property, etc. you just need to submit your details about employment and pay check to get approval.
- Bank loans are sometimes denied due to bad credit scores. However, you get payday loans, irrespective of your credit score.
- There is no long tenure with a high interest rate as banks. The moment you have cash, simply pay it off and move on.
- There many loan lenders who prepare a flexible payment plan for your convenience. Even when there are days when you’re unable to make a repayment, they’ll consider it.
Disadvantages of short term loans
- They have high-interest rates compared to banks because they’re short-term loans. Even if you take a small loan the repayment will be larger.
- In case of late payments, they may consider your situation, but they too have to run a business, so they charge a late fee which is quite high.
Process to get Short term loan
- Before applying for a payday loan, you should also check your credit score. Although they don’t consider credit score for short loans, but sometimes they go through it to know the credibility of the borrower.
- Shop around to look for various loan lenders. Don’t just jump to the first link that you see on the search engine.
- Approach the loan lender that as many positive reviews online. They will always mention their terms and conditions, the interest rate in clear words on their web page.
- Contact the loan lender online and specify your loan amount. They will approach you through email and ask you to submit certain documents within a set period.
- These documents will include a copy of bank statements, bank details your pay day, financial documents, driver’s license, tax forms, etc. Remember, different lenders have a different process.
- Submit all those documents online and fill the application form send by them and send them online. Within a set time (which isn’t more than 24 hours) your loan is approved or disapproved.
- You’ll receive an email whether it is approved or not. If it is approved, you’ll receive funds within a few business days, while some also transfer the funds within 24 hours.
If you require money immediately, but cannot wait until payday, but you’re confident that you can make the repayments on the salary day, then this is the best solution for you. Pay day loans are convenient, and an easy option for people who need money immediately for unavoidable reasons.