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Payday Loan Lenders Only For Short Term Funding

There are many reasons why you might wish to take advantage of payday loan lenders only. This is because they are a great way of getting your hands on money quickly and not be left repaying the financing over a long period of time. They are easy to apply for and do not ask what the loan is for unlike banks.

When applying the payday loan lenders only require you to meet a few essential qualifying factors. The first of these is that you are at least eighteen years old. By law you have to be eighteen to apply for any type of credit. You will need to be in work and make sure that you are able to afford the loan and the interest on top.

Payday loan lenders only like to give out money to people who have been working for around six months, although this is not necessary with some companies. You should be working at least sixteen hours per week, and in some cases the payday loan will only be given to those in full time work.

The last necessary criteria are that the lenders only allow you to borrow from them if you have a bank account. This has to be in your name and no other account will be accepted. The account also needs to be active so you should use the account which you have your wages paid into.

If you meet all of the above requirements then you will be able to go ahead and apply for a payday loan. You can do this by looking on the Internet for the best deal that you can find. Many of the payday loan lenders only operate online so you should look for a company who has a good customer service record.

The application process involves you filling in an application form and submitting it through their website. These lenders only take a short amount of time before assessing your submission. In some cases this can be as quick as sixty minutes; if you apply on the weekend then you should expect it to take a little longer.

Lenders only use credit checks as a way to check your identity. The score will not have any effect on your loan which is why it is essential that you are working. You are able to apply for a payday loan even if you have a very poor credit history. This means that people with county court judgments, arrears and who have been made bankrupt are still able to apply.

The interest rates may seem high when on the screen but they are reasonable when you consider the length of the loan. Payday loan lenders only allow a short term repayment plan and therefore the annual percentage rate is very reasonable. You will need to pay off the entire payday loan and interest usually within the next month.

There are many advantages to this type of funding. It is possible for almost anyone who is working to get their hands on cash within a couple of days. You can find the best payday loan lenders only by looking online.

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