Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk

Personal Bank Loan
From $40,000

A reliable and convenient personal loan you can choose from

Choose loan amount

Receive your money in the most convenient way in 15 minutes

You will get your cash assistance fast and secure. We will directly deposit it into your bank account the same day. There’s no need to go to the bank and fall in long lines. You will get the cash without complex documents and requirements at all.

Payday loans are quick and easy to acquire; however, they are a very expensive way to borrow.  The interest rate alone is high enough to settle, let alone the fees that the borrower may obtain after a loan extension. Therefore, this loan is only considered as a last resort, and only when the applicant is really capable to settle the loan on time. Otherwise, the overall costs of the loan can put the person into a debt trap.

If you’re thinking of getting one, you should consider a few things first.

What Are Payday Loans?

A payday loan is a short-term loan that offers a small amount. It’s unsecured and it is often settled on your next payday. Once approved, the money is sent directly to your bank account, and you have to give the loan back, including the interest and other charges, after two weeks or at the end of the month.

Some payday lenders may allow you to borrow for a longer time, normally three months, and repay the loan in installment. Regardless of the repayment term, the interest rate stays the same. It’s exorbitant some people may even think that it’s illegal. However, payday loans are legal and there’s no limit on the interest rates that payday loan providers can apply.

Avoiding Payday Loans Trap

Some borrowers may have a hard time repaying the loan, and at most times, it’s normal. Lenders may tempt you to extend the loan; however, you should avoid this at all times. “Rollover”, as what they call this, comes with extra charges, making the loan more expensive.

Although a loan extension sounds like a good solution, it can lead you to more financial distress because aside from the high interest and fees, you will also pay for the charges. As a result, you may end up in a vicious cycle of debt.

What Happends if You Don't Payback a Payday Loan

When taking out a payday loan, you are expected to pay the principal and the interest back the moment you get your next paycheque, or by the end of the month. This is usually done by the lenders automatically since they will have your bank details before they have approved the loan. However, what happens if you do not have the funds needed to pay it off come the due date?

When lenders try to take the money from your account on the due date yet there isn’t enough to cover the entire amount, they will try to take until such time as they have enough to cover for the loan repayment. Most of the time, they will immediately charge a late payment fee if they are unable to take the money on the due date. Considering the already expensive nature of these loans, not paying it on time will make it even more expensive.  

If you miss a payment though, most lenders will contact you either by email, phone or through letters to try to get the money. If you’re still unable to make the payment within two months, the lender will usually have to forward the account to a debt collection agency. As a result, you are likely to start receiving phone calls, emails, and in some cases, even personal visits to your home by people asking you to pay up.

It is best that, if you ever come to this stage, you consider how much you can really afford to pay back and how often can you make it. Discussing this with the debt collector can help you set up a plan on how you’re going to make the payment so they, in turn, can pass the payment to the payday lender.  

If you are still unable to make the payment, your account will usually be marked in arrears where a formal communication will typically be sent to you soon after. This could then lead to the lenders reporting the non-payment of your account to credit reference agencies. If the account will remain in arrears, lenders may default the account which will then be reflected on your credit file. 

Apply in three easy steps

 

Fill up form

The application form is readily available here in our site. Make sure to fill it up with your updated details and contact info. The process will only take about a few minutes.

Fast approval

You will no longer have to wait for days just to get the cash you are borrowing. We will assure you that we will process your application right away. You will get to hear from us the same day.

Fast pay out

The cash assistance you need will be deposited directly into your bank account the same day. You will no longer have to wait for days just to get the money you need. fast and secure at all times.

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