How Long Do Payday Loans Last?

It can be a good idea to make sure that you know all about the loans that you are taking on before you take them out. Sometimes we can be in too much of a hurry to get the money that we need and do not check out all of the details. While this is completely understandable, it can be unwise as you could end up getting into more problems than you started with. A loan has costs and you need to be aware of these and make sure that the additional costs will not make it unworthwhile. You should be using a loan to buy you some time. So, if you need money now, but do not have it, the loan will provide the money and then you can pay it back when you have the money available. However, if you take out a loan and do not have the money available to repay it then you could find that you will be worse off than when you started.

Loan Terms

How long a loan lasts is often referred to as the term of the loan. This is the time from when you take it out to when it is repaid. The term can vary a lot depending on the type of loan. For example, if you take out a mortgage then it might have a 25 year term, so it will take 25 years to repay the loan. However, if you take out an overdraft, it may only last a few hours, until you put some money into the account to repay it.

Loan terms are not always fixed. For example, a credit card will have no fixed term. You will borrow the money for as long as you want. Each month you will just have to repay a minimum amount which will cover the interest on the loan and possibly repay a small amount of the money that you have borrowed. You can keep doing this for as long as you wish and theoretically never repay the loan at all.

The length of the loan, will partly determine the cost of the loan. When interest is charged on the loan, you will charged for every day that you hold the loan. This means that you will keep being charged until it is repaid. If you repay it sooner then the interest will be less. Therefore, a mortgage will cost you a lot more in interest than a 2 day overdraft. Of course, there are different rates as well and a mortgage is likely to have a lower rate of interest than an overdraft but in monetary terms you will still pay more interest. However, it is not just about the amount you are paying.

A longer loan term will help to make the loan more manageable. If you fail to make a repayment then you will have to pay extra fees and charge. This means that you will end up paying out even more money. If you pay over a longer time, each repayment will be smaller and therefore much easier to manage. You will therefore have to decide whether you feel it is worth paying out more interest and spreading the payments to make the loan easier to manage or to repay it in less time but make bigger repayments and risk not being able to manage them. The only way you will know is to actually do some calculations and work it all out.

Payday Loan Terms

With a payday loan the term is very short. You will repay the loan in full, when you next get paid. This means that the loan can last anything from four weeks to just a few days. You will therefore not be charged interest for very many days. However, you will have to find a chunk of money to repay. As you can usually only borrow up to £1,000 and often will borrow less, then it will not be a huge repayment. However, it is still really important to make sure that you can cover that repayment.

It is wise to be completely aware as to when you will need to repay the loan and how much you will need to repay. Do not stop here though, make sure that you then check carefully to make sure that you will be able to afford it. You should be able to take a look at your past bank statements and look at whether you will have enough money to cover it. Think about whether you might have any extra expenses in the particular month when you are repaying, such as car Mot or things like that which happen less often than monthly. If you feel you will struggle to repay then you will need to come up with a plan that will help you to manage that, perhaps by spending less on other things or earning more money.

Are Quick Loans Always Fast to Arrange?

From the name quick loans, you would think that they were very quick to arrange or it could mean that you get the money quickly or it could mean they are quick to repay, it can be a little confusing. Also, what are you comparing them to when you say they are quick? It is a good idea to find out more about what is meant by quick and then you will be able to decide whether they will be suitable for you.

Quick to Apply

When applying for loans, some are easier to apply for than others. This is because some application forms are longer and more complex than others. Some need to have more detail on and so they will be harder, for example with a mortgage application a lender will want to know a lot more about you and your financial position as you are borrowing a lot of money.

With a quick loan you will not be borrowing a great deal of money. Therefore, there is no need to have a really complicated application form. You will also find that most applications can either be done online or over the telephone. This can make it easier for some people to complete and it also means it is less effort. You find the lender online and complete the form then and there.

You will need to make sure that you complete it completely and thoroughly and send any documents needed together with it. If you do not do this then you could slow down the process and this could mean it takes more time for you to get the application processed.

Quick to Arrange

Once you have sent off the application it does not take long for you to get a response. Quick lenders tend to have staff working long hours and perhaps even evening and weekends. This means that there is likely to be someone available to answer your queries pretty quickly. You will also find that they will process your application quickly as well. They will be able to let you know whether you can borrow money and how much, really quickly and it could even be the case that you will get the money that you need within a few hours of applying.

You will find that lenders do vary in the amount of time that they take to process the applications though. If you are in a real hurry to get the money that you need then you may want to check with them to make sure that they will be quick enough for you. You should be able to find out by contacting their customer services department.

Quick to Repay

A quick loan is also quick to repay. The loan will need to be repaid when you next get paid. This means that you will only have the loan for a few weeks or a few days. This is much shorter than most loans will be repaid. You will find that many loans will take years or even decades to repay so having a loan that is repaid within a few weeks is quite unusual.

You will also have to repay the whole loan in one go. This means that when it is the repayment date you repay everything you borrowed, plus the fees and interest all in one lump sum. This is quite unusual for a loan and so it is worth making sure that you are aware of this. It is good because you do not have the debt for very long, but you need to make sure that you are confident that you will have the money available to pay it. If you only borrow a small amount then this will be easier. As quick loans tend to only be for up to £1,000 then you should find that it will not be a huge amount of money. However, this will obviously depend on two factors – how much money you have coming in and how much you have to pay out. It is important to think about whether you are confident that you have enough money to do so. If you look back at your bank records of your current account, then you should be able to check this out.

Therefore, it is actually quite interesting that the name could refer to a number of things. It makes it easy though, to remember that it is quick to apply, arrange and repay. Therefore, if you want money quickly and for a small amount of time then it would seem to be the perfect loan. Of course, whenever you are picking a loan, you should make sure that you compare it to other loan types as you want to make sure that you are getting the loans that suits your needs the best.

How do I Apply for No Credit Check Payday Loans?

If you are looking for a no credit check payday loan, then you may be wondering how you apply for them. They are different to traditional loans. With many loans you will just go into the branch of a bank or building society and then see what they can offer you. They will probably give you an application form to fill in and then you will have to post it off and wait and see. With payday lenders they do not normally have a branch and so the application is different.

Online Application

Many payday lenders will ask for online applications. This means that the application is all done online. This is done through a number of online forms on their website. It is a very straightforward and step by step approach which will make applying easy. You will not even need to find a pen! The lenders will ask a minimum amount of questions too, as they want to make it simple and quick for you.

Telephone Application

Some lenders will also offer a telephone application option. This will allow you to be able to apply without even typing anything. This can be especially useful if you really dislike filling in forms or do not like using a computer for things like this. It could even be good if you do not have a computer.

It is worth also knowing a bit about what happens after you apply as well. When you apply for any loan a credit check takes place. This means that the lender will look at your credit report. Normally a lender will look and see what risk they are taking on. They will take a look at your borrowing history, whether you are capable of making regular repayments and your income to decide whether they are happy to lend you money. However, with a payday loan they will not look at these things. They will not check to see whether you are capable of repaying the loan. They will just lend a relatively small amount, especially to first time borrowers. You may just be able to get a few hundred pounds or if you have borrowed from them before you may able to borrow up to £1,000.

The lender will then check a few other details before deciding whether to approve your application. There are very few criteria to look at though so this will not take long. They will need to make sure that you are over the age of 18 and check you proof of address to make sure that you are a UK resident. They will also check your bank details to make sure that you have a bank account and they will look to see if you have a regular income. Most people will fulfil these requirements and they will then offer you a loan.

They will let you know how much they are prepared to lend you at this stage and you will be able to decide whether you still want the loan and whether you want to borrow as much as they are offering you or less. Then you will be able to let them know how much you want and they will send you the money. They will send out the money really quickly and you may have it within a few hours of your original application.

So, you can see that the application is really easy. This means that it is a good loan to consider if you do not like using complicated application forms for these loans. It can also speed up the whole application process. Sometimes we might procrastinate filling in an application because the idea of actually writing down all of that information is really daunting. Therefore, being able to do this online and type it or do it over the telephone can be a lot easier.

Of course, you will need to find the lenders website and choose which lender to go with. This can actually be trickier. You want to make sure that you find a lender that will suit you and your needs and provide you with good value for money. This means that you will need to be comparing the lenders to find the best one. This means that you need to think about what you want from a lender and then you will be able to match one up with your requirements. You should be able to find plenty of lenders if you go into a search engine and you should be able to find out from their websites what they are offering. Most will have a calculator where you will be able to work out how much you will have to pay for the loan and you will be able to compare them on price. Then you can look at what the lender is like and other terms and conditions of the loan to help you to decide which will be the best.

Can Anyone Use Bad Credit Loans?

Sometimes loans can be confusing and it can be difficult to work out exactly who or what they are for. With a bad credit loan, for example, you may wonder whether they are for specific people or if anyone can have one. Certain types of loans are like this and there are only certain people that really would want that sort of loan, however there are also a lot of general purpose loans as well. The name can indicate that they are only for people who have a poor credit score, but the loans are actually not just for these people. Anyone can apply for a loan and most people will be accepted regardless of their situation and needs. However, there are some people that they are better suited to and these will be explained in more detail.

  • Poor credit score – a bad credit loan is suitable for someone with a poor credit score. Most lenders will do a thorough credit check to make sure that they feel that they can trust the borrower to repay the loan. They will want to be sure that the borrower will be able to repay it all in full. This means that if you have a bad credit score then you will not be able to get this sort of loan. However, it could be possible to get a different type of loan and there are actually quite a few bad credit loans. These will not consider credit score when they are deciding whether to lend you money and so you will be able to borrow even if you have not had success with finances in the past. However, a bad credit lender does not only take on people with poor credit scores. They will allow anyone to borrow from them, they will not worry about what their credit rating is like so you do not have to have a bad one but if you do then these loans will be the only ones that you can use.
  • Need money quickly – With a bad credit loan you will be able to get the money that you want really quickly. It will be possible to get the money within a few hours with some lenders although this will vary and some might take longer. Some will even be able to get you money overnight or at weekends. This means that if you need money quickly, it can be a good plan for you to use this sort of loan. However, you need to be aware that it is not only for people that need money fast. You can delay applying a while if you are not in a hurry as you know that you will be able to get it quickly, so if you tend to procrastinate or not be that organised then this could be a good solution for you.

Want small amounts – a bad credit loan will tend to be for between £100 and £1,000 so if you do not want a lot of money it can be a good option. If you end up borrowing more money than you need then it can be expensive to do this. You will need to think about the amount that you need carefully. It can often be tempting to borrow more than you need so that you can spend a bit on something else. Try not to do this as it could make the loan unnecessarily expensive. Want to repay fast – if you want to repay your loan quickly then a guaranteed payday loan may suit you. These loans tend to be repaid when you next get paid in a lump sum. This means that you are likely to clear the debt in a few weeks on overage perhaps even perhaps a few days. This can be great for people who do like to be in debt for the smallest amount of time possible, However, there are some bad credit loans that can be repaid in instalments so they are not always repaid really quickly.

So, as you can see, you might think that the loans are specific types of people but actually they are quite flexible and have features that could suit all sorts of people. It can be easy to think that we are only really suited to certain loans, when we should be flexible. We cannot predict what our specific needs might be at a particular time and so we need to be open minded. We might find that at one particular time they will be the perfect fit but when we need to borrow again, they will not work for us. Therefore, it is good to make sure that we know about all types of loans and then we will be able to make the right choice when we need to borrow money.

How Do I Ensure I Can Repay Short Term Loans?

If you have any loan, it is always important to make sure that you are confident that you will be able to repay it. This is because if you do not repay a loan on time, there will always be extra charges. You do not want to have to pay these unless you absolutely have to. This means that you should do your best to make sure that you are able to repay them.

Repaying Short Term Loans

With a short term loan, you will need to repay the money pretty quickly. Depending on the specific loan you may have a few months, weeks or even days to repay it. This means that you will not have long to get organised and make sure that you have the money available.

You may need to pay everything that you have borrowed in one lump sum or repay it over a few months. The payments will normally leave your account on the day that you are paid. This is helpful because it means that you are more likely to have the money available in your account. However, you need to think about the fact that you may have other payments leaving you account on that day as well. So, you need to check how much they will be and make sure that there will be enough money left to also pay for the short-term loan. You will also need to make sure that you will have enough money left to pay for everything else that you will need for the rest of the month.

This can actually be pretty difficult. However, there are various things that you can do which can help you and hopefully you will be able to do a few of these and then find it easier to manage.

  • Compare prices – it is really wise to start by comparing the prices on everything that you buy. You might find that you will be able to save a significant amount of money. Start by looking at things that are expensive like insurance, utilities etc If you can switch suppliers then you may be able to save a lot. Do this with everything you buy and hopefully you will be able to cut back your spending so that you will have more money available for other things.
  • Buy less – you may also find that you are buying things that you do not really need. It is wise to always ask yourself whether you really need them and then if you do not, wait to buy them. Leave buying this sort of thing until after the loan is repaid. You will not have to go without it entirely, but you will be able to afford the loan more easily if you wait a while for it. As the loan will be repaid pretty quickly, then it should not take that long for your finances to be back on track and for you to be able to afford to buy luxury items again.
  • Get a pay rise – it might be worth asking for a pay rise in your current job. There are some companies where there is a specific procedure for getting a pay rise and therefore you may not be able to just ask for one. If you are not sure, then find out and see whether there is a way you can ask. It might be that you will need to look for a promotion in order to get a rise and this could be worth investigating too. It may be too late to help you out with this loan but it could help you find it easier to manage your money in the future.
  • Work more hours – it could be worth finding out whether you can do any extra hours at work. You might be able to work some overtime into the evenings or at weekends so that you are able to earn some extra money. It is always worth asking about this, although there are some jobs where you are expected to do unpaid overtime or extra working hours are repaid in time off rather than extra salary, so will need to check this.
  • Take on second job – it could help you to take on a second job. This could perhaps be something extra that you do during the evenings or weekends. This will help you to be able to get some more money and you could just do for a small amount of time to help you out while you need it. It could be that you might be able to find something like this through a temping agency.
  • Do freelance work – you may find that freelance work might suit you better. You will need to make sure that you can fit it around any other work you have and this sort of work is usually flexible, You may even find some things that you will be able to do from home so it is more relaxed and easier.
  • Sell things – it could be worth seeing whether you have anything in your home that you no longer need. You might be able to sell it and make some money. You can sell on social media pages and different websites these days which can make it much easier to do this. All sorts of things are bought on these and you may be surprised at what you can make.