Payday Loans

A payday loan is not a payday loan when you aren't required to pay it back on your next or subsequent payday - put simply! If you're thinking of taking out a loan and you are not required to pay it back at your next payday, then it may not be a payday loan, but possibly a standard unsecured loan or a guarantor loan.

Unsecured loans and guarantor loans are available typically over a minimum loan term of 12 months. So if your loan is spread over this amount of time, then expect to pay interest rates which are much lower than what would normally be advertised for a payday loan.
If you are looking to take out a loan over a period of 12 months or more, then try to make sure you're not paying an interest rate which is in triple figures (or even worse) as there are alternatives in the market that will offer you much lower rates and will equally guarantee that you can get the money you are looking for, an example of this is guarantor loans.

Guarantor Loans are available on loan terms of up to 5 years and have interest rates in the low to mid 10's of percent normally. They allow applicants with a poor credit rating to borrow cash sums of up to 5000 by requiring a loan guarantor to sign the credit agreements at the same time as the applicant - this means that the guarantor will have to pay back the loan should the applicant fail to meet the repayments. If you are looking to apply for one of these products and know someone who would be willing to help you out and be your guarantor, then you can normally achieve reasonable interest rates and be safe in the sound that you can meet your repayments.