Payday Loans

Payday loans can be a lifesaver when you need a little extra money before your next payday. Everything from medical emergencies to sudden car trouble, urgent bills or even a great deal on a holiday or a new piece of furniture can lead to cash-flow problems. payday loans allow you to borrow and spend the money you need now and then pay it back as soon as you receive your next pay cheque.

One of the great advantages of payday loans, when compared to other forms of lending, is the speed with which you can receive your money. Personal loans and credit card applications can take a long time to be processed, whereas payday loans can often be approved within minutes and you can have the money in your bank account on the same day.

Of course, one of the other benefits of payday loans is that they can often be granted to those who have poor credit that would prevent them from being approved for other forms of lending. Personal loan providers and credit card companies will generally look at your entire credit history. So if you haven't got a prolonged credit history or have experienced issues in the past (missing payments, becoming overdrawn etc.) they may refuse you a loan altogether or require that you have a guarantor. Also, many people simply do not have someone in their lives that they could ask to guarantee a loan, or would be uncomfortable letting somebody else know about their personal financial situation.

When you apply for a payday loan, many providers are simply not concerned about your credit history or whether you have a guarantor available. This is because lenders in this field are more interested in your ability to pay off the loan you have applied for rather than focusing on the credit issues you may have. What you will need to receive a payday loan without a guarantor is very simple. You need to be a UK resident and have a bank account that has a debit card. You need to be employed - part-time, full-time or contract - and earn at least 500 a month. You also need to have your salary paid into the bank account with a valid debit card related to that account.

By placing these conditions on your payday loan, the lender can be sure that you will pay back the funds, regardless of your previous credit history. You provide the details of your debit card to the payday loan provider when you apply for the loan and when you next get paid, once your salary is automatically deposited into your bank account; your loan repayment will need to be paid back.

As you can see, this is a very simple process. As the payday loan provider knows when you will get paid, they can establish when the money you owe will be paid back so that there is no danger of you forgetting to make the payment or not having the money available when the loan is due. In essence, you do not need a guarantor because your salary is guaranteeing itself alongside the terms mentioned above.

You can see how payday loans are perfect for those who cannot get loans from conventional providers. It is simple and easy to apply for. All the charges are explained to you clearly, so you know exactly how much it will cost you to borrow the amount of money that you need. Best of all, those with bad credit can still receive vital funds and won't even need a guarantor to do so.