Payday Loan Services

Just imagine the situation when some sudden urgency has taken place and you do not have sufficient amount? What will you do then? The only option left at that time is to take the help of the loan. Likewise, there are so many liabilities that provide great assistance to the people but, one of such facility of loans is cash advance payday loans that are basically a short term loans. The users can take the loan amount that ranges from £100 to £1000 with the paying back time duration of two to three weeks.

The repayment process can be easily made in installments or the term can be further extended by an individual if he or she is unable to pay back the amount on time. In order to avail such an option, a borrower has to take prior permission of the lending company. But, it is always advisable to pay back the amount on the due date as paying it late can made some penalties and it will also left a bad effect on the individuals credit status.

One of the elegant features of this service of loans is that they just take 24 hours of time for the approval. They are normally unsecured in nature and are completely free from any kind of security. Due to the absence of the collateral, they come at higher rate of interests. To enjoy the facility of loans, you just need to be 18 years of age and above with a regular source of income in hand.

Moreover, an applicant must have a valid and activated bank account so that the money can directly and easily gets transferred to it. Now, with the facility of internet via online, the users can directly applied to this wonderful facility of cash advance payday loans with ease.

A payday loan can save you from a small financial emergency before it escalates into a disaster. But with so many lending services popping up (like mushrooms after the downpour of an economy in recession), how do you choose the right one for you?

Legitimate payday loan companies mostly offer the same services, with slight differences in specific features. Be extra cautious in comparing interest rates and fees so you can make the best choice. Below are some helpful hints at what to look for in a payday loan service.

• Low Annual Percentage Rate – APR is a calculation based on the cost of the loan in terms of a percentage. For example your loan has a 10% rate. You’ll pay $10 per $100 that you borrow annually. However, many services offer a prorated fee for early repayment, such as:

• Low cost of credit per $100 borrowed – The fee per $100 borrowed; for example, for a loan of $500 with a fee of $15 per $100, the cost of the loan is $75 plus the original balance to total $575.

• Maximum Loan Amount – the maximum amount a loan service lends for a single loan. However, most loan services won’t allow first time applicants to borrow that amount until they have established a good repayment record.

• Loan Approval Time Frame – how long it takes to have an application approved once submitted. The time period can range from instantly up to 24 hrs. If you are really in a bind then you might opt for the service with a speedy approval time frame.

• Low Loan Extension Fee – if you are unable to pay your loan on time, some services will extend the due date for a low fee. Continue Reading

Wage Day Advance is a reputable company that provides payday loans service with a secure application form on their website. Based in the UK they are a direct payday lender and not a broker. So if you apply to them you will get a direct accept or decline response – quickly.

Wage Day Advance procedure for getting a payday loan is easy: go to their website and submit an application online; you will then be ID checked (using your Debit Card details); you will then need to e-sign a loan agreement online; after a short while (few minutes) you will either be accepted or declined; they offer a free BACS (up to 3 working days) funds transfer service to your bank account and also have a same day fund transfer service costing £15 – one of the cheapest in the industry.

The loans available at Wage Day Advance start at £80 and go up to £400 for first-time borrowers, and up to £750 for repeat-customers. These amounts are quite common for the industry.

Their representative APR is 2814.2% which is slightly on the high side. For every £100 they lend out, a fee of £29.50 applies. While they are not among the cheapest lenders, they are not among the most expensive ones either.

Please bear in mind that if you really do need cash today then you should apply for your loan at least an hour before, if not two hours before, their same day funds transfer deadline of 6pm. This is because they need about one hour to receive, check over, and assess your application before approving you. Once they have approved you then they can transfer the cash to your current account. If you apply after the deadline, or are approved after the deadline, then your loan will be transferred on the next working day. Continue Reading