What are payday loans?
These are short-term loans which are accepted by lenders on the basis of borrower’s monthly salary.
Why the name is given as payday loans?
Few years back these loans are available for very short duration i.e. from the date of loan application to paycheck date only. These loans are to be repaid on coming payday only so name of loan given as “Payday Loans”.
What are text loans?
Payday loans can be applied through mobile text SMS so popular names for these payday loans are given as “Text Loans“, “Mobile Loans”, “SMS Loans”, “Text a payday” etc.
What is present form of payday loans?
Now a days payday loan is become very flexible in term of loan amount and repayment duration. One can use them as instalment loan also, so can repay few number of the monthly instalment falling due on each salary day.
What is procedure to apply payday loans?
You have two options for that, first you visit to lender’s office or their websites, and second to visit brokers office or their web portals.
Which will best broker or direct lender?
As you know brokers are agents of multiple lenders, so you can apply with this group of lenders in one go. But main problem with broker is extra time in loan processing because they will prefer to sell your loan lead to most paying lender and bargain in this process will take time. So it will be beneficial to contact the direct lenders for your loan.
How to save time for direct lender search?
There is one more way to search lenders without paying anything. Some websites like textloans1000 are working to help loan seekers in lender search free of charges. You can use our services to get free loan quotes in few minutes. If you feel happy with these quotes then go forward otherwise leave it.
What will be the loan process?
Once you apply for lender search, we will directly send your data to our associated popular lenders of UK, they will process your data and let you know if they are willing to fund you. If you finalised the loan with them, they would transfer approved money in your bank account.
Can I get same day loan? Yes, in many cases loan processing and disbursement is completed in same day of application. Fund transfer to your bank will depend upon your application time during the working day and process of your bank.
What if I have bad credit?
Bad credit does not hold you from loan application. In many cases the lender is willing to fund for poor credit customers also.
Can I skip credit check?
Not at all, After new payday loan regulation in UK it is mandatory for all lender to check loan affordability of applicants. So each lender will do credit check on you before loan approvals.
How some website 100% guaranteed no credit check loans?
These are baseless and false promises. No one can guarantee for loan approvals other than a lender himself.
How to improve loan acceptance chances?
You should take care of your credit ratings, apply for loan amount which can be repaid easily by you and prove your financial status via the bank statement and salary slips then you can eligible for high acceptance loans.
Which is more important past credit history or present financial status for loan approvals?
No doubt present financial status is more important for short-term loans.
What will be consequences of non repayment or late repayment of loan?
This will cost you more in terms of money and credit score. If you do not repay the loan on due date then lender may send your name to credit score agency for adverse entry or he may hire third-party loan collection to recover loan whose charges and interest both you have to bear.
What other options if I feel difficult to repay loan on time?
You should tell your lender well in advance about your inability so that he can find out the ways to reschedule or roll over of the loan.