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  • payday loans, text loans, mobile or SMS loans are all short term loans now can be repaid in instalment also. Loan from direct lender will be always beneficial. The search for direct lenders can be done through various online portals without paying anything. As these loans bear high interest rates so you should go for minimum loan which you can repay on time. Loan defaults can cost you more and also your credit report may be down graded so try to repay on time and if any difficulty then contacts to your lender immediately.

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  • In past payday loans are defined as short term loans for maximum loan term up to the number of days between loan application date to pay-date. Now payday loans are available in monthly instalments also but because of higher interest rates, these loans are a costly affair. So the term of payday loans as well as loan amount should be kept in minimal.

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  • Taking no loan or credit card or their defaults both are negative for future loan prospectus. So if you have no credit history or bad credit history then the lender may reject your loan application or he may charge high interest rates. But still these are some tips to get cheaper loans even with bad credit.

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  • After FCA regulation a cap for fees and interest is fixed so the lender can not charge above this, also penalty amount is capped as £15 for loan defaults. Under any circumstances borrower have not to pay more than the amount borrowed. These rules are very crucial in safeguarding the customer’s interest.

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  • High cost short term credit HCSTC popularly known as payday loans are now well regulated in the UK to protect short term unsecured borrowers. You should know your rights before go for this type of funding.

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