Monday, January 20, 2014

mployed People a Real Way to Access Funds in an Emergency

Payday loans have been around for a while, and are still a popular option amongst millions of people who need to access emergency cash. If you spend time watching television, or browsing the internet, you will no doubt see many adverts from Payday loan companies, encouraging you to borrow from them. So, regardless of which company you choose to do business with, and whatever the press and media continue to say, there is little doubt that Payday loans are a significant and real financial credit option for many households today.

According to recently published figures, more than 2 million working families turn to a short term payday loan when they are short of cash, or having a financial emergency.

Most people are aware that Payday loans are not the best option if they have long term debt problems, or are struggling with extremely low income. In these extreme financial situations, Payday loans are not recommended. Certainly, good lenders will always advise borrowers to think carefully about their own financial situation, and to consider whether a short term loan is best for them.

The majority of borrowers are hard-working, diligent people, who understand how Payday loans work, and appreciate the ability to access funds very quickly, and then repay the loan fully within the few weeks. It seems borrowers prefer this type of short term loan, as opposed to longer term loans which are around for much longer, and can cost just as much money, if not more.

Not so long ago, the majority of people simply turned to their bank or building society for help when they needed it. This is something that is happening less. It seems that there has been a fundamental shift in how banks and building societies are regarded these days. Yes they are still used, and they remain a necessity of our everyday lives, but over the last few years, there is no doubt that the inherent trust in banks, and the big financial institutions as all but gone.

In a recent survey, customers were asked what they think of banks, and the overwhelming feeling from respondents was that the big banks are there, and we need them, but they should not have a strangle-hold on our lives, or our money.

Payday loans offer people a different choice, and another way to deal with things. Whether you choose to go to your bank, or to a Payday lender, there is no doubt, the message here is to consider all your options, and then, when you understand what is available to you, choose the credit option that suits, you, your family, and your own personal financial situation.

When you decide to apply for a Payday loan, first calculate how much you can afford to repay. These are short term loans and will need to be repaid in full when you next receive your wage. It is best to use an online calculator to work out how much your loan will cost, and to establish whether you will have enough at your next payday to repay the loan. This is how to successfully use a payday loan, so that it can help you when you need it.

It is an excellent way of accessing emergency cash quickly and simply, and then, in a few weeks you can clear the loan completely, and get back to normal. It is this quick and simple approach to borrowing that makes payday loans so popular amongst thousands of people.

If you want more information about Payday loans, how they work, and whether this is an option for you, do some research and have a look at different lenders, and then make your decision based upon what you can afford to repay, and when you next receive your wage.

Wednesday, February 6, 2013

All Payday lenders are bound by strict regulations and codes of conduct.
Unfortunately, not all online Payday lenders abide by these rules and guidelines. Every day, we come across stories of borrowers who have been mistreated or misled by unscrupulous online short term lenders. Although Payday loans as a form a credit are still increasing in popularity, the number of these financial horror stories posted on the internet, do not seem to be disappearing. Bad lenders cast a bad light over the whole payday loan industry, which is unhelpful for the people out there who genuinely want to use this form of credit. It's also unhealthy for the industry as a whole.

In this article we look at some of the things you should consider before you apply for a payday loan in the hope that you can avoid the bad lenders and end up with a much more positive experience.

The biggest issue is that the less than honest lenders are not so easy to detect. Many of them have seemingly good reputations and flashy websites promising the best and quickest loans. When you are looking for a good short term lender, first of all, choose a reputable company, that's a good start. Secondly, make sure they clearly show their lending licence and registration details on the website.

Reviews and feedback from other customers are also an excellent way to establish whether a lender is good. The best lenders offer free customer advice so you can ask questions and make enquiries without having to apply for a loan. You should be able to access all the information you need without any obligation to borrow money, until you are ready to do so.

According to our research, internet searches are how the majority of people find a payday lender. This is a good way to start, but once you have found a few lenders, it is best to spend a little time doing some research into them.

Some lenders will go to amazing lengths to convince you to borrow from them. While we understand you may be feeling stressed and under pressure to borrow money as quickly as you can, don't let a bad lender harass you into making a rash or hurried decision. Even if it is just for a few hours, take some time to consider all your options before you apply for a short term payday loan.

Another way to establish whether your chosen lender is trustworthy is the application process. The reputable lenders all have a formal and thorough application process, which will include establishing proof of your identity, verification that your bank account is active, and confirmation of your employment and regular income. You should always be asked for this information, it is standard practice amongst good lenders, so if you are not asked these simple questions, be cautious.

Bad lenders will try to sell their loans to whoever enquires about them. Financial services and credit are not something that should be sold. Reputable lenders, who practice responsible lending, will never try to sell you a loan. Instead, they will give you the information about their services, make the costs and interest rates clear from the outset, and leave the ultimate decision to borrow entirely up to your own discretion. If you experience any form of high pressure sales tactics or harassment from a prospective payday lender, you have a right to report them to the OFT.

While a financial emergency can crop up at any time and cause a great deal of stress, try not to panic and instead, spend some time considering all your borrowing options. Calculate what you can afford to repay, then you will be able to calculate more accurately what you can afford to borrow.

The main thing to remember is that you are in control, these are your finances and the decision has to be one which is best for you, and your family. The best lenders will give you the help, advice and support you need and when you find the lender you need in an emergency, you will be able to access the short term cash advance you need.