Representative APR 1737% (variable)
Mr. Roberts, Manchester - has just been offered a £1000 loan
Payday loans are aimed at helping you cover essential costs on the rare occasion you are short of money one month. Payday loans can be referred to as same day loans, and provide a fast and simple solution to short term funding. The acceptance rate of a payday loan is generally very high, as there are less stipulations for obtaining one.
As long as you are employed, or have a regular alternative income, are 18 years or older, and have a UK based bank account, then there is a good chance you will be granted a payday loan.
At Bee Loans, we use specialist systems to automatically talk to a large panel of payday loan lenders and match your details with their criteria for payday loans. This means that finding a payday loan is quick, easy, and hassle-free. We take the stress away from finding a payday loan, as the process is 100% online, and ensures you don't need to shop around - search over 40 payday loan lenders with one click.
Once our software has matched you with a payday loan, you will be automatically redirected, and the core information completed on your chosen lender's site. If you are happy with your loan, simply finalise your payday loan application, and wait for the funds to transfer. Our service is 100% free to use, available at any time, and is offered with no obligation to accept the loan, so give us a try today, you have nothing to lose.
Payday loans should only be considered for short-term fixes to unexpected costly occurences, such as boiler breakages, mechanic fees, hospital bills, etc. If you extrapolated the interest over a year, it would work out expensive, so please do not see payday loans as a way of dealing with existing, longer term debt.
We only partner with the best payday loan lenders, where there is no automatic renewal poicy evident, however it is still possible that this may occur. Usually, a fee is involved with a payday loan renewal, whether it be requested, or automatic. All payday loan lenders we work with has a different policy regarding renewals, so please check the terms of the chosen lender carefully before you agree to the payday loan.
The amount you can borrow from payday loan lenders varies from company to company. In general though, for first time customers, you will be able to borrow up to £1000. You salary will affect what you can borrow as well, so if you are rejected for a large amount, then it may be worth reapplying for a smaller amount that is more realistic for your situation. Please remember to budget for your repayment, as you can incur additional charges for late payment. Payday loans are not intended for long term use.
Most payday loan lenders have relationships with collection agencies to help recover outstanding payday loan debts. This is usually only put in to action as a last resort; should ordinary attempts to resolve outstanding debt be unsuccessful (e.g. phone calls or emails). Each payday loan lender has different collection policies, so we urge you to check their terms before accepting your final payday loan.
You should make every effort to repay payday loans on time. By doing so, it is possible that this will show on your credit report. If you are having difficulties in repaying your payday loan, then it is always best to speak with your payday loan lender in the first instance, as there is usually a way to avoid a late payment fee.
Once you have applied at Bee Loans, and accept a lender's payday loan, your relationship with us ends, and you then deal directly with your lender. It is therefore essential that you make every plan to repay payday loans, and that you are happy with the lender's terms and conditions. Please remember, that time goes quickly, and your loan will be due for repayment before you know it. Also plan for busy banking periods, such as bank holidays, to ensure you have no trouble repaying your payday loan.
Payday loans are not, as some people think, exempt from credit reports. If you are not able to meet your repayment, it is likely that a credit reference organisation will be informed, and a note made on your credit report to reflect non-payment. The implication of this is that your credit rating will be negatively impacted. These records may stay on your file for as long as 6 years, and could also be passed on to additional credit agencies or fraud organisations. This is to ensure that you can be tracked should another payment need to be chased from a creditor. Similarly, should you meet your repayment date in full, then a note could be made on your credit file that improves your credit rating. Please check your payday loan lender's terms regarding this.
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