What is a payday loan?
Payday loans are same day loans or fast loans designed to help ensure you have money
until you're next paid. Payday loans are also sometimes known as cash advances,
and offer a quick and convenient solution to short term money worries. As it is
only your pay packet that is secured against a payday loan, as long as you are employed
and over 18, with a UK bank account, it is highly likely that you will be accepted,
even if you have a poor credit history.
How UK payday loans and sameday loans work
At Bee Loans, we use our strong network of payday loan lenders to make borrowing
money as quick and easy for you as possible. This is why we have a complex system
to make a beeline to reputable lenders to find fast loans that suit your personal
needs, even same day loans to really help when it's needed most. Our process is
designed to take the pressure off you, and is 100% online from start to finish.
There is no need to wait and sign large numbers of documents for your UK payday
loans – simply fill in our brief application form once, and let us do the rest for
you. What's more is that this is available 24 hours a day, 7 days a week, including
bank holidays. Unlike some other companies, we don't charge you a penny for this
service, and you are not even under any obligation to go ahead even if you do apply,
so there really is nothing to lose!
How much can I borrow with same day loans?
The amount you can actually borrow through payday loan lenders will largely depend
on your current salary. Upon successful repayment of your first loan, you may find
that the amount available for any subsequent fast loans or sameday loans you require
will be higher, as you are classed as a good creditor. The maximum amount you can
generally borrow is £1500 (often for new customers £1000), and please
remember payday loans should not be seen as a long term solution to debt problems.
Can I extend my loan?
Payday loans are intended for short-term solutions to unexpected financial difficulties, such as broken boilers, garage fees, medical bills, and so on. Due to the necessary interest fees involved, you should not be considering same day loans as a long term solution to debt problems. If you require a consolidation loan or similar, please visit our sister company www.beeloans.co.uk.
While we aim to work with lenders that do not have an automatic renewal policy in place, your lender may automatically renew your loan. In most cases, a fee is associated with a loan renewal, should it be automatic or requested. Every lender we work with has different rules surrounding renewals, so please check carefully before agreeing to the loan.
Late/ non-payment penalties
Repaying your loan means that should you require more the next month, your credit
worthiness will be improved, and this could be possible. You can always speak to
the lender should you have difficulties paying, but if nothing can be resolved;
you do run the risk of having loan penalties or fees applied. By reapplying at Bee
Loans, it means each month you require a payday loan, you are getting the best deal
available, and problems not resolved by one particular lender could be resolved
with a different lender, so make sure you bookmark www.beeloans.co.uk/payday-loans for a future
It is important that before you accept a lender's offer that you are fully confident
that you can afford the repayment, as any charges will increase the true cost of
your loan. Remember, time flies! It is also worth considering bank processing times
during holidays and busy periods, and planning your repayment accordingly.
The date of repayment will be made clear to you by your accepted lender, so please
keep a note of this, as it will form your commitment to the loan.
Credit reference agencies
If you continue to fail to repay your loan, credit reference agencies will also make a note
on their records of the outstanding debt. This may negatively affect your credit score. The records
can remain for up to 6 years, and may be passed on to other credit and fraud agencies, to ensure you
can be traced and chased for repayment. Likewise by paying your loan on time and in full, this may
reflect positively on your credit file.
If you don't pay your loan back, the lender may take collection action on your debt. Each lender has
different processes in order to collect the debt, so we strongly urge you to fully understand and agree
to the terms and conditions from your chosen lender.
- Before accepting a payday loan from a lender, we strongly encourage you to make sure you can meet the repayment
- Failure to meet your repayment on the agreed date could result in extra fees and penalties
- Loans where repayment is due in more than 1 month can be available. Please consider that a UK payday loan is intended for short term us with a quick repayment
- If you feel you have a problem with debt, or are struggling to meet your repayments on your loan, we encourage you to seek alternative solutions that may match your financial situation
- If you would like to speak to a specialist debt advisor about existing debt, then please visit www.PaydayBubble.com