As our society changes and it is no longer so easy to get old fashioned credit from banks and other financial institutions, more people are finding a fast cash payday loan a good solution. It can help tide a person over a rocky financial period. Here are the top 12 FAQs put together by
fast cash payday loans experts.
1. What are payday loans?
Payday loans are a facility whereby a company lends you a small cash advance so you can get cash quickly when you need it most. A
fast cash payday loan is repayable on your next payday and you will normally get the cash within a matter of hours. It is suitable when you need to have an instant payday loan that will help you out before you next get paid your wage.
These fast cash payday loans save you the hassle of lengthy application procedures with other types of financial institutions such as banks. Unless you need a larger amount of money a payday loan works well for people in many different situations.
2. What can a payday loan be used for?
You can use a payday loan for anything you wish. It is like a cash advance on your wages and therefore it is completely your own business what you decide to do with it.
3. Who can have one?
You need to be over 18 years of age, in full time employment, being paid into your bank account and have a debit card on this account. Or self employed with a cheque book and cheque guarantee card.
4. How long does it take before I have my money?
With a well-established company you should have your money within as little as two hours.
5. How much money can I borrow?
The average amounts offered by the payday loan companies will be between 100-400 pounds on your first loan. However many of them will give you the facility as an existing customer to extend your loan and also to have pre-authorised accounts sometimes up to as much as 1000 pounds.
6. When I apply for a payday loan will the company run a credit check on me?
This depends on the company, however there are many good companies who do not run a credit check as the repayments are based on your wage. Therefore they need to see that you are currently employed and have an active bank account which has a debit card.
7. What if I have a CCJ?
If you are concerned because you have a CCJ this is often a situation where these type of loans are suitable. Once you can satisfy the company in question that you have sufficient funds on your next wage day to fulfil your payment, then there is a very good chance that you will get the loan that you need.
8. How do I receive my money?
Once you have been approved for the loan the funds of your cash advance are electronically trasmitted and are cleared into your own bank account within minutes, therefore the whole process should only take a couple of hours.
9. If I need another loan will I have to go through the whole application process again?
If you stay with the same company you should not have to do this as you will be an existing customer. You may be asked for supporting up to date documentation to ensure that your status has not changed in such a way that you will not be able to repay the money.
10. What if I am self-employed?
If you are self-employed you can still have one of these loans. In this instance what the companies will look for is that you have a cheque book with a cheque guarantee card.
11. Do I have to repay all the money in one go?
No, you have the option to extend the loan by paying interest only.
12. What if I fail to repay the money?
Decent companies will ask you to inform them if you find that you are having some difficulties in repaying. This way you can negotiate with them. They prefer to avoid having to issue legal collection procedures.
