Payday Loan UK

Payday loan UK is now become more common and preference by many salary earner. This loan provide a short term cash and swift loan process, borrower may get the fund from their checking account within 2 days once the loan approved.

In America, there are some rules set by state government to protect borrower getting into serious debt. The interest rate is force to cap to certain percentage of the loan. While in UK, there are no interest cap, lenders are free to lending according to their own requirements.

Here are some basic criteria that borrower must fulfill to eligible for the payday loan :-

1) Age above 18 and have source of income

2) Must be a UK citizen or permanent resident.

3) Monthly income must be at least £750 per month

There are no credit check required for this loan, once loan approved, lender will credit the fund to borrower's account. All rates, terms and conditions among lenders are varies, in order to get a best deal, you will need to surf for several lenders. Compare and negotiate their rates.

Here are some tips provided to prevent fall into a debt trap :-

1) Do not borrow much at this loan, just borrow the exact figure you need. Cause the interest and finance charges is extremely high.

2) Do not simple take the 1st offer, shop around and so some homework.

3) Just tell your friends or relatives about the loan company you have considered, they might have deal to them before. Get their comments and they will probably share some borrow experience with you.

4) Read and understand all the fine print, make sure you agreed all the terms and conditions. Otherwise, you may discard the lender and find the other.

For more information about cash loan, please check out Cash Loan Guide instead of Payday Loan UK

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