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Can A Payday Loan Help You To Deal With A Sudden Financial Crisis?

Oct 29, 2020

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When sudden large expenses arise in our lives, we try to rely on our cash reserves. Sometimes, they are enough to get us through a financial crisis, while at times we cannot sustain with what cash we have in our hand. Yet, at other times, we do not feel the need to liquidate our savings. Availing a loan is the most viable option under such dire circumstances.

Your necessities decide whether you want a loan on a short-term credit basis or for a longer term and a larger amount. There are multiple choices when it comes to both the types of loan. When our requirements are temporary, small, and immediate, we tend to consider short term credits more often, and especially payday loans.

When you need a small amount of emergency cash to meet a sudden financial demand, you can choose to apply for payday loans. LoanPig Direct UK Lender allows you to borrow money literally from anywhere all around the UK. You just need to be an 18-year-old UK citizen. Their applications can be filled online and you can get the job done without any need to go to any office.

What are payday loans?

It is often a small amount taken for a brief period, usually a month or two unsecured type of loan. Literally anyone even with a bad credit score can get a payday loan. The only factor that you must consider before availing a payday loan is your own repayment capacity. If you fail to repay the entire loan amount on the due date, then you might have to incur huge interest rates.

A payday loan is different from other forms of loans such as a short term loan or a personal loan in the following ways:

  • With personal loans, you can avail it for a short or longer term depending on your needs. Your loan repayment method will have a direct impact on your credit history.
  • A payday loan does not affect your credit history and can be used for personal transactions such as car repairs, holiday expenses, house rentals, and much more.
  • A payday loan is not repaid in a traditional manner by paying monthly instalments. Instead, it is repaid in lump sum on the due date, which is usually not more than 2 to 3 months.
  • Payday loan application procedure requires no to minimal documentation and the process is completed fairly quickly.
  • The application process for availing a personal loan or otherwise called an instalment loan is a lengthy process and needs multiple credit checks.
  • Payday loans come with a much higher rate of interest than personal loans because the repayment term in personal loans is usually much longer, could be 1 year or 30 years.
  • It is very easy to get into debt with a payday loan, if you cannot repay it on time, because of very high interest rates and late payment fees.
  • Personal loans are usually availed to get free from debts.

Choose your requirement of loans wisely. It is easy to fall trap with a payday loan. So, only apply for this type of loan, if you know your repayment capacity is fairly high.