Direct Lenders Payday Loan - Things To Consider When You Take Out A Loan
Warning: Late repayment can cause you serious money problems
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Representative Example: Representative 1286.98% APR on a loan of £300.00 with 5 monthly repayments of £101.03 Total amount repayable £505.13 Annual interest rate (fixed) 290%
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A direct lenders payday loan may be suitable if you have a troubling short-term financial situation, i.e. if you need to put some money in your bank account before your direct debits are taken. They should never be for a long-term financial situation. So, if this applies to you, you should look for a direct payday loan lender.
The term 'payday loan' originally referred to a small loan that you had to repay with interest on your next payday. The borrower would know the amount of interest charged in advance so that they can determine whether they can afford it. Banks aren't interested in such small-scale loans. Therefore, payday lenders are a perfect fit for this niche market. Nowadays, 'payday loan' is becoming a broader term that is also used to describe short-term loans that can be paid back in multiple instalments over several months. When lenders offer these loans directly to customers, they are known as direct payday lenders. It is advisable to go for this option, as it may be cheaper and quicker since there will be no middleman. When applying for payday loans UK, you will need to fill out an online application and provide quite a lot of details about you and your financial circumstances. If your application is approved, and you accept the conditions of the lender, the money is going to be in your bank account within the day. There are some lenders that approve loans even if you have poor credit, but every application is processed carefully to make certain you've got the capacity to repay on time without any difficulty. In the UK, lenders are governed by the FCA, which requires them to do affordability tests and limit the maximum interest that they can bill.
If you're looking for a direct lenders payday loan, look no further than True Blue Loans. We offer flexible loans for all individuals, even those with less than perfect credit scores, and you can apply for a loan via our website today - http://www.trueblueloans.co.uk/.