Online Payday Loans Direct Lenders - Payday Loan Basics
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A payday loan is appropriate when you have a short-term requirement for a small sum of money. There are many online payday loans direct lenders offering such loans. They deal directly with you without any brokers or other intermediaries. They are reasonably prompt in processing applications, and you can usually check your eligibility and obtain a loan in a few minutes.
The term 'payday loan' was originally used to describe a small loan that you repay with interest on your next payday. The amount of interest charged is known in advance as is the amount you have to pay and when. Banks are not interested in such small loans and hence, payday lenders are a perfect fit for this niche market. These days, 'payday loan' has become a broader term that is also used to describe short-term loans that can be repaid in multiple instalments over several months. When lenders offering these loans deal directly with customers, they are known as direct payday lenders. You can easily find such lenders by searching for 'direct payday loans UK' on the web. These loans require an online application to obtain your personal and financial details. If your application is approved, and you accept the terms and conditions of the lender, the amount will be in your bank account in as little as 10 minutes in some cases. Often, the lender collects the instalments directly from your bank account or debit card when they are due, but this is dependant on the company you choose. Although many of these lenders approve loans even if you have poor credit, every application is processed carefully to ensure that you have the ability to repay on time without any difficulty. In the UK, lenders are regulated by the FCA, which requires them to do affordability checks and limits the maximum interest that they can charge.
Finally, if you are looking for one of the uk based online payday loans direct lenders, look no further than True Blue Loans. We are offering flexible loans for all types of people, even those with some historical bad credit, and you can easily apply for a loan via our website today. Simply head to https://trueblueloans.co.uk.