Emergencies happen when you least expect it. Whether it is a car that will not start in the morning or a sudden medical problem, life can take an unexpected turn. A lot of people today live from paycheck to paycheck, without savings funds for emergencies. And this is when payday loans for UK residents can save the day.
Payday loans can be provided online to borrowers who need money within 24 to 48 hours. Most UK lenders offer about £500, but you can easily get up to £1000. Once you are approved for a loan, the money is sent to your checking or savings account. You can then withdraw the money via an ATM machine to meet your needs.
So what is the main drawback? Payday loans are short-term loans, what means that you are supposed to repay the loan in 14 to 30 days. Some UK lenders allow you to extend the repayment period, but it means that you have to pay additional interest charges.
What are the requirements for payday loans in the UK? The most important factor is that you are employed for at least 90 days or 3 months with the same employer. Other requirements may include the amount you earn per month. For example, some UK lenders will provide an online loan if you make at least £500 per month after all deductions. Deductions include child support, alimony, medical expenses and retirement. Finally, some lenders offer loans only to citizens of the UK (Great Britain) or Ireland.
Unlike traditional loans, which require a good credit score, providers of online payday loans just need to know that you are an employee and you can repay the loan back. If you have a poor credit score, getting a standard loan, like a home equity line of credit (HELOC) or a car loan may be difficult, even if you provide collateral. But you can get a short term loan if you have no credit, a history of bankruptcy, foreclosure, as long as your employment history may be verified.
You can apply for these loans only if your are UK, Ireland resident.