A Payday Loan Can Help With Short Term Financial Difficulties
A relatively new phenomenon in the field of personal finance is the car logbook loan. These are advertised as a means of getting hold of money quickly, by putting up your vehicle as the security to cover the amount of the loan.
Such loans, which are widely advertised on television and in the newspapers, might sound tempting when you need fast cash, but a payday advance offers you a more secure way of getting the money you need. There’s no need to be a car owner to apply for a payday advance, all you need is to be in full-time work in the UK. While the qualifying criteria may vary among companies, most of these short-term loans rely on verification of your employment and the deposit of your wages into your bank account to secure your loan.
When you hand over a car’s logbook as security on a loan, you are taking the risk that you could lose that vehicle. These loans often entail making repayments over an extended period. They are also made for larger amounts than payday advances, since your car is the collateral for the loan. While you will probably be allowed to keep your car and drive it as long as you are making your loan repayments, if something goes wrong, the loan company will take possession of the car. Since these loans are for larger amounts, individuals will have a greater burden when they try to repay them. One missed payment is all it takes for you to lose the car that is so essential for getting to work, doing the shopping, and running the children around.
A payday advance loan is typically granted for between ?80 and ?400, with the amount depending on your income. The company will evaluate how much money you make and how much it believes you can afford to pay back.
When the loan is due to be repaid, the amount due will be taken from your account in one lump sum after your wages have been deposited. There is no need to do anything else, and no danger that you will end up with a loan that becomes a longer term commitment than is absolutely necessary and you’ll have been fully briefed on the costs of the loan up front, ensuring no nasty surprises.
When all that’s needed is a modest amount of money to tide you over ahead of your next salary payment, choose a payday loan, the borrowing that’s purpose-made, and won’t drive you to distraction.
Same day loans are available to help meet many out-of-pocket expenses. With no paperwork to complete and short repayment periods, quick payday loans UK let you get on with the rest of your life.
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