Review of Payday Loans from paydayuk.co.uk

All of us at some point in our lives have experienced the need of money for expenses that are not

budgeted for.  The problem is when you have a low credit score that can't allow you to apply for a credit.   If your car breaks down, your kid accidentally breaks one of your windows or you have a sudden dental bill you may find yourself in a great problem.

Payday loans are a solution for this problem. Payday loans are the most suitable solution for people who cannot access traditional sources of credit due to adverse credit history or a credit scoring less than healthy.  In these uncertain economic times, more and more of us fall into that category.
 
Payday UK is one lender that can help.  They offer payday loans from £80 up to £750.  They expect you to repay this payday advance when you receive your next wages into your account.   In order to qualify for the loan, the applicant must have a full time job with an income of at least

£750, a bank account, and a debit card.  There is no need of a guarantor or deposit of a security, you don't need to have a perfect credit or faxing of documents as this loans are no fax loans.  Payday UK does not credit score applications and individual circumstances are considered with each application. Poor credit does not necessarily preclude qualifying for the loan.

Payday UK loans are quick and you can get the money into your bank account the same day you apply. Applicants can complete the loan application online and funds can be transferred on the same day, although in some occasions there are some banks that may take three days to process the payment. 

But you have to be aware that there is a catch, although for the prudent borrower with a real emergency, it's a reasonable one. The APR interest rates applied to this type of loans are very high.  Normally it is about £25 per £100 borrowed and since they have your bank details, the money will be automatically deducted via the borrower's debit card.

Because no credit check is done at the time of applying for the loan, the interests charged are really high. Although the monthly interest rate is only 25%, the APR for PayDayUK's loans is a massive 1737%. This is because the loans are not intended to be repaid over a year - they are intended to be repaid within a month.  If the person who requests the loan is unable to repay there is the option of making just repayments of the interest charges and defer the principal of the loan for another month, however, another month's interest charges will accrue. The loan company just allows two deferrals and after that whole payment is required. The borrower is not allowed to have more than one loan at the time, so if you are unable to repay your first one you will not be able to apply for another one until that loan is cleared.