Warning: Late repayment can cause you serious money problems. For help, go to MoneyAdviceService.org.uk

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Pay Weekly Loans On Benefits

When you’re in an emergency situation, there’s not much time to look for a handful of requirements, approach a lending institution, and process your loan application. This is why most people choose to borrow money from their friends and families. While it’s ideal, it’s not always the best option especially if you’ve borrowed from them earlier or you need a larger amount; this is the time when loans are beneficial.

Whether you’re the type of person who doesn’t want to bother anyone or you’re just too embarrassed to borrow money, you might find payday loans as a solution. This type of loan is short-term and issued in small amounts. However, the entire loan application process is fast and easy, making the money available in the soonest time possible. Most lenders provide cash on the same day of application and are transferred to the borrower’s bank account. Because of its swift and convenient action, a payday loan is a popular choice for people whose salary is still weeks away.

If you’re looking for a quick financial assistance or you just want to know more the benefits that a payday loan offers, then this article will help you.

Benefits Of Payday Loans

  1. A payday loan is helpful because almost everyone is qualified. It only needs a few requirements, such as the proof of income and a working bank account. The income can come from employment or benefits, therefore, those who are recipients of welfare can apply. There are pay weekly loans on benefits available to ensure that they can meet their financial needs on time.
  2. Compared to banks and traditional lending facilities, payday loan providers process the entire loan application in a snap. Basically, the lenders will just require a completely filled up loan application form and a few requirements. After everything’s been verified, you can get the money you need in a matter of hours. This only shows how payday loans are beneficial during emergency situations.
  3. The short-term loan is flexible in terms of repayment. Basically, the loan is settled within two weeks or on the next payday, however, the lender may extend the loan if you’re not ready to pay.
  4. Unlike what most people say, a payday loan keeps you away from the cycle of debt. Payday lenders are upfront with their fees, thus, eliminating hidden charges. This means that the borrower is informed of the exact amount that he needs to settle on the loan’s due date.
  5. The application can be done online; unlike the conventional lenders, payday loan providers work outside the regular working hours. There are even lender available 24/7, ensuring that you can have the money you need. Since the application can be accomplished online, there’s no need to bring the documents outside of your home and endure traffic. All you need is an Internet connection, a device, and a mobile phone for contact.
  6. Another advantage is that it is discreet. If you don’t want anyone to know about your monetary struggles, then you can rely on this type of loan. Payday loans offer a quick financial solution so you don’t need to force yourself to borrow from other people.

Representative 305.9% APR.
Representative example: £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)

Warning: Late repayment can cause you serious money problems. For help, go to moneyadvice.org.uk.

 

FinanceJar is a credit broker and not a lender. We pass your information to a lender once you have been accepted for a plan. We take a fee from the lender only, once you’re approved and we do not add charges to your plan in doing so.