In the recent years UK loan market has seen a steep rise in temporary financial crisis in its customers. Number of people applying for short term loans is increasing rapidly. One of the reasons behind it may the uncertainty prevailing in today's life. When you will come across what no one knows. And in that situation of financial crisis payday loan UK will help you out.
The day on which you get paid is payday and loan advanced to you till that day is payday loan. These loans are short term in nature. Money is provided to you only for a short period of time - 10 to 30 days. On the arrival of your next payday the whole amount will be deducted from your account automatically.
There is no need to pledge any sort of security against these loans. These are unsecured in nature. You have to own a current bank account which is in use for the last three months. Give a post dated check to the lender enabling him to deposit the loan amount directly in your account. At the arrival of your payday next month, the whole amount - loan money and interest rate will also be deducted directly from your account.
An amount in the range of £200 to £2000 can be secured. As a first timer you can avail only up to £500. Interest rate lies in the range 10% to 25%. You have to prove your ability to pay the money back in order to get it reduced. In case of a default in repayment these will be a very high penalty charged against you. It can go 300 % APR to 400 % APR.
Lenders are available on World Wide Web, accessible all over the UK only with a few clicks. They are ready to give the financing at varying rates depending upon the borrower's financial situation.