Earshot Finance – Finance within earshot.

Take Care of Your Emergency Expense with a Payday Loan

If you have an emergency expense of some kind that you need to take care of, a payday loan could be the solution you need. These loans have helped countless people to get out of bad financial spots, and they can do the same for you. The more you learn about payday loans, the easier it will be to benefit from them. This article will help you get the information you need so you can make the right decision.

What Exactly is a Payday Loan?

A payday loan can provide you with anywhere from £100 to £1,500, which you will have to pay back within 2-4 weeks. These short-term loans are available to many different people, including those with bad credit. They are typically obtained by people who are in desperate situation where they need cash fast.

Where to get a Payday Loan

Payday loans are given out by private lending companies, most of which are based online. While there are still some brick-and-mortar payday loan places in the UK, they are becoming increasingly scarce. The fact is that there are lots of highly reputable private lenders that can provide you with the money you need when you need it.

You can apply for a payday loan on the lender’s website. It is all very convenient and usually doesn’t take any longer than half an hour.

There is some information that you will need to submit to the lender, such as:

Your full name
Address
Phone number
Proof of income
Job history
Photo ID

The lender will look at all of the information you submit to determine whether or not your application should be approved. There are only a few very basic requirements for getting one of these loans, so it is pretty easy to qualify. As long as you are over the age of 18, have a checking or savings account and make enough money, you should get approved.

Benefits of Taking out a Payday Loan

There are numerous benefits of taking out a payday loan, especially if you need to borrow money as soon as possible.

Fast cash: You will be hard pressed to find another borrowing option that can get you money as quickly as a payday loan. In fact, you could get your money within a matter of hours after getting approved. This will allow you to take care of your emergency expense in a timely manner.
No credit check: There are actually a number of private lenders that don’t even bother to run credit checks on applicants. These are the “guaranteed loans” that you have probably heard so much about. While no loan is guaranteed for everyone, the chances of approval are very high.
Flexible terms: The flexible nature of payday loans works well for most people who need money right away. Most private lenders that give out these loans are willing to work with borrowers to an extent. You should be able to find a private lender who can help you out.
Spend the money how you want: With a payday loan you can spend the money you get however you want. You won’t have to answer to anyone about this.

Who Should get a Payday a Loan?

Anyone who finds themselves in a situation where they need money for something important right away should think about getting a payday loan. These loans were designed for people who need cash fast for one thing or another. They are also a great option for people with spotty record reports and low scores. If you have problems getting approved by your bank or credit union, this is an excellent alternative to explore.

Paying Back Your Loan

You will of course need to pay back the money you borrow from the lender, usually with your next paycheque. Make sure that you know exactly when the money is due. The lender might take out the money you owe them from your bank account automatically on the due date. This can be a good thing, as you won’t have to worry about forgetting. The last thing you want to do is be late on your loan, even by a day. It can lead to some fairly steep fees that can be difficult to get out from under.

Despite the somewhat spotty reputation that payday loans have, they are a wonderful borrowing option for almost anyone. Even people who don’t have a problem getting a bank loan sometimes choose this option. Just make sure that you find a highly reputable lending company to borrow from. The more research you do into these options, the better of a deal you will get on your loan as a whole. A payday loan could provide you with the funds necessary to cover a really important expense right now.

What is a Guarantor Loan and Why Should I Get One?

Guarantor loans have become very popular for a number of reasons in recent years. There are many people who can benefit from getting this type of loan. If you need to borrow money right now, this is an option you should look into. It is definitely one of the most effective ways to get approved for a decent-sized loan. In this article you will get the information you need on guarantor loans to decide if one is right for you.

What is a Guarantor Loan?

A guarantor loan is a loan that is typically paid back in a serious of instalments. It requires a person (the guarantor) who agrees to take on the borrower’s debt if they are unable to continue making payments. Whether you lose your job or even die, this person will be legally obligated to keep making payments on your behalf until the debt has been completely paid back.

How Guarantor Loans Work

You will have anywhere from one to five years to repay the guarantor loan you take out, depending on the lender and the amount you borrow. You’ll be required to pay interest on your loan, though the rates are typically very reasonable. You pay the loan back in instalments on a monthly basis. If you miss one of your payments, you can request that the guarantor pay it on your behalf.

Why Should I Apply for a Guarantor Loan?

There are actually a number of reasons that you should consider applying for a guarantor loan, including:

High approval rating: If you are able to find a suitable guarantor, your chances of getting approved for a loan will skyrocket.
Large loan amounts: You can potentially borrow several thousand pounds with a guarantor loan, though it depends on your income. These loans are typically for larger amounts than most short-term loans.
Low interest rates: While there is no guarantee that you will get a low interest rate with your loan, it is certainly a possibility. Lots of people who get guarantor loans end up with very reasonable rates. Lenders are much more willing to give people low interest rates when they have someone to serve as a guarantor for the loan.
Longer terms: A longer term means paying more interest, but it also gives you more time to pay back the loan. When you consider the low rates for these loans, the longer terms can definitely work in your favour.
Fast dispersal of funds: Guarantor loans are known for how quickly they pay out. Most people typically receive their funds within a day or two after being approved.

Applying for a Guarantor Loan

You can apply for a guarantor loan online, which is very easy and convenient. If your application gets approved, you can expect to receive your funds within 24-48 hours. Make sure that you take the time to fill out the application in full with completely accurate information. You don’t want to lie about anything, because it can only work against you. Filling out an online guarantor loan application shouldn’t take very long at all.

Guarantor Requirements

There are certain requirements for guarantors that you will need to keep in mind when choosing the right person to serve in this role for you.

Some of these requirements include:

Must be over the age of 18
Solid credit history and decently high score
Homeowner (this is just a plus)
Active checking or savings account
Legal UK citizen
Adequate income
Stable job history

If the person does not meet these minimum criteria, they will likely not be approved to act as the guarantor for the loan you are trying to get.

Before you Apply

There are a few key things that you will need to take into consideration before you apply for a guarantor loan. Make sure that you spend a decent amount of time looking for the right person, because you don’t want to choose just anyone. You also must find a reputable and legitimate lender. There are many private lenders that you can borrow from, but not all of them will be able to give you a great deal.

The fact is that guarantor loans are a wonderful borrowing option for many people, especially those who have bad credit. This is often one of the last options that people with low credit ratings have, but it’s not that bad at all. In fact, you can potentially get an excellent overall deal on a loan if you have the right person as your guarantor. The interest rates are quite reasonable, especially for private lender loans. This is one borrowing option you need to at least consider before making a decision either way.