Although while you are walking along the streets of London you might find many shops of payday loan lenders advertising payday loans, the major focus has now shifted to online payday loan lenders UK. Dealing with online lenders eliminates the need to move out of your home and go to various lenders’ shops for finding their rates and then comparing the same to choose the best one. It is quite a tedious process that involves a lot of running around and getting tired in the process besides losing valuable time.
On the other hand, online payday loan lenders provide an easy way out as you can visit the websites of different online lenders and compare their rates and other terms and conditions from the comfort of your home. Having selected the lender you can easily fill up the required form with the details required by the lender such as your name, residential address, age, employment details, checking account details and the amount of money needed by you.
The online payday loan lenders UK analyse the information provided by you especially with regard to your take home income, your job stability, presence of other outstanding payday loans, the performance of your bank account and the authenticity of your contact details. The lenders, however, do not check your credit rating. Having satisfied themselves with the suitability of the details provided by you especially with regard to your ability to return the loan, the payday loan lenders approve the loan within a few hours and the amount of the loan is electronically transferred into your account the very next day.
From the borrower’s point of view, it is important to check the reputation of the lender and the interest rate and other fees that will be charged. It is also important to check the penalties for failure to return the loan on time. Many payday loan lenders UK have special charges which are in fine print. As such, it is important to check the terms and conditions of the lenders with a fine tooth comb.
Payday loan lenders UK generally charge you between £10 and £20 per £100 loan as loan fees, which is quite high but the lender also has to safeguard his interests and be prepared for some loans turning sour.
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