Man has a variety of needs. They need to be fulfilled within the stipulated time frame. To meet these needs he requires having sufficient finance. If these needs come during times when credit is low, he has to apply for fiscal aid. Payday loans UK are a solution to the borrowers credit worries.
This financial assistance provides the borrower with monetary support until the next payday. They are short term advances. They are to be repaid when the next salary arrives. The lender is the person who decides the amount of advance to be sanctioned. He makes this decision on the basis of the borrowers repayment ability and credibility. The standard amount sanctioned ranges from 80 to 1500, with a repayment term of 1 to 30 days.
Advantages:
-The finance granted is transferred to the borrowers account directly
-People with bad credit history are also eligible to apply for financial aid.
-There are no hidden costs in the entire loan process.
-The amount advanced is given purely of the personal guarantee of the applicant.
-No other documentation is required to be submitted.
Disadvantages:
-As the finances are granted for a short time period, the rate of interest charged is high.
-If the borrower fails to repay the credit lent within the stipulated time frame, a fee is charged.
The eligibility criteria for payday loans UK are as under:
-The applicant must be over 18years of age.
-He must have a stable job.
-His monthly salary must be over 1000 per month.
-He must maintain a valid bank account in his own name.