If you have decided that you would like to apply for a payday loan you’ll have already gone through the entire working out of the reasons behind why you need to seek financial help in the first place. For many people it is a genuine need of a short-term financial fix as they wait to get paid, to help cover the costs of an emergency car break down, an unexpected bill, or just to prevent going into a costly unarranged overdraft. The last thing you want is to spiral into uncontrollable debt, and with a fast, payday loan from a responsible short-term loan lender you could find the perfect solution to your problems.
Now, how do you go about choosing the correct type of payday loan for your needs?
Let’s first take a step back and look at how payday loans are viewed in the UK in the first place. We can see over the course of the last 20-years that there has generally been a negative view of payday loans. It has been widely deemed a predatory type of financial service that seeks to add extra financial woes to lower-income individuals and families who struggle to pay back astronomical interest fees and other charges, paying off what began as small payday loans but end up gigantic loans that last for many years and cost thousands.
This may have been true for a strand of the industry at one point, but then came the new wave of payday loan lenders, and a broom swept through the industry and made things much better for those on low incomes that sometimes need some extra help from time to time but haven’t got the resources to save any money off their own back, to ask for an amount of money to borrow of friends or family, or even to take out a loan through traditional lending streams such as high street banks and other financial institutions.
The new wave of responsible payday loan providers have made it much easier, and much better for those low-income applicants to find the financial assistance they need, without having to worry about getting into greater financial difficulty in the process. They make it a simple process to apply, with easy to use websites and a straightforward application process that takes just a few minutes and successful applicants find that the money is transferred direct into their bank accounts within 24-hours of the application being sent off in most cases.
The best part of all is that they truly are responsible and will only entertain applicants who wish to borrow money over a short period of time, but can do so with proof of income and a desire and ability to pay back under the agreed terms of the loan. They will never put a borrower in danger of being out of their depth with repayments of a payday loan, and this is the biggest difference between the new wave payday loan lenders and the payday loan lenders of old who were rightly derided.