Alternatives To Quick Payday Loans
If you have already explored the avenues with no success, a quick payday loan could be your short term solution. There are lots of direct payday lenders and instalment lenders out there and The Lenders List has been designed to list only direct lenders and no brokers to make life that bit easier. Each of the lenders listed on our site vary on how quickly you can apply and how quickly the loan could be in your account if approved.
Here is a quick guide to the funding methods used by most lenders in the market at the moment:
- Weekday Lenders – These lenders will typically be able to approve and analyse applications between 9am – 5.30pm from Monday to Friday. The application typically has to be submitted before a set time, usually 3pm which gives the lender sufficient time to transfer you the funds the same day if your application is approved. If you have applied later in the day and been accepted, you can typically expect the loans to be funded the next working day, if this happens to be a Friday, you may have to wait for the Monday morning.
- Weekend Lenders – Due to increased demand, many lenders now fund over the weekends which means that you are not restricted to applying on weekdays when you are likely to be occupied with work. Weekend lending provides flexibility outside of working hours to give you time to apply. Lenders are starting to understand the market better and can see that emergencies can occur at any time so they want customers to know they are available no matter what day it is.
- Bank Holiday Lenders – Although rare, there are some direct lenders that provide funding even on bank holidays; note that not all lenders offer this service but it would be no surprise if this increases in the future. More lenders are making staff available to work on bank holidays meaning that you are not restricted to applying on certain days and borrowers have the option to apply on public holidays.
Be responsible When Applying and Obtaining A Quick Payday Loan
When looking for a quick payday loan, apply responsibly and keep to the agreement set out by the lender; if the terms are not adhered to you could incur charges and fees which can be easily avoided if you keep in touch with the lender and explain any difficulties you may face.
Only ever borrow the amount that you require and an amount that you can afford to pay back whlst keeping up with other expenses. Payday loans can easily spiral out of control if you over borrow as repayments become unmanageable; under no circumstances should you have multiple loans at the same time as these debts and interest payments will build up and you may struggle to repay them.
Missed and late payments can have a negative effect on your credit rating meaning you could have difficulty getting credit in the future. This can be avoided by making repayments on time and keeping a good record; this will improve your chances of getting a loan in the future should you need it as the lender can see you are trustworthy and likely to repay on time.
If you are experiencing financial difficulty and need advice visit the Money Advice Service who can offer support and advice