For an increasing number of people, there are far too many days left in the month than money in their paychecks. With this in mind, the payday loan business is booming as a quick, and easy method of obtaining funds. It’s not a bad idea when used responsibly, and for those in a rush to get money, it can be a lifesaver. So for those who’ve never tried this non-banking method of borrowing money, following are some of the frequently asked questions about the business.
IS THE MONEY REALLY DUE BACK ON YOUR NEXT PAYDAY?
Well, this truly depends on when your next payday is! In actuality, it could be as long as three weeks to a month before your payoff is due. But, you can rest assured it will fall on your payday so there’s no excuse to not have the money.
BUT WHAT IF AN EMERGENCY COMES UP?
Yes, it can happen. Emergencies do come up and sometimes, you’re not able to pay back the full amount of the loan on the day planned. The key is to keep the lines of communication open between you and lender. As soon as you know there will be a problem, notify the lender of the issues at hand. In most cases, they should be able to schedule a new due date. However, be aware, there’s usually an extra cost involved with an extension.
HOW MUCH CAN I BORROW?
For the most part, payday loans are smaller amounts of money, typically £200.00 – £800.00. However, if you’re an existing customer, it could be possible to borrow up to £1500.00. A second loan is not possible until the first loan is repaid, and truly, this is for your own good. Paying back installment loans can be an expensive way to run your life, so to help consumers be responsible, only one loan can be obtained at a time.
If you’re low on cash and in need of emergency funds, navigate here to apply for the money you need. An easy to fill out application is available and a fast answer will be forthcoming.