Explicit Finance
What do you do when you are short of cash and need a loan to get you through to payday? Maybe the car broke down and you need cash to get it back on the road, or you get hit with a medical bill you weren’t expecting, and there’s no money in the bank to cover it. One way many people now get through these crises is to visit a short-term lender and take out a payday loan. There are plenty of short-term lenders around who will give you a loan until payday and put money in your pocket virtually on the spot.
A payday loan is an unsecured loan; that is, you don’t have to pledge any asset to get it. You do pay higher interest than on a more traditional loan through a bank, but rates vary among the many short-term lenders providing this product, and it pays to shop around. They are more expensive than normal bank products because credit checks are not as rigorous. Each lender has its own criteria, but all most lenders want to see is a more or less steady stream of income going into your bank account and they’re happy to lend you the money.
With the advent of the internet, you don’t even need to visit the lender. You can find the cheapest, most appropriate lender for you online and make your application for a payday loan on line in about five minutes. There is no paperwork to fill in or send back. Your application will be processed immediately and the funds will be in your bank account in 24-48 hours. Repayments are generally made with a direct debit from your bank account on payday.
The amount the lender is prepared to make available varies from lender to lender, ranging from $100 to $5000.
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