Sometimes in our lives, we all have faced financial urgency in the middle of the month. Situation becomes worse especially if you are a salaried person and do not have adequate fund reserve in your bank account. It is an easy option for you to overdraft your bank account or withdraw some cash from your credit card. But the charges are very high for those options.
The lenders in the United Kingdom have designed a special product for the salaried people. The product is designed to support people in time of their urgency. They have named the product as Instant Payday loan.
These loans are offered to the salaried people for a very short span of time. The loan amount varies from £80.00 to £1,500.00. The funds need to be repaid on the next payday. However the term of the loan can be extended further with an extra payment. You may be charged a late fee if you default in your monthly repayment.
The application procedure for the instant payday loan is very simple as the loan can be applied online. The lenders are flexible with the application part. You can submit your application at any point of time; it even can be done on a non working day.
The lenders do not give much importance on your credit report. You can apply for a loan even if your credit report is very poor. No valuation of the property and online searches in land registry is required for the approval of the loan. So it takes a very short time for the lenders to approve the loan and draw down the funds into the borrower's account. The funds get transferred within the next 48 hours of your application.
The rate of interest for these loans is higher than the normal market rates. You need to be careful enough while applying the loan as the rate varies for different lenders.
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