A fast payday loan allows you to quite easily borrow money over a very short period, usually between 30 and 45 days, with no paperwork which makes it more appealing compared to the more complex procedure for a personal loan. This could help if you have an urgent need for a small amount of money below £1000. But you must be aware that your APR will sound very high usually over 1000%, but this is misleading, just worry about the actual amount you will repay.
Are you looking to find some money that you can pay back over a narrow period? In the UK there are two common ways of borrowing money short term - namely a payday/cash loan or pawnbroking. Both of these are ways for a borrower to get some fast income.
Other things you can do to improve your chances of a better loan are to consider your partner if you have one. Could you apply together? If they have a better credit rating this would help you. They could even apply on their own if this was the case. By applying together you also increase the amount you can borrow, as lenders can see that together you earn more, and so will be able to pay a higher amount back.
The simplicity comes by having only one payment leave your bank account each month, as opposed to several if you have more than one loan. This helps with your budgeting, as there is less chance you will forget when a payment is due.
This type of loan flexibility is only offered by a few lenders. Not all of them are based on the high street, so you may need to use a loan broker to get access to more quotes. The best thing to do is get a quote from at least one broker, and go direct to two or more banks who offer this type of loan, but who do not operate via a broker. In this way you get the best of both worlds ? the reach of a broker, and the handful of deals they cannot access.
To pay off several loans over a quicker period, again follow the same process of adding up your current loans, including any extra fees that will be incurred when paying them off. Then decide what period you want to pay your new consolidation loan over. Again, as a general rule, the quicker you choose to pay the money back, the higher the interest rate will be. The advantage of doing this is that you can reduce the total amount you pay back, as there will be less interest to pay.
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