Payday Loans are loans of small amounts which are borrowed to individuals who are in need of small amounts of money for a short period of time. Payday Loans as such are specifically for people who need money for immediate expenses, emergency situations or unexpected expenditures. With Payday loans, borrowers are able to pay back their loans in their next payday and hence the loan is known as Payday Loans.
Compared to traditional loans, Payday loans have a much smaller loan amount with the maximum loan amount being £2000. This makes the process of acquiring the loan a much simpler and easier process, unlike traditional loans which are time-consuming, and complicated.
Pay Day Power as such provides Payday Loans to people who are in need of financial assistance and it does so in a fast, simple and accessible manner. The process for applying for a Payday Loan has been made very simple and it merely involves setting the amount of money which you wish to borrow and the time in which you can repay it back. After this information has been confirmed a deal is made with the available lenders after which an agreement is offered to you.
Pay Day Power as such provides excellent Payday Loan support and some of the standout features are as follows.
- Fast Servicing: With Pay Day Power securing a Payday Loan is a very fast affair. Filling up the online form takes just five minutes and after the agreement has been accepted by both sides, the money is instantly transferred to the account. The entire process of securing the Payday loan thus takes around fifteen minutes only.
- Total Transparency: There are no hidden fees or additional fees that come while using Pay Day Power to avail Payday Loans. Even though a customer opts out from an agreement no extra charge or fess is levied to the customer.
- High Levels of Security: Applying for Payday Loans using Pay Day Power is also highly secure. This is because of the utilisation of the latest security measures which include SSL certificates, firewalls, anti-malware etc. Thus, all data and information are kept safe.
What happens when you are not able to pay back the Payday Loan? In case an individual is not able to pay back the Payday Loans then a late payment fee of up to £15 is levied. At the same time, you will get a negative credit score, which is not suitable for the long term.
What happens when the Payday loan application is denied? There are many factors as to why your application may have been denied and these include a bad credit score, no source of income, unpaid bills, unemployment etc. Though your application may be denied there are still some financial solutions such as credit cards, a logbook loan, a credit union etc.
How are loans repaid back in Payday Loans? The repayment method varies with the lender; however, every lender has a repayment schedule. The repayment generally includes the loan amount, the interest and late fee, if there is any. The payment is generally divided into equal amounts over the course of the repayment time.
These are some of the common queries surrounding Payday Loans, and with Pay Day Power finding a Payday Loan is always a hassle-free and seamless process. As such this makes Pay Day Power one of the rising loan providers in the United Kingdom.