Monday, June 28, 2010

Why Payday Loans Can Help With Your Mortgage

Paying the mortgage on time is at the top of the monthly financial priorities for the vast majority of homeowners. The thought of falling behind with the mortgage in difficult times can be terrifying, particularly in this economic climate where, for example there was a 10% rise in repossessions during 2011. However, most of us at some point can run into difficulty through no fault of our own, leaving us short of that month's mortgage payment. This is where payday loans can be especially welcome.
Payday loans work extremely well for helping with mortgages for a number of reasons. Firstly, a mortgage payment can be like a deadline, often fixed to a certain day of the month, which sometimes offers less flexibility than we need. A payday loan, on the other hand, can be arranged within minutes and give funds the same day, so if you are short of cash you don't need to wait until payday to sort out the overdue mortgage payment. This can provide real peace of mind for those for whom their home is their most treasured possession.
Furthermore, payday loans may be able to provide hundreds of pounds to borrowers, enough to cover a whole mortgage payment or more. Whereas turning to friends or family can cause problems and result in less cash than you need, a payday loan may be able to provide all the money required to pay the mortgage that month.
Another huge benefit of using a payday lender means you do not have to make complicated arrangements with - or indeed have to pay hefty fines or fees to - the bank or other mortgage provider. Fast and simple, often with a high acceptance rate and no paperwork, a payday loan can be the best means of keeping the rest of your finances untouched and protected.
Payday loans might also be just what is needed to support your mortgage payment when you have had a sudden change of circumstance, or unexpected event like having to pay for car repairs. For that period of time when your salary won't stretch far enough for all the household expenses, a loan can make all the difference.
It is great news for homeowners that a big problem such as finding the funds for a mortgage payment can be solved with a few clicks of the mouse, without paying fees, or being tied into another long-term financial commitment. No surprise, then, that an ever-increasing number of people of all ages and backgrounds are seeking out a helpful, convenient, payday loan provider.
Remember, we are far from alone in needing a cash boost to stay on top of the most important bills - incredibly, over half a million UK homeowners will fall behind with their mortgage payments in this year alone. It therefore makes perfect sense to find a reliable, financial helping hand - and payday loans can help see homeowners through the rough months as well as the smooth.

Monday, June 21, 2010

Can You Pay Back a Same Day Loan the Same Day?

Same day loans are one of the most exciting and popular innovations in the personal finance market today. They are a world apart from many traditional loans which have low approval rates, mountains of paperwork and often a long wait for your money. When people need cash, they often need it quickly, so the fact that it is possible to receive funds the very same day can feel like an absolute life-saver. But how much flexibility is there within the terms of same day loans? If your circumstances change and you want to pay back your new loan on the same day, is that allowed?
The answer, in reality lies within the terms of the same day loan company you choose, but many take a similar approach. With some companies that use sliding scales of repayment, there is no financial penalty for repaying early, but most will require that you hold the loan for a minimum of one day. You may save money on interest or get a partial refund by paying early, but it may be the case that if you try to repay within 24 hours then you will be restricted from taking out another loan for a period of time as the loans are not designed for immediate repayment.
Some same day loans have a clearly fixed repayment date and a sum to pay that is a fixed amount of interest. As such, their terms may mean that there is no advantage at all in repaying that loan earlier than agreed, so read your contract carefully.
Other same day loans will not allow you to pay back immediately, or at least will not facilitate it as you might have to repay the loan through a different route, which may take several days to process. Alternatively, for example with certain text-based loans, you may be able to repay at will. You simply need to be aware of all the terms regarding repayment before you agree to the loan as they will all vary depending on the lender.
One thing to bear in mind when looking into paying back a loan on the same day is whether this really is the best possible route. After all, you will have already signed up to paying some interest and possibly transfer fees, which you will still have to cover when repaying. Also, you need to be sure that you won't need more money in a few days' time, otherwise the first lot of interest will have been an unnecessary expense. This is often particularly costly if it is a loan where you receive the funds the same day, but pay back the loan over several months. Far better to plan ahead, pick a loan provider with care and take out a loan for precisely the period of time that will genuinely help you.
In short, there are a number of factors to consider when thinking about paying a same day loan back as early as the same day itself. Firstly, read any online or emailed information, including contracts, SECCI (Standard European Consumer Credit Information), Adequate Explanations and FAQs. Next, decide whether immediate repayment of the loan will actually improve your financial situation - it may not. Take into account interest and terms around early repayment and decide whether holding off until the due date might be a better option. Finally, pay back the loan in a timely manner and make sure you keep the lender in the picture at all times, whenever you repay - that is the secret to enjoying the best of the same day loans on the market.

Saturday, June 19, 2010

Is It Better to Go Through a Same Day Loan Broker for Quicker Loans?

There aren't many quicker or easier ways to access cash these days than applying for a same day loan. As the name suggests, you will be able to get the money you need within the same day, sometimes within an hour. Therefore, if you really need to bolster your funds for the rest of the month and you don't have the luxury of time on your side, there are very few quicker alternatives out there today.
However, just because it may be the quickest option, it doesn't necessarily mean that it is the best. For some people, particularly those who are struggling financially, the costly nature of short-term borrowing might prove to be beyond them. This could mean that they accrue more debt and get into further difficulties as a result of taking out a loan.
Same day loans can be remarkably unforgiving, especially in instances where the borrower defaults and the loan is rolled-over. With an extra month's interest being applied automatically in most instances, you can quickly double the cost of borrowing, which may already be up to 25%. Brokers can help you to find a better deal though and should ensure that you stand a much better chance of being accepted, purely due to the number of lenders on their books.
As mentioned, brokers help to facilitate a far quicker loan application process, particularly for those who might struggle to get accepted elsewhere. By having a wide range of lenders available, each with their own borrowing requirements, consumers from all backgrounds can usually get accepted. Only in extreme circumstances, such as where an applicant doesn't earn enough to fulfil the minimum required, will problems usually arise.
The application process itself is often extremely quick too. All you'll need to do is pass on a few personal details, including your employment information, and a decision will be made there and then. In most cases, payday loan brokers won't even ask you to fax further documents. A phone call may be required, but this is often on for first-time applicants and will only usually be a very quick discussion to clarify certain details.
When you choose to use a single lender, your options are always going to be limited to what they can offer. Brokers on the other hand will let you plug into a network of different companies, all with their own unique lending policies. As mentioned previously, this can help you to find a better deal, especially if you are widely accepted during the application process. Equally, if you've had problems securing credit in the past, this may prove to be a good way to find same day lenders who are better able to help in your situation.
So as with any borrowing solution, you'll have to consider your situation carefully and make a choice based on these factors. However, if you do choose to use a same day loan broker, it may well prove to be the quickest and most hassle free option currently available.

Wednesday, June 9, 2010

Are Payday Loans Available to People Who Get Paid Daily?

As with any form of loan or credit, there are a number of rules and restrictions surrounding the accessibility of payday loans. Unusually though, these can vary from company to company, with some being stricter than others, imposing more stringent rules on their customers. With an applicant's employment status playing a significant part in determining whether they are accepted or not, the frequency with which wages are paid is equally important.
Therefore, whilst some stipulate that you must earn a salary that is paid monthly, other lenders are a little more flexible. However, regardless of whether wages are deposited daily, weekly or fortnightly, it is essential that you earn a certain amount. More often than not, this minimum level will be around £750, although some payday loan companies only require £500. As a result, as long as your cumulative salary exceeds this, you stand a good chance of being accepted.
Very few people are paid daily, mostly due to practicality and administration issues. As a result this issue is reasonably rare. In fact, some lenders may not even have a clear policy on this, so you may need to contact them directly before applying.
The main issue for payday loan companies when looking to accept applications from those who aren't paid monthly is that it can be difficult to define an ideal date on which to schedule repayments. Ordinarily, they'd automatically seek to take the money on the next available payday. Unfortunately, in this particular example, the salary you receive on a daily or weekly basis probably isn't going to be enough to cover the cost of a loan, therefore the applicant will need to suggest a date that is more suitable.
From a lender's point of view, this could potentially be seen as an added risk. After all, the idea of a payday loan is for the lending period to run up until the next payday, with this covering the loan amount. Without this certainty, there's a much higher chance that the borrower won't be able to come up with the necessary funds. Of course this is only theoretical, but it is something that the companies need to consider.
If you are being paid daily by your employers, you may need to look a little further when seeking a payday loan. As mentioned, not every lender will be able or prepared to help, so you will have to locate those who can. You might well enjoy more success by using a broker, as they will often give you access to a number of lenders, each one having their own unique criteria for borrowers. It may also be necessary to contact the payday loan company first to discuss your situation and see if they are able to help.
So you might well be able to secure a payday loan, even if you are paid on a daily basis. However, due to lending restrictions, it may prove to be a little challenging to do so. Therefore make sure you spend a little time researching the market and find the company that's best suited to your needs.