Typically, lenders will take your bank card details in order for your loan to be transferred immediately.What many aren’t aware of is this also gives them the ability to take the loan repayment automatically on the due date.
In principle, you should only use this platform if: Payday loans are only worth considering if you are in the right situation to benefit from them.
For long term debt solutions, you should avoid a payday loan.
If you are struggling to make ends meet and want to see what the best answer for your needs is, contact Pay Plan today for free advice.
If you’re struggling with your finances and considering applying for a payday loan, you should first consider the alternative solutions on offer.
If your finances are getting on top of you and you are finding it hard to manage, Pay Plan can offer quick, free and professional advice to help you find a better solution and avoid taking on additional debts.
A fairly recent financial innovation, a payday loan is a short term, unsecured loan for people who find themselves with too little money each month to cover their outgoings due to either low income or an unplanned expense.The amount you receive can range from as little as £50 to well over £1,000.However, you will always be required to pay the full sum of money back by your next payday, which makes it a difficult debt to manage.What’s more, because the representative APR of a payday loan is high, interest charges can quickly turn this reasonable short term solution into an overwhelming debt.If you are struggling to repay a payday loan and are worried about debts spiralling out of control, contact Pay Plan today.Get advice now No matter how much money you have borrowed, all payday loans have to be repaid on the following payday. However, more often than not, we see them transform from a quick fix solution into a long term problem.