Payday Loans

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What are Payday Loans?

A payday loan is a risky, quick-fix form of credit that can make it too easy to fall into further financial debt. Most times, financial experts will not recommend taking out a payday loan as it can quickly make your debts go from bad to worse.

If you do decide to take out a payday loan, it’s important that you try and pay it back as quickly as you can in order to avoid interests and charges building up.

Worried about your Payday Loan?

If you are worried about how you are going to repay your Payday Loan, or you want to go into a payday loan, we’re here to help you! There are many people who will find themselves in a panic after taking up the option of a Payday Loan. Here at Business Helpline, we can discuss all of your options and help you plan for a better future.
Call our team today on 0800 088 2142.

What are the dangers of a payday loan?

A payday loan usually comes with extremely high interest rates. Not only that, but if you can’t pay back the loan in the agreed timeframe, it can lead to penalties and more fees being added on.

Another danger of the payday loan is that it usually comes with short repayment dates. Although there are a few companies out there that may allow you to have a few months, most payday loan companies will only give you until the end of the month or your next payday to pay them back.

Payday loan companies are also given direct access to your bank account. This means that your bank information may be shared with hundreds of other companies and they may attempt to take hidden fees straight from your bank account.

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Call one of our compassionate experts at 0800 088 2142.

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Payday Loan FAQs

Who is eligible for a payday loan?

Somebody who is over the age of 18 and in full-time employment can qualify for a payday loan. You have to possess a bank account and you must deposit checks in your name or a debit card that is linked to your account.

How long does it take to get a payday loan?

It all depends on the company who is giving you the loan. It could take just a few hours to get the loan amount.

On average, it takes about two hours to complete the process. However, some companies can take a day to have the loan processed.

Do I need to have a good credit score to access a payday loan?

No, and that’s probably the main appeal of a payday loan. However, we at Business Helpline advocate not going down this route because many payday loans are often laced with enormous interest rates. Please talk to use beofre going down this path.  

How much can I get from a payday loan?

What you can borrow will depend on the lender, the area and the income of the person who is borrowing, As noted, payday loan lenders aren’t as bothered about your own personal credit history. Limits and terms will  simply depend on the lender that you choose.

However, you must be weary to read the small print if you ever feel the need to seek out a payday loan. Ease of access comes with some warnings along the way.

What happens if you can't repay the loan amount?

Some payday lenders will give you the opportunity to negotiate terms with them if you cannot meet the terms that had been initially agreed. In some cases, you will be able to come towards a settlement.

However, in some cases they will take matters into their own hands and send send bailiffs after people. Many payday loan companies are not going to stand by and watch people take their money without consequence.

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