Are Payday Loans For You? - finance

If you need money in a hurry, the chances are payday loans are right for you. These loans are designed to allow people to borrow small sums of money secured against their next wage packet. They are designed to help people out in situations where they have no other alternative source of money. If, you have savings you may wish to consider using some of that money rather than taking out a loan to get you through a short-term financial problem. Who Qualifies for Payday Loans? Provided you are in regular employment, are aged over 18 and your wages are paid directly into a bank account you are likely to qualify for this kind of loan. Because the loan is secured against your next wage packet how much you can borrow is directly linked to how much you earn per month. These loans are designed to be very short term and are not designed to get you through longer-term financial difficulties. With payday loans, a poor credit history is not necessarily a barrier to securing this type of loan. When you take out a loan a direct debit from your bank account is set up, so as soon as your wages hit your bank account the loan company is paid what you owe.

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