Using a Payday Loan for Emergency Situations
Life is unpredictable at the best of times, and when things go wrong it always appears to be just when money is at it’s shortest and payday is still too far away. If you need money fast what are your options? For many consumers applying for a high street bank loan is a process that simply doesn’t happen fast enough, and costs too much when interest and admin charges are taken into account.
The Payday loan offers borrowers a smart short term solution to financial hardship that gives you the money when you need it – quickly!
The other big attraction with payday loans is that many of the companies that offer them don’t require you to take a credit check as part of your application. This means even those with bad credit have a good chance of having their application accepted.
Payday loans aren’t paid back over a period of time either. Most are repaid with your very next wage packet. If you look around there are payday loan companies that offer loans over a slightly longer period of time. 30, 60, and 90 day loans are available from certain lenders for those who need more time to repay the debt.
Featured Payday Loan
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Are These Loans All They Cracked Up To Be? I’ve Heard Bad Reports In The Media About Them?
One thing that must be pointed out when speaking about payday loans is that the interest rate or fee charged for borrowing the money is considerably higher than it would be with a “traditional” loan offered by a bank, or building society.
This is due to the fact that the service is often same day, and that without a credit check the lender is exposing themselves to more risk.
That said there have been some rather unscrupulous companies within the industry (many of which thankfully no longer exist) who behaved in a highly unethical manner. Over charging customers, and adding unannounced fees and charges to accounts without explaining what they were for.
Some of the worst offenders were even taking money from customers accounts without permission.
Understandably this left a bitter taste in the mouth of many borrowers, some of which whom wrongly assumed that all payday loan companies were the same. One consumer who has changed their opinion of payday loan companies after a very successful borrowing experience is mother of two Kelly Sampson.
We spoke to Kelly to find out what made her change her mind about the short term loan industry.
“They Really Helped Me Out”
“My job pays me monthly and about two weeks into my working month the exhaust on my car literally fell off. At the same time I had a couple of tyres that needed replacing as the tread was wearing a little thin.” She tells us.
“Having two young children of 2 and 5 years old I need my car on the road. On this occasion I really didn’t have the money to get the car repaired. I couldn’t borrow the money from my parents and my friends are all paid monthly too.
Someone suggested I get a payday loan, but I’d heard all the horror stories and was a little apprehensive. Long story short I found a company who offered me the money I needed, and they could wire it to me the very same day. I had two weeks to pay the debt back, which coincided nicely with my next payday.” She beams.
When we asked her about the service she received, the interest rate, and the overall experience, this is what she had to say.
“The people I dealt with were amazingly helpful. I did explain to them at the start I was a little nervous because of what I’d heard in the media. They explained the rate of interest I’d be charged and re-assured me that as long as I paid the debt back on the agreed date there would be no additional charges.
When I told them how urgently I needed the money they rushed my application through, and I had the money in my account that afternoon” she explains.
100% Yes!
We asked Kelly whether she would use a payday loan again, and more importantly whether she’d recommend them to friends. This was her response.
“100% yes! What I would say is you must make sure you’re dealing with a reputable company. Check how long they’ve been around and see if you can find any reviews on the Internet from past customers.”
From the smile on this happy customer’s face Payday loans are a credit solution well worth considering.
Featured Personal Loans
| Personal Loan | Details | Min Interest Rate | Min Comparison Rate | Min Loan Amount | Min Loan Terms | Apply Fee | |
|---|---|---|---|---|---|---|---|
 ME Bank Personal Loan | A low rate personal loan from ME Bank with no application fee for a limited time. | 13.59% | 13.81% | $5000 | 1 year | $0 |   |
 Aussie Personal Loan | A smart way to consolidate your bills to save time and money so you can pay for your holiday, a wedding or renovate the house. | 13.90% | 14.84% | $3000 | 1 year | $199 | |
 Sugar Money Personal Loan | Fixed rate personal loan with flexible options to get you funds when you need it. | 13.99% | 15.00% | $3000 | 2 years | $250 | |
 bankmecu Personal Loan | A convenient and fast way to purchase a car or debt consolidation with affordable rates and fees. | 13.49% | 14.55% | $1000 | 1 year | $150 | |
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