According to the statistics about 5 billion GBP is the amount of money that is borrowed by British people annually. On the other side, around 34% of the UK population of age above 21 years old claim that have at least once applied and received a payday loan. Is the payday loan indeed such a beneficial way to handle different financial issues and to come different problems whether at home or in a personal manner? By all means, British people claim that payday loans are advantageous. Moreover – they have their own reasons to claim so. Here is how British people explain why payday loans are so beneficial to them:
- Fast speed
What is the most important thing for a person, who urgently needs money? Of course, to receive them as soon as possible. This is why payday loans seem to cover their basic expectations for speedy financial support. The average time for an application is nearly 10 minutes. In most cases, the decision for the approval, respectively for the disapproval arrives within 2 hours (maximum). On the other side, once you get an approval, the funds are transferred to you within the same day! No worries, no need to spend hours of sitting on a queue in the bank – this is what a standard payday loan provides you!
- Nothing can be easier than getting a loan
Not only fast, but also simple and easy – this is the procedure to get an instant payday loan in your bank account. The application is easy for many reasons. First of all, you can fill in the form in internet without even leaving the comfort of your home or even on the go, while you are in the bus, for instance. Second of all, the procedure, itself, doesn’t require from you either to collect some special documents, or to provide employment references, guarantors and etc. Last, but not least, you aren’t even supposed to move out from your chair to get the money as the company will directly transfer them to the bank account you provide in your application form.
- Everyone (almost) can get it
The restrictions to receive a payday loan are, indeed, few. Even unemployed are able to receive such cash fast. There is no check for the credit history and in many cases, even people with bad credit score are eligible to get a payday loan. In other words, everyone can get it!
- Repay as you wish
In most cases, a payday loan is supposed to be repaid till the first regular income either from your job, or other source of funds. However, there are specially tailored payday loans, called short payday loans which let you repay the loan within a longer period and in several small amounts of money per month. Usually, we are talking about 3 months as a period for repayment and 3 single sums to send to your lender.