Category: money

Need loan to celebrate wedding day with your friends?

Every now and again you may experience a month that seems to last for ever. Loan may never seem to arrive but unfortunately the same can’t be said for the bills and expenses – so finances could be tight. Loan may help provide a bit of financial slack until you next get paid.

Of course, life isn’t all about financial crises.

Everyone may need a little lift from time to time, particularly after a long and hard winter.

Sometimes you may just feel like spending a little bit of money on yourself or your family and friends. If you can’t think of a better reason, then Wedding Day may fit the bill.

If you plan to have a few friends round, then loan could help you line up a few treats to supplement the traditional wedding ceremony.

The beauty of these loan is that you can use them exactly for situations like this.

Wedding loan lenders typically are not really interested in why you may want to borrow some money. Their main concern is that you repay the loan as agreed and on time. Why you need the cash is completely up to you.

To be eligible to apply for one of these fast loans, you’ll typically need to be over 18 and in regular employment.

Since these loans can typically be arranged online with no paperwork, you’ll also need a bank account for the funds to be transferred into and a debit cord so that a debit can be set up to make the repayments automatically on your chosen loan.

Amounts available may vary from $7,000-$15,000 right up to $50,000. The first time you borrow or if you have had credit issues in the past, you may find that you could be offered less than you originally asked for.

However if you successfully repay this loan and wish to borrow again at some time in the future, you may find that you are offered more as your relationship with the lender develops.

Having a fixed monthly or weekly income can mean that any unexpected expense (or spur of the moment spending) may make things a bit difficult. With loan though you can borrow just enough money to make things that little bit easier and get you through to loan.

Making use of short period loans

If you borrow money, you may hear mention of long and short period loans.

This expression just relates to the length of time the loan is repaid over. This is also sometimes called the term of the loan.

A long period loan is typically one that is paid back over years – a mortgage or major house renovation loan may be good examples.

Short period loans are typically taken out for smaller amounts of money and repaid back over a period of a year or two – perhaps sometimes over just a few months. Possibly a furniture loan would be one such example.

Payday loans

For a long time, most borrowing fell into one or other of these categories – possibly supplemented by the bank overdraft for more variable requirements. Unfortunately, these loan products didn’t necessarily suit the needs of people who wanted a smaller loan just until they next got paid. That’s why the payday loan was developed.

The payday loan is a facility designed to offer you a fast loan paid directly into your bank account – a sort of cash advance on your next payday. When you next get paid, the lender simply debits your bank account to recover the loan plus their previously agreed charges.

Your debt is paid off and you don’t have to worry about ongoing repayments.

As the providers of the payday loan are typically not advancing very large sums for extended periods of time, they are able to make very fast decisions and usually entirely online. If the loan decision is positive, the money could be making its way towards your bank account within a few hours.

Poor credit history?

You may also benefit if you have some question marks on your credit history because the requirements of the payday loan providers may be less demanding than those of the conventional lenders.

As is the case with all lending, the costs of borrowing through a payday loan will vary depending upon the provider. The good news is that typically these loans are reasonably priced and may actually be more cost effective than some unauthorised bank overdrafts.

Cost-effective

For example and at the time of writing, if you wanted to borrow £125 until your next payday in two weeks’ time, using a payday loan from Speed-e-loans it would cost you £18.19 in interest plus a £4.95 bank transfer fee. (Do note that payday loans from other companies will attract different charges and the figures above should be used purely for illustration purposes of how a payday loan may be cost-effective, say when compared to an unauthorised bank overdraft).

The attraction of a payday advance is that it offers very short period loans that minimise your engagement in lengthy repayment periods. It’s borrowed and repaid very quickly. Once that’s done you can forget all about it – until you next need access to fast cash.