subject: Solve Your Financial Distress With A Payday Loan [print this page] Financial distress is something that almost every person, has or will, face at one point in their life. Whether the cause be; a bill that was not accounted for, an emergency medical bill, unexpected vehicle repairs, or a simple as grocery bills. This always seems to occur somewhere between pay periods, and typically leaves a person scrabbling to find the money to cover said costs. While most people will instantly consider going to their bank or financial institution, others may not have that choice.
There are several reasons why instant cash payday loans are more beneficial than traditional personal loans from a bank. Among these issues are; not enough time on the job, credit score issues, not enough income, and many traditional lenders offer no less than 1000. This amount may be far more than a person is in need of. For these individuals, a UK payday loan or cash advance, may be the only option they have. The thing to keep in mind is the charges and fees that come with UK payday loans.
Charges and fees can be in the form of, either a fixed amount based on what is borrowed, or a percentage of the amount that is borrowed. Fixed amounts are typically around 15 per 50 borrowed, or 25 per 100 borrowed, this amount will depend on the lender that is chosen. Percentages can range and either be charged each day of the loan, each week of the loan or a percentage of the total amount for the duration of the loan.
For example, a company may charge ten percent of the total amount of money borrowed, every seven days during the term of the loan. If a person borrows 100 and the term of the loan is thirty days, they total amount of repayment would be around 150. Another method, charging a percentage per each day of the loan, although rare.
This is normally two or three percent per day. This method is increasingly rare due to the excessively high amount of repayment. The most common method is charging a specific percent of the total amount borrowed. This is normally around twenty five percent, and may vary slightly by company. In the same example amount, 100 borrowed, the total amount due, at the maturity of the loan is 125. These quick cash loans online are generally extended for between twenty eight and thirty one days, before the loan matures. Sticking with a fixed finance charge is, in most cases, the best option.
by: Joanne Strider
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