Should I borrow cash till payday ?
Posted on by Laura
Chances are that if you are reading this article, you are a sensible person who wants to research finance options before committing to take out a cash till payday loan. This is great news! This sort of decision does require a lot of thought and research so you have absolutely come to the right place.
Payday Loans (Photo credit: Steve Rhodes)
Cash till payday loans are a very popular source of short term income. This does not mean that it is the right source of income for you however as you need to answer a lot of questions to determine this. Firstly, what is the reason that you need the payday loan? If it is because you have no money in your bank account and cannot get to work until your next payday then you quite possibly need the loan. This types of solution is for essentials only and not luxuries.
The next thing to look at is can you borrow the money from anyone else like a friend or a relative? Cash till payday loans cost money because of their high interest rates, therefore borrowing money from someone that you know and trust is a cheaper option. If the answer is no then you should continue to research payday loans.
Are you over 18, a UK resident with a UK bank account and have an income of £750? Do you need a loan for up to 30 days only and the amount is between £80 and £1000? If the answer to all these questions is yes then you should calculate exactly how much money you will owe by borrowing the amount of money you need and adding the interest amount i.e. to borrow £200 costs £50 at a 1737% APR. If you can afford the repayment and need the money within 24 hours then there is an excellent chance that a cash till payday loan is the best solution for you.
The final thing to think about is your overall financial situation. Be realistic about how sensible you are with money and how much debt you have currently. If this is a one off request and your finances are otherwise stable, then a cash till payday loan is a great short term solution for you.
Once you have answered all of these questions and feel that you are ready to proceed with the cash till payday loan, the process is very simple. All you need to do is choose your loan provider, make the request, wait for the loan to process and you will have the money in your bank account within 24 hours. Make sure that you make the repayment within the agreed timescale as this will avoid getting into any more debt than is necessary.
