Whilst some people may want to extend their payday loans over 3 months some people prefer and are able to pay back loans for 1 month. A payday loan is a loan that you borrow over a period of a maximum of 1 month. It is a quick way to get instant cash online that you pay back on the date of your next payday.
If you have a poor credit rating, that is your credit score with the major UK credit scoring companies as these are the companies the banks and credit providers turn to decide whether or not you are credit worthy. If you happen to have a low credit score then this will often exclude you from many of the credit facilities offered by many of the high street and online retailers. It will also mean that when you turn to a bank or building society for a small loan you will more than likely be turned down due to your poor credit score.
If you do have a bad credit history then one of the few places that you will be able to obtain a small cash loan is with a payday lender. Payday companies do not rely on your credit rating when deciding whether or not they will lend you money. Instead they make their loan decisions based on your ability to repay any money that you borrow.
A payday loan company will base their lending decision on the amount of income that you have coming in each month and whether or not you have a previous history with the lending company. As a first time customer you will generally only be able to borrow a maximum of about £400. Once you have repaid a loan without any problems then you will be able to borrow up to £800 if you need to take out another loan with the same company in the future.
To apply for a short term loan you need to complete the online application which should take no more than ten minutes to complete. Once your application has been approved you will receive an email informing you of your success and your cash should appear in your account later that day. If you applied at night or late in the afternoon then it may be the next day before the cash appears in your account.
