When you look into borrowing money, you may find lenders advertising secured, unsecured, personal, and payday loans. With so many choices, how do you know which may be the most suitable for your needs? Here are some facts about the quick payday loan, and the other types of lending as well, that may be available to you.
When looking for the most suitable loan you have to consider two main factors:
· the length of time you wish borrow money for;
· the amount that you wish to borrow.
Typically, a secured loan allows you to borrow more than the unsecured might. Often lenders may allow you to borrow thousands of pounds with a secured loan; however, the downside is that you have to secure something against the money you are borrowing. This in the majority of cases may be a large asset, such as your home. So if you default on the loan, you are potentially at risk of losing your home to the lender.
Usually when taking out a secured loan you are able to spread the cost of the amount you borrow over a longer period than with the unsecured. It is not unheard of to take out a secured loan and repay it back over 10 or more years.
An unsecured loan (where the lender does not secure the lending against an asset) may be repaid over many months or even years, but will not usually run for as long as a secured loan. There will also typically be smaller lending amounts involved (but these will typically still be in the thousands).
Both loans allow you:
· a longer time to pay the money back; and,
· to borrow more than you do with a quick payday loan.
Do also note that with these loans, the application and approval process could take several weeks, with secured loans taking potentially even longer to approve.
The short-term solution
When you take out a payday loan, you are taking a much smaller loan, usually between £100 and £250 and depending on the lender. You may apply for a quick payday loan for just about any reason when you need a small, quick cash injection and repay the money at an agreed date, which is typically on your following payday.
When looking for a payday loan you will typically need to hold a UK bank account in with a debit card and have over so much coming into the home each month. Your bank account details are needed so that if the loan is approved the money you borrow is paid into your account, usually on the same or the next day as you apply.
The lender takes their money back, along with any agreed interest or other fees, from the debit card linked to the account, on the pre-agreed date. Once it has been repaid, you are free from that particular debt.
So, if you are looking for small cash advance until your next payday, rather than a larger amount to be repaid over many months or years, a quick payday loan may be a consideration for you.
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