What can I use my Quick Quid Loan for?

What Are Payday Loans For?

This is perhaps the easiest to answer question of all surrounding payday loans, though to offer a comprehensive list would take from now until eternity. The simplest answer is to say that this ubiquitous product is on the market for almost any and every imaginable purpose, limited only to the imagination and desire of the borrowers. 

While an endless array of critics continue to suggest that cash lenders were designed and developed only for specific people and specific needs, this really couldn’t be further from the truth. 

A online loan is the name given to a short-term cash loan, which in most cases will be between £100 and £800 and offered over the course of a single month. 

The theory is one whereby the loan serves as something of an advance on an upcoming payday, which would therefore make using a payday loan a little like bringing payday forward, or spending an upcoming paycheque in advance. The advantages of these kinds of loan include the cash being available in a matter of minutes and no credit checks being carried out on applicants, but what exactly is the cash used for?

The list really is infinite, but there are few examples that always prove to be the most popular.

First and foremost, there is nothing in the world quite as convenient as a payday loan when it comes to meeting a missed bill or a final demand before ending up knee-deep in the proverbial. Even assuming that bill arrives on the doormat during breakfast and would otherwise ruin the rest of the day/week/month, a payday loan can be taken out and the whole matter put to rest long before lunch. 

Likewise, cars have a wonderful habit of giving absolutely no notice before clapping out, but it’s usually safe to say this will only ever happen when not a penny is to hand. A payday loan on the other hand can be taken out in less than 15-minutes and used to fund all manner of repairs, or even a cheap and cheerful used-car if things have really taken a turn for the worst. 

Use wisely and pleasantly

Taking the above minor-disasters out of the equation, there really is little to no reason why payday loans cannot be used for the more pleasant things in life, just as long as it is handled responsibly. From “emergency” shopping trips to weekends away and even a much-needed TV, the money is basically the borrower’s paycheque a few weeks in advance, so exactly what it gets spent on is their business and their business alone.

Who is using Wonga and why?

Who Are Payday Loans Aimed At?

There are two schools of thought when it comes to the target market of the payday lender – those being that there are indeed certain people in the crosshairs of the UK lender, or that they simply exist for anyone and everyone. Contrary to the belief of the millions who always seem to side with group one, it is in fact the latter that is 100% correct in this instance – payday lenders have no specific target market other than the UK consumer public in general. 

New market

What makes the payday lender and the loans they offer so different from conventional financial products is the way in which they are potentially all things to all people, when it comes to covering minor expenses from time to time. The simple fact of the matter is that even the most financially comfortable individual with an excellent credit record cannot predict when and where they may face an unexpected cash shortfall – just as is the case for the rest of the country living paycheque to paycheque. 

These are meant to bridge the gap

Or to put it another way, the payday loan was designed to fill and bridge every minor financial gap a person might ever come across, which amounts to a list larger than all the paper in the world would accommodate.

The payday lender’s unique approach to lending is clearly apparent when taking a look at the actual products and services they offer. Unlike ever other major bank and lender on the market, the products and services on offer along with the fees and charges attached are not determined by the status or position of the borrower – they are fixed at a predetermined and non-negotiable rate. This in turn means that a person with little to no collateral and a rather unfortunate credit report could expect to pay exactly the same fees and charges as a person with gleaming credit and the most lucrative of careers.

Is it fair?

Some would call this a little on the strange side, the online loan lender calls it 100% fair and equal lending to an extent never before seen on the UK market.

The theory is basically one whereby each and every person is just as at-risk to a million and one potential daily shortfalls involving their cash, therefore all should be offered exactly the same products and the same level of service when it comes to making amends. When and where a small sum of cash is needed to avert a minor crisis, the payday lender is there to help pretty much anyone – it is as simple as that.

Beginners guide to get a payday loan online

Pay day loans are simply short term loans which you get when you have an emergency and you are temporally out of money. The amount of money given is not large as it is meant to offset you from your current situation. 

How do you get a one hour loan?

• To get a pay day loan you will need to write a check which indicates the amount you are borrowing plus the a fee. You may give this check to the lender and cash it when you are ready to repay the loan. 
• The advantage with these loans is that if you can’t repay on the due date, you can “roll it over” which means that you could have the loan extended. The only thing you need to be cautious about is the accumulation of the fees which might even surpass the principal amount. 
• It is important to know the cost of the pay day loan, as they are extremely expensive. This is because you would end up paying the annual percentage rate which could be more several hundred percentage. 

There are many pitfalls for the borrower which include the fact that this option cannot help you solve your real problem. In fact when you have a bad financial problem these predatory loans could only make your situation worse. 

When you pay high interest rates this could mean that your expenses will be going up instead. 

Nevertheless, pay day loans may sometimes lift you up from the financial pit maybe once in a while , helping you get through a tough time. For instance, if your car needs repair and would want some cash to put it back on the road, this would be a good options to consider. It should therefore be a short term loan because using it as a long term strategy, it could pull you under. 

This is a very serious matter as you might get in trouble if things get out of control. The checks that you write to the lenders could bounce and therefore end up to the naughty file. This is could make banks and retailers unwilling to work with you. You may also get sued or get your accounts taken to collections which could wipe up your credit.

The banks are already involved

Some banks have considered this new market of online loans as a lucrative venture and have moved to the industry. Although the traditional bank loans are better, the bank pay day loans are not different from those offered by other establishments.

Whichever the names they call the damn things, they are still quite expensive and very risky. Instead of using cash advances, it could be a good idea to consider other alternatives such as building up an emergency cash fund among others.

Doing more research is the most important thing because this would ensure you make an informed decision when choosing this option. You should not fill more than one loan form from different lenders. If you apply for more than one pay day loan at a time, the lenders will use your credit history and would be hesitant in advancing the loan to you ,as you will look more desperate.

Source websites

SimplePayday.co.uk

Crunchbase.com

Apsense

Artipot.com

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Jigsy.com

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