Instant Online Payday Loans Available at Now Loan
It is not that long ago when media cautioned people about how payday loans were pushing them into a trap of debts. Citizens Advice also helped thousands of people who had issues with payday loans and the problems revolved around interest rates that were categorised as extortionate. On the other hand, millions of people faced other types of issues as a result of unarranged overdrafts. People with a £50 unarranged overdraft ended up paying back more than twice that amount, overall.
Payday loans are now capped since the last couple of years. The Financial Conduct Authority has gone on to protect customers from exorbitant interest rates charged by payday loans. Payday loans have become popular since then like 83% of borrowers in the United Kingdom have depended on these loans while less than 20% depended on the high street banks and stores for their loans.
Instant Online Payday Loans are now available at Now Loan
Now, borrowers can expect to gain access to loan amounts up to £2,000 in a matter of minutes. It takes just about a couple of minutes to fill in the application form here and submit information to the required questions to select the best options from the panel of lenders on offer. Borrowers can select their loan amount by using the drop down menu here and clicking on the apply button. Within few minutes of the loan application, the borrowers will be shown choicest deals from a panel of lenders for them to accept or decline.
Payday loans are beneficial in difficult financial situations
Payday loans are ideal for raising swift cash to take care of financial emergencies. These loans help in paying for expenses that are unexpected like late bills before the salary date. It will save borrowers from penalties that may be imposed on making late payments. Payday loans offered here are payable with the next pay cheque. This means that borrowers would be in debt only for a matter of few weeks. The main benefits that are derived from accessing payday loans here are speed and convenience.
Payday loan applications are approved almost instantly by Now Loan if the relevant information provided by borrowers is complete. The process of screening the application is quick and simple. It will only take few hours for lenders to transfer funds into the borrowers’ bank accounts. The element of speed in processing of payday loans is a major factor that has made them popular in the United Kingdom. Credit card applications and standard loan procedures take a longer time to process. People have to wait for many weeks before they can expect to receive funds. This will not help in cases of urgent financial emergencies. There is no guarantee that the loan application would be eventually approved.
Another big benefit offered by payday loans here is convenience. Borrowers do not have to leave the comfort of their homes to apply for payday loans. Applying for an instant online payday loan is highly convenient for borrowers. They can apply from wherever they may be. These online applications could be made on the go. Borrowers can apply for fast money on the trains on their way to work or from a stadium while they are watching a football match. Many lenders today have websites that are responsive, and they are designed to function well on all smart phones from all manufacturers. Few lenders have their own Apple or Android mobile applications that could be accessed.
Interest rates offered by Now Loan on the Payday Loans on view
On a sum of £500 which is borrowed for three months, the representative Annual Percentage Rate will be 278%. The loan amount repayable in all would be £672.60 with the interest component being £172.60.