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Payday loan lenders: Your one stop guide! by Kitty Harmer





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Payday loan lenders: Your one stop guide! by
Article Posted: 07/13/2012
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Payday loan lenders: Your one stop guide!


 
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How much time does it usually take to secure a loan? Consider this: you apply for the loan, wait to hear back from the bank or lender for a few days, start filling out forms, provide proofs of credibility and insurance, more forms, need security clearances, require guarantors, wait for the application to be processed, still more forms, application moves through different levels of vetting and then finally you get the money. Or do you? There is still no guarantee that you are considered a no risk investment and the term 'back to square one' immediately leaps to mind.

The problem becomes even more frustrating when you require a comparatively small amount of credit for a short period of time. The whole process of loan applications defeats the very purpose of this requirement and the average guy is left to weather the storm alone. The situation indeed looks grim, but has eased somewhat with the advent of payday loans or '1 hour loans'.

So what is a payday loan? Technically, it's called a payday loan and is defined as a short term loan secured against your next paycheck. Only proofs of employment like the prior month's salary slip and a post dated check are required as a nominal evidence of insurability. All formalities can usually be completed in a short span of time and you get the required credit within an hour. The traditional target demographics for these loans are individuals with sudden cash needs that can be repaid from the next paycheck. However, there are many factors that should be kept in mind before proceeding on such an endeavor.

The requester should be aware that the rate of interest is very high for these loans since they are meant to be short term. The rates typically hover at about 15% of the base value for a loan with a two to three week advance. Therefore, it is extremely necessary to repay the loan within the required time; else the interest itself can cripple you. Since a post dated check is usually provided by you, the payday loan lenders can even initiate legal action in case of defaults or extended late payments. This makes it imperative that the whole process be initiated only if you are absolutely sure of the need and can safely confirm the lender's business practices. So be cautious as you approach that part of this article which explains how to apply for these loans.

The process has in fact already been explained within the previous paragraphs. You approach the lender, both traditional and online, and secure a loan after supplying the required documents and post dated checks. On the maturity date, the borrower is expected to repay the amount with interest. The online lenders now offer faster and efficient services, as you don't even have to leave your place of work or home. There is an online application process and required documents may be sent over by fax. After completing the formalities, the lender electronically transfers the funds to the borrower's account. At the date of maturity, the required payment is made via wire transfer back to the lender. www.microlend.co.uk is one of the premier online payday loan lenders and has a very fast approval process. Since they are direct lenders and not brokers, the money can be yours in no time.

It demands reiteration that even though the whole process may seem fairly easy and hassle free, care should be taken before initiating proceedings. These lenders should be thoroughly scrutinized and credentials properly checked out. Make sure that you are getting what is advertised without any hidden charges. It is always advisable to go for established loan lenders who have a great track record. Also, try to take advice from friends or finance professionals before committing yourself to this type of loan.

If you are looking for Payday Loan Lenders you can Browse Here. Microlend offers Payday Loans from £100 up to £1000. Apply online in 2 minutes and get your loan into your bank account within 2 hours.

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