Payday Loans
 
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If anybody looks closely to the statistic of the people who are enjoying the payday loans UK, the incensement in number will certainly surprise him. According to the statistics, there were 1.2 million of people using payday loans UK in 2006. But now the number is increased to 4.1 million in 2010, i.e. 400 hikes in just 4 years. The borrowers of UK are taking out average 3.5 loans per year and the average estimation of a loan is £294.
    Now the question which strikes us is what is the reason behind this surprising hike in the field of cash advance loans? There are a handful of reasons behind the soaring popularity of payday loans UK.

Bank fees as well as other late fees: In UK not only the banks but also the phone companies, cable companies and other utility providers charge very high late fees. As a result of that, these short—termed loans have become immensely popular among the consumers.

Economic downturn: With the rest of the world, the economic downturn has hit UK too. As a result of that credits from banks have become less available. Therefore, the consumers are left with no choice but to go for payday loans UK, just because those are the lone sources of credit.

The US companies are now entering in UK: The US companies have made the necessary opening in UK--market. These companies are taking UK as a large market having a better future and which has steadier regulatory situation than that of many states of the United States.

Convenience of online lending: In the United States getting a loan from a store, even if it is a local one, can be enough time—consuming. It usually takes a day. But in the UK it is a matter of hours. 


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We need no credit check payday loans when we are in absolute need of money. Sometimes due to some emergencies we need to borrow cash from the lending companies and the process must be quick and simple. But in doing so we usually forget to check out the company from which we are borrowing is a legitimate one or not. Nowadays while the online world is full of hype, scams and gimmicks, it is really hard for us to find out the right and legitimate payday loan offering companies. If we are in an urgent need of money we cannot afford to have the luxury of time wasting in finding out the right lender.

Thankfully there are some legit lenders that offer no credit check payday loans online. They never check your creditworthiness if you opt for one of these lenders. The only thing you need is to have a job as your security. In fact there is no other requirement except being 18 years old and having a job to qualify for this no credit check payday loans. 

Some lenders may ask for a checking account in order to approve your loan application. But the funny part of this is that you really need not to have that checking account though lending company will surely ask you to have one. This is so because they will get their money if your payment bounces and you will be charged a small amount of money by your bank. But if you are having a checking account, there will be no overdraft protection and there is less chance for the lending company to get their payment if the amount is not in your account.  No lender can differentiate between a checking account number and that of a savings account.


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When it is the middle of the month and your next payday is some way off and you are badly in need of money then payday loans can come to your help. It will provide you emergency cash so that you can meet your immediate requirements and the repayment will take place after you receive your next paycheck. The main feature which has made payday loans very popular is the easy and quick transaction of money.

What do you need to qualify for payday loans?

  • Firstly, as you are going for a legal contract the primary requirement is your age. It takes to be 18 years old to be regarded as a mature citizen.
  • Secondly, you need to have a job. The period during which you are being employed must be at least three months. But sometimes some loan providing organizations can ask for more. They also ask for the name of the place where you are working and a contact name.
  • Thirdly, the amount of your pay will be considered while approving your appeal for payday loans. But they will not consider your credit rating. For this anyone can obtain a payday loan. But remember the amount of your income needs to be more than $1,000 monthly. This requirement comes with variations. Some lenders may ask for $1,500.
  • Fourthly, you need to have a checking account. And that checking account must be active for at least last three months. The lending company will put the cash from your loan into this checking account. They do this for security reason. What if they cannot deposit the money directly? Well, you may lose the opportunity to get a loan from them. Sometimes they may use a savings account. But that depends upon your bank’s permission.


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