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The idea behind the concept of payday loans is simple. Most of us at some point in time in our lives, have borrowed small amounts of money. We do this with the idea of paying the money back whenever we get salary from work. Payday loans work much the same way. Of course the main difference is that instead of asking a friend for some money, you are going to a company that specializes in these types of loans. However, with a payday loan company, there is no need to wait for the day you get paid from work. Most short term loan companies will loan the money right away, as long as the person can give proof of identity and write a check to them. The company will then cash the cheque, when the person gets paid at work. The cheque is in a way collateral.
In short, a payday loan in the UK is a short term unsecured loan. The ultimate purpose of this loan is to give you fast and easy access to emergency cash. This is why it is done by people who need relatively small amounts of money immediately. Whenever an unexpected event pops up in our lives, such as car break downs, medical emergencies etc, a payday loan is the fastest and easiest way to deal with it. This is especially true nowadays, because more and more people in the UK are falling on hard financial times. With most loan companies, there will be a limit to how much a person can borrow. In most cases the upper limit is around 750 pounds.
Other stipulations include being able to prove that you are 18 years or older, employed, have a UK based bank account and own a debit account and a debit card. Even though payday loan companies have been around for a while, there has been a new trend in this industry, and that is online payday loans companies. Online companies are becoming more and more popular. The reason for this is because, as with many online services, it is much easier. It is now possible to fill out a form in the comfort of your own home, and have the money sent to your account, usually on the same day or within an hour. Not only that, even if the client has a bad credit history, defaults or County Court Judgments (CCJ's), it will not affect their standing with the loan company.
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