Instant Payday Loans?
Searching for Instant payday loans? CashLady payday loans can help you out of a tight spot – as long as you use them wisely. They can be quick but not necessarily instant as our lenders need to perform proper credit assessment before they lend to you.
From time to time we can all find ourselves short of cash. When we do, a so called “instant payday loans” can offer a quick and easy way to get things back on course.
They have received plenty of bad press over the years, but as long as you use them appropriately payday loans can be useful. The key is to understand the situation and only take one out if you’re sure it’s the best option for you.
About instant payday loans
First thing’s first – what do we mean by an instant payday loan? The name tells you a great deal. A payday loan is a form of short term lending designed to help you bridge those difficult payment gaps. It can come in handy if you find yourself running out of cash a week before payday or if you have an unexpected cost.
For example, shortly before Christmas my car’s clutch gave out resulting in a repair bill of £700. Coupled with the costs of building towards Christmas, that’s the kind of thing which can have your bank balance screaming in terror. Payday loans are there to help. You can get funds from a few hundred pounds to a couple of thousand to bridge the gap. As long as you pay it back quickly the cost shouldn’t be too frightening.
The term instant is one which can lead to some confusion and problems. You might be expecting a process which almost instantaneously delivers money to your bank account. While there are some who claim to offer instant loans, you should treat them with some caution.
Before accepting a loan every responsible lender should take time to run credit checks to make certain you’re able to pay it back. This can take time, so the term ‘instant’ doesn’t necessarily apply.
Equally, we know that time can be an issue when you need a payday loan. Having to wait a couple of days for a decision and for money to be transferred simply isn’t going to get the job done. That’s why at Cash Lady we restrict the time it takes to make an application to just three minutes. That way we can offer a service which is fast, accessible, but responsible. Money might not arrive instantly, but it can often be there within an hour. That means you get a responsible loan in the time you need.
Speed is important because sometimes you need access to money quickly. What if your car breaks down on the way to work and you need access to money quickly in order to get it back on the road? A conventional loan could take several days for a decision. By that time, the emergency will be over.
At the same time, you don’t want the urgency of the situation to affect your decision making. Take, for example, the story of doting father from Beverley. He wanted money to help pay for his daughter’s wedding and paid £300 to get £3,000. The trouble is he’d fallen prey to a fraudster who never delivered the money.
You need help from a recognised source who will work with your best interests at heart to provide loans which are suitable for your needs. Cash Lady is a fully licensed broker who will provide you with access to loans which are right for you.
Is a payday loan right for me?
While they can indeed be useful you should still be careful. Make sure you understand the costs and how you will repay the loan. These are short term options, but if you take too long to repay it can become extremely expensive.
Understanding the true cost of payday loans can be complicated by the quoting of annual percentage rates (APR) lenders are required to do this by law which is why you see providers typically quoting figures of 1,000% APR and more. That can seem terrifying, but it doesn’t tell the whole story.
If you use the loan as intended the cost becomes more affordable.
For example, if you look on our home page you’ll see that a £200 loan over the period of 35 days could cost an APR of 1,272%. Compare that with the 17% you might expect to pay on a credit card and the cost seems pretty big. However, the true cost of the loan – if it’s repaid in 30 days is a less frightening sounding £48.
The pay day loan sector has become much better recently thanks to regulation from the Financial Conduct Authority.It has made moves to cap the prices, limit penalties and seek to avoid lenders getting into serious amounts of debt.
These regulations cap interest at a daily rate of 0.8%. Penalties charged for late payment can be no more than £15 and borrowers will be required to pay back a maximum of the loan amount in interest. The move has seen some payday lenders go bust, but in general it has made the industry a much safer place for borrowers.
So in general here are some pointers about quick payday loans:
- Understand the term instant: Responsible lenders will take time to check your credit rating to make sure the loan is appropriate. Nevertheless, payment times can be within the same day.
- Don’t borrow more than you can afford: Understand the risks and make sure you don’t get yourself into hot water.
- Pay back quickly: The quicker you pay the less the loan will cost
- Understand the costs: An APR rate means little. Work out how long you want to take the loan out for and learn the true cost.
Most of all, make sure you choose a partner you can trust. That’s where a firm like Cash Lady comes into play. We help thousands of people find the right kind of loan for their needs. Have a look around our website and check out a few of our videos to find out more.