What Is The Difference Between Payday And Personal Loan?
Well both are totally different finance solutions for financial need. You can get an instant wage day loan when you need money same day. Pay day loan is used to borrow a small loan amount like £50 to £1000, if you are looking for more than £1000 then you must have to apply for unsecured or secured loans,
No credit check payday loans is also call wage cash advance loan, pay day loan is short term loan which you to pay at next payday date which in under 30 days. And yes the most important thing that pay day, loan can be use only when you need urgently as APR rate is too high for these loans. You have to pay 20% – 25 % as interest part. For example if you are borrowing £100 pay day loan in this case you have to repay £120 at your next payday date. And suppose loan amount is £1000 then you have to repay £1200.
But the best part of Easy Step Finance payday loan is instant decision and approval; if you need money within couple of hours then you can’t wait for unsecured loan as all other loan take time for loan approval. But is pay day loan lender will transfer money in couple of hours in your bank account. In unsecured loan you have to permit for credit check to lenders but in pay day loan no credit check required so you can get loan even if you have very bad credit history. Pay day loan is designed only for employed persons who gets their salary in bank account so first eligibility for pay day loan is employment and salary should be payable in their bank account. If you are part time employee but getting your salary directly in your bank account then also you can apply for pay day loans. So for pay day loan you must have a valid bank account and the minimum take home salary should be more than £750 per month. The 2nd eligibility criteria is age group, borrower must be in age group of 18 to 65 years, if you are below than 18 years age group or over from 65 years then you can not apply for pa day loan. And lastly borrower must have to be agreeing for a direct debit for this loan.
Now the question is if borrower is unemployed and doesn’t have any bank account then what he should do borrow money, so we have an answer at Easy Step Finance as unsecured loan, it can take up to 1 week to get money but its best option if you are not eligible for a pay day loan. Also you can apply when you need a larger amount of £1000, Easy Step Finance will help you to borrow up to £1,000,00 as unsecured loan and no worry if you are not employed you can get loan according to your repayment capacity. Tenant loan is suitable for those borrowers who are tenants or don’t want to put any security against their loan. And if you are home owner then secured loan is other option for you. You can get instant loan against your property and when you go for secured loan then you have to pay a min APR.
So Any time in UK when you need money for any purpose you can apply online and get an instant Personal Loan
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September 26, 2010 | In: Loan