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If you are having a rough financial spot and you can’t take out a standard emergency loan anywhere, you can always take out a payday loan. Whilst they are known for the very expensive costs they are attached to, their easy application press and fast approval means they are ideal for borrowers that need financial remedy fast.

Small and Short-Term

Most of the time, payday mobile loans are available for a small amount- generally, just a few hundred quid to a thousand. The reason why they are smaller is that they are meant to be paid off on the borrower’s next payday, typically the end of the month. The small amount means it should not be impossible for the borrower to pay them off.

Considering the high costs for borrowing attached to this type of quick loan, it makes sense that they are only available for a smaller amount. Otherwise, people might find it hard to pay them off, which could result in additional fees and penalties that will make the debt even more expensive than it already is.

No Credit Checks

Most payday lenders market their services to have no-credit checks. However, payday lenders still do perform credit checks when processing small business loan applications. The only difference is that unlike standard lenders that perform hard credit inquiries, payday lenders only perform soft credit checks, which does not have an impact on one’s credit score.

Expensive Costs

Payday loans are unsecured and lenders generally do not look not a borrower’s credit score and history when deciding whether or not to approve their loan request. Instead, they look more into their income source to determine whether they can afford to pay the loan or not. Due to the high risks involved in these types of short term loans, the borrowing costs are generally very high. This is the reason why payday loans should be paid off on the due date so costs are not going to accrue exponentially.

Are Payday Loans Legal?

Many people today are choosing payday loans because it’s fast and easy to apply. They don’t even require borrowers to have a good credit score so basically they accept those who have bad credit. But, is payday loan a legal lender?

Payday loans are known for its short-terms that usually takes 14 days. Mostly, payday loans are marketed through online by banks as no credit check loans. Getting a payday loan is very easy but you also have to repay it within a couple of weeks which takes a lot of pressure to repay. If you can’t repay your payday loan on its due date then charges and other fees will accumulate. The good thing about payday loan is that you don’t need good credit score especially when you’ve had a bad credit history. Payday loan is more costly than loans offered by banks and credit unions, especially when you’re struggling financially it will pull you down even more. So, it’s a bad idea to get this loan if you’re struggling with your debts.

When you surf on the internet and shop for a payday loan you must be extra alert. There are payday loan lenders that are actually legal. You can do a series of background check if the lender is listed under the Financial Conduct Authority. Have you heard of “loan shark”? Well, Loan shark is also a lender that offers extremely high rates just like what payday loan lenders offer but the difference is that loan shark has strict and illegal conditions. They also offer loans to people who badly needed extra money. They were friendly at first especially when you’re repaying them with high rates of interest and might keep on with the flow. But the fact is, they’re just taking advantage of you and the money you borrow will keep on high fees. They could even threat you or harm you if you’ll settle your debt early. They also refuse to give any information about how much you owe them and the interest rate you have to pay. So know the difference between a legal payday loan lender and a loan shark to save yourself from scams through online.