For those looking for Small Cash Loans.
This time of year can be rather difficult for some families in balancing their budgets due to a shortfall in their finances. They normally make cutbacks to make it to their next payday before their money situation gets sorted out.
People now use short term payday loans as a kind of âbridging loanâ to cover the deficit in their family finance until they next get paid.
This kind of borrowing requirement is very often for relatively small amounts, but is more than likely needed in a quick time to cover bills or any unpredicted financial emergencies before the next payday.
The loan amount can be from a small Â£100 to a maximum of Â£1000. Some lenders may accept applications for higher amounts, but these would be paid over longer time, e.g. 6 months. These loans are known as instalment payday loans.
Short term payday loans in the UK are usually for 3 to 30 days and instalment payday loans can be anything from 1 to 12 months duration.
Who can Apply?
There are certain criteria that an applicant must meet before any reputable payday lender will consider an application through Gimmedosh.com. The main restrictions are that the borrower must:
â¢ Be 18 or over, and
â¢ Be a UK resident, and
â¢ Be employed for at least the past 3 months, and
â¢ Have a UK bank account.
Many payday lenders donât perform a credit check, but some that provide very competitive interest rates (APRs) do carry out a credit check on the applicant, which is âcherry pickingâ the least risky borrowers.
Obviously payday lenders that donât do a credit check will be charging much higher interest rates (APRs).
This is the main criticism about the payday loan providers in the UK, by both campaigners and government officials.
There are obviously a small number of short term payday lenders that charge excessive interest rates (APRs) for their quick cash loans, e.g. 4000% APR.
But, the majority of payday loan providers lend money at much lower interest rates (APRs), e.g. 250% APR.
Most payday loans are required in a hurry and some providers promise all sorts of timescales in getting the money into your bank account, e.g. within 15 minutes of the short term payday cash loan approval! But, is this realistic or just another marketing tactic to get noticed in the busy payday loan market?
Gimmedosh.com promises a quick and reliable application process for the top ten short term payday loan providers in the UK and promise a fast transfer of the cash loan into the borrowerâs account in no time at all, sometimes as quick as 1 hour, but mostly within 24 hours.
Many borrowers of short term payday loans tend to come back to the same company or broker to get quick cash into their bank account to cover any financial emergencies.
There are people that may want to âroll overâ their loan, as they are having difficulty in repaying the original payday loan. This is different to coming back to the same lender for a repeat loan.