People residing in the UK can now apply for payday loans London whenever they have any requirement for instant cash in the middle of the month when their payday is still weeks away. There can be numerous reasons for availing payday loans London, such as medical emergencies, housing or car repairs, utility bills and so on.
Payday loans in the UK are available to all UK residents that are at least 18 years of age, have a checking account in UK bank and are in a stable job since long. These are unsecured loans where no collateral is required by the lender. Aside from this, no credit checks are done on the applicants and even those suffering due to their bad credit score can qualify for this loan.
When a person avails a payday loan, he or she authorizes the lender to take out the loaned amount from the checking account on the coming payday. Therefore, the lender will automatically take out the loaned amount plus interest unless borrowers request any extension.
It is quite easy to take out a payday loan in the UK. Most of the lenders are now online with extensive details provided on their websites along with an application form. Once the borrower fills and submits this application form, lender starts the verification process and within hours, the loan amount is approved and electronically transferred to the checking account of the borrower.
Usually, borrowers are provided payday loans in the range of £100 and £1000 for a period of one month. Since these loans come at the high-interest rate, borrowers should repay them within the stipulated time to avoid paying penalties or excessive interest rate. However, all those who want some more time to repay payday loan London can request an extension by paying a nominal extension fee to the lender.