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Payday Wage Loans

Payday advances or payday loans are a fantastic solution to mid-month cash flow problems. If it so happens that you are in urgent need of money and are a fortnight away from payday, Payday Wage Loans might be of some help. Payday wage loans are true to their name. The idea behind them is to help salaried individuals who urgently require funds to manage through the month till their salary gets deposited into their bank accounts. One thing to note is that if you want to avail of a payday wage loan, you have to be employed somewhere. In fact, most providers of payday wage loans stipulate that an applicant has to have been employed for a minimum of three months.

How does this work?
The main point to remember in the case of payday wage loans is that they are meant to be fast. Their main aim is to provide an advance to a person in need as soon as possible. As a result, all the long drawn out procedures that we might associate with long term loans are absent in the case of payday wage loans. All that happens in this case is that you fill out an online application form and either email or fax some basic documents. Some of the documents that you might be required to furnish would include copies of your last payslip, bank statement, debit card, proof of address, and proof of signature.

Once you have made your application, the approval process would not take too long. In fact, some UK-based Payday Wage Loans providers actually claim to process an application and advance the money within 24 hours. The money itself is directly deposited into your bank account. Your payday is set as the repayment date.

If it so happens that you are unable to repay the loan on that date, you could apply for an extension. However, it is not advisable to extend Payday wage loans indefinitely. This is because the extension fees are extremely high. It would be better to pay off the loan on D-day.

Payday Wage Loans are generally small amounts. So, if you want an advance of say, £80 to bridge the gap from today till your payday, a payday wage loan would be the way to go. Many lenders have an upward cap of £750 on the amount. However, there are some that might be willing to advance up to £1000 pounds if the borrower has proved to be a good paymaster.

In general, the question of credit history does not come up in the case of Payday Wage Loans. Almost the only stipulation that lenders have is that the borrower must be employed. So, even if one has a history of bad credit that follows him around, the payday loan provider probably won't care. All that the lender will bother about is whether you are due to get your payslip or not. The moment that your pay cheque gets deposited, your lender will use the post-dated cheque that you provided to retrieve the money that had been borrowed by you.