Pay day loans are one of those things which make many of us shudder in fear. The interest rates are very high and these quick cash loans are very easy...
Pay day loans are one of those things which make many of us shudder in fear. The interest rates are very high and these quick cash loans are very easy to get, even if you have a bad credit rating. Seemingly anybody can borrow £100, £200, even £500 pounds or more for a period of up to 30 days, hence the name 'pay day' loans. In the UK, there are no legal restrictions on the amount of interest a lender can charge, however the lender does by law have to state the equivalent APR (annual percentage rate) on all loans.
These short term, fast cash loans are generally considered to be 'high risk' loans and as such, the APR is typically very high. With so many different lenders and brokers in operation, it's difficult to come up with a ball park figure. However one can expect to pay in excess of 1500% annually. For this reason one should never allow the repayment of their pay day loan to exceed 30 days unless they want their very own financial crisis as interest rates at these levels can very quickly become unmanageable.
One of the reasons these short term loans are becoming popular is due to the reluctance of banks to provide loans which they consider even to be a low risk. Getting a quick loan to be paid in full on ones next pay day is a very attractive short term financial option. Of course the interest is high, but many people feel it is worth it when they feel they have no other options. Problems arise when one finds themselves relying on a pay day loan every month and in some cases, almost their entire pay packet is repaying the loan and a new loan is taken out almost immediately.
Pay day loans were designed to give people who need quick loans access to a small amount of cash on the same day they need it. It's up to the borrower to decide if they can afford to repay to loan without faltering on the repayments. After all the lender is running a business and they don't want to lend money without making a decent profit on it. Before taking out one of these fast loans, you as the borrower are ultimately responsible for your own debts. You know the interest rates and if you feel you cannot afford to repay the loans, then do not take out the loan.
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