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Antwan Battle

Can You Apply for a Payday Loan If You Run Your Own Company? - 0 views

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started by Antwan Battle on 18 May 12
  • Antwan Battle
     
    All you need to do is be able to commit to repaying the loan and all associated charges and interest on the specified date. Even people with a poor credit history can access funding from payday loans - and repaying it on time could even help them to strengthen their credit file.

    If you own your own business, you can still use payday loans, just as any other customer would. However, the important thing is to ask whether this type of loan is suitable for your needs, or whether there may be a more appropriate option available.

    Here is a guide to payday loans, how they work and what you should consider before using them:

    What is a payday loan?

    Payday loans are a type of short-term lending. However, without that concrete proof of upcoming income, it's still a huge risk for the lenders to take. This might initially appear to be a little unfair, particularly when you consider that your take home pay is actually higher than others who may get accepted, but again, this is an issue you will find with most lenders.

    Banks can often look at your income over a number of years to get a better understanding of your average salary in that time. They will also often consider upcoming contracts and working agreements that will secure future revenue for your business and your personal coffers. Unfortunately, this level of forensic examination isn't employed within the super-swift world of short-term lending. Payday loans are all about accessibility, but there is an equal bias towards instant decisions. This means that processes are often speeded and rules enforced that may work for some and against others.

    If you live in the United Kingdom and are looking for a payday loan - you can pretty easily get one of these on the internet because there are a number of websites out there that will provide you with a payday loan so you can get your hands on some cash.

    So to describe step by step how to get a payday loan if you live in the UK:

    - Firstly decide how much money you wish to borrow - Don't borrow more than you can afford back and take interest rates into consideration

    - Gather all your personal details, you will need details of your bank, address, personal details (name, age etcetera) and employment status

    - Find a reputable website

    - Follow the quick application process and provide your details online

    Most payday loan websites can help you receive your loan within a few hours, in most cases 24 hours is the maximum amount of time that it takes, although there are providers that can take around 3-5 days to actually get the cash into your bank account because some of them require faxing - the one that I have dealt with however requires no faxing which I found quite convenient.

    A Payday loan is basically a short term cash advance that is designed to get you some quick money before payday for any important bills, social engagements or any other things that might cost you money.

    Payday loans have been in existence now for quite some time, and they are currently in a boom because of the current financial climate because there are a lot of people out there that require quick cash for the many surprises that life can bring up and the hidden costs of living that can so often be incurred.

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