Where and when mankind first began lending and borrowing money in an official capacity is really anyone’s guess, but regardless of the origins of the practice, it now exists as a part of everyday life which rarely provokes a batted eyelid – the unplanned overdraft for example. That being said, when the subject turns to the short-term or payday loan, the matter suddenly becomes an entirely different kettle of fish. Indeed, the whole subject of instant payday loans through the Internet and other such seemingly unconventional financial dealing is somewhat on the volatile side. Predicting a person’s reaction to the subject if brought up is akin to rolling a dice, with a fairly balanced share of individuals singing its praises, condemning it to the ground and others showing relative indifference to the whole matter.

What is clear is that the Internet is now rife with this new type of money lender.

Regardless of your personal stand-point and views as to the practice as a whole, payday loans are fully legitimate and government-regulated financial services which are here to stay, despite the best efforts of a number of consumer groups who remain adamant the world would be better off without them. What seems to be clear across the board is that the majority of negativity the subject attracts is entirely the result of mis-information or outdated folk-devils, both of which there really is little reason for.

In the briefest terms possible, a online payday loan is a relatively minor, short-term lending option which is designed primarily to cover the expenses of the borrower in question until their next payday. They are referred to by an endless string of pseudonyms such as cash advances, no fax loans and so on, though all such titles refers to the same, basic service. Among the more cynical circles, the most well-known attributed common theme is the seemingly high APR, though anyone who approaches the subject with a slightly more open mind will find such notions entirely unfounded.

One of the core values the payday loan is built upon is that of simplicity, which is nowhere more evident than in the application process. The agreement is that the instant payday loans lender will provide a small, unsecured cash sum, which can be anything from around 50 to 1000, due for repayment in full by means of a single instalment on the borrower’s next payday. While many still maintain a physical presence, the majority of modern payday lenders offer their services exclusively online in order to minimise paperwork and maximise accessibility. Each lender will have their own unique set of criteria which must be met by the applicant, though certain elements common across the board include a minimum applicant age of 18 years, a valid bank account with debit card the need to be employed in an official capacity. Financial status verification, details on overall income and the much-maligned credit check are all non-entities in the case of the payday lender. The only real matter of importance is the borrower’s ability to pay the full sum back on time; the rest is somewhat superfluous.

With regard to the highly debated area that is applicable charges and interest, it never fails to raise a few eyebrows when an APR figure of over 1000% is mentioned. This would be understandable if applied to a repayment term of several years, but as Payday loan is settled within a month, the figure itself is entirely misinterpreted. For example, if a one-week Payday loan of £100 was to be provided at a more ‘standard’ rate of 20%, the interest generated would equate to less than 40 pence. Needless to say, this would not even cover the cost of the bank transfer, let alone the rest of the admin process. However, increase the APR to 1000% and the total charges increase to around £20, which could hardly be considered extortionate with any degree of fairness.

Horror-stories abound of ‘poor souls’ who have found themselves caught up in a web of excessive charges and unreasonable demands, though such tales rarely allow any opportunity for rebuttal. Instant payday loan lenders have absolutely nothing to gain by piling on charges and pressure to those already struggling to meet terms, therefore will always give the benefit of the doubt to genuine cases and offer mutually beneficial options for resolution. Problems only begin to arise when the less scrupulous borrower enters into a contract they knowingly have no intention of abiding by, subsequently facing addition  interest and default charges as would be the standard practice with any such service.

As with any product or service the world over, there are both great and not so great Payday loan providers, but the latter have no-where to hide in light of numerous feedback and testimonial platforms which quite simply litter the internet.

Modern payday lenders offer a quick and simple service which is available to pretty much anyone facing an unexpected financial shortfall. Poor credit and low income have long been factors which excluded vast swathes of the population from any kind of consideration when it came to the matter of financial help. Payday lenders have acknowledged the unfairness of the system and reciprocated with a universal solution in the form of an invaluable service which operated 100% within the same ethical and legal boundaries as all other financial organizations across the board.

 



Related Info
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