Loan Sharks And UK Payday Loans
Many people today accuse UK payday lending, as a form of legal loan sharking. This idea is baffling, when compared the only similarities between loan sharks, and UK payday lenders, is they lend money and expect repayment of the loan. When a person looks at illegal loans sharks, they should notice that when a person defaults on their loan, there is the possibility of violence and other recourse for repayment of the loan. When a person considers a UK payday loan, if a person defaults on the loan, no one will break there legs or attack their families. Yes it will damage the person’s credit, their bank account can be garnished and legal action can be taken. This is a far cry from the violent and aggressive retrieval of defaulted loans.
There is a difference people!
The interest rates and finance charges are considerably different as well. With a UK payday loan, a borrower, can expect to pay around twenty five percent of the loan in finance charges. With illegal loan sharks, this amount can be in the area of fifty to seventy five percent. Again, this is no comparison. The only similarities are, illegal loan sharks and both lend small amounts of money with an anticipated maturity dates, and they both charge finance and or interest charges.
The main reason that people are accusing UK payday loans of being legal loan sharking, is because the interest rates are higher than traditional lending options. The problem with this thinking is, some are not able to gain bank loans, or do not have the time to wait for the approval process, or even that the bank loans normally only offer a minimum of £1000, this amount may be well over what the borrower needs. People who do not have perfect credit, generally will not qualify for a traditional bank loan, UK payday loans just offer another option. The UK payday lenders offer small amounts that are designed to help a person out during a financial strain. This is ideally repaid at the borrower’s following payday, including finance charges. This is a convenience service, and can be a real life saver, in a time of need. If one was to compare the interest charges of a UK payday loan, and the interest charges of an unauthorized overdraft at the local bank, these numbers are fairly close, and only vary by lender. This is a consideration that is not readily made by those apposed to UK payday loans.
We are a leading online payday loan resource company that provides quick cash loans to help you address your financial needs. If an unexpected financial cost is burdening you, quick cash loans are an immediate solution to help you until your next payday. By utilizing quick cash loans, you save money by avoiding late payment penalties or overdraft fees. Apply now for your quick cash loans
Do you have unexpected bills or are strapped for cash till payday? If you are desperately short of funds and need a payday advance as you cannot wait till your next paycheck then apply here now. It is very quick and very easy. Apply here for payday loans online.
With Today's economy and the financial hurdles that stun us, monetary safety is one of the most essential priorities we must undertake. The key to this is your credit score; nothing can be more important than those three digits. You might ask yourself, "What is a good credit score" We will tell you all about it and more. We offer financial information and support about your credit scores and reports, and the importance of knowing what each thing means.
If you are serious about improving your finance situation Forex trading might be what you are looking for, in the Forex Forum you will find all the information you'll need to know about how to increase your income with Forex.
These Christmas gift baskets and holiday gift ideas make great presents.
If you are short of cash and need money fast one of you best options to get a loan is from a 100 day loans company, you will need to return the loan in 100 days.
Online education is also a great invention which comes with the help of information technology and online degree programs.