Where did payday loans come from?
The concept of lending and borrowing money in an official capacity in an incredibly old one, to put it rather mildly. How and when the idea first came about is open to debate, but regardless of how humble or less-than spectacular said origins may be, the process has expanded and developed into an enormously important part of everyday modern life. Few would argue that such a service are anything other than indispensible, though when the matter of the short-term or “Payday” loan is the focus, emotions have a tendency to run a little higher. Indeed, it often takes little other than the mentioning of short-term cash loans to stimulate heated debate from all sides.
Knowing exactly how any given person will react to the subject of payday loans online in the UK is akin to predicting the outcome of a dice roll, with fairly equal numbers of those who celebrate the service, condemn it down to the ground or simply have little to no interest in the matter either way. However, regardless of any individual’s personal take on the subject, Payday loans are fully legitimate, government-regulated financial service which simply thrive, despite the best efforts of the more cynical consumer who would rather see them banished once and for all. Either way, the subject as a whole is one in which relatively few possess a genuine, comprehensive knowledge of, therefore it is essential for those on the fence to be presented with all the facts in order to reach a well-informed conclusion.
In the very simplest terms possible, a payday loan online is a minor, short term cash loan provided in order that the borrower may make ends meet until their next payday arrives.
To sum up the concept in the very briefest terms possible payday loans are relatively minor, short-term loans with the primary purpose of tiding over the borrower in question until they next get paid. They are also known by a rather wide variety of alternative handles, such as instant cash advances, paperless loans and so on, though all refer to the same, basic service. Aside from their core purposes and characteristics, the Payday loan is perhaps most well-known for the seemingly high APR figures which accompany such a service, though with a very minimal level of investigation, it becomes clear that the vast majority of such concerns are entirely unfounded.
Payday advance loans online are built upon a core value of simplicity and transparency, which is usually very much evident from the very commencement of the application process. Agreements involve the lender providing small, unsecured cash sums within the region of £500 to £1000, which are to be repaid by means of a single instalment on the borrower’s next payday. Though some maintain a physical presence, the vast majority of payday loans uk lenders offer their services in an exclusively online capacity, in order maximise accessibility and minimise paperwork across the board. All such lenders set their own basic criteria regarding potential for applicant acceptance, though most require standards such as an age of over 18 years, a valid bank account and current employment in an official capacity. Verification of financial status and client credit-checks are both rarities in the case of the Payday lender, whose primary concern is the ability to pay the cash back in the present, rather than the applicant’s experiences of the past.
Interest charges for cash loans online
When the matter turns to the all-important issue of interest charges, it would be fair to say that more than a few eyebrows become raised at the mention of an APR above the 1000% mark. Of course, this would be entirely understandable if the figure was attached to a loan term spanning several years, but with Payday loans requiring settlement within a month or less, the figure is hugely misleading. For example, were a one-week payday loan of £100 to be provided with a more ‘conventional’ APR of around 20%, the total interest accrued would total no more than 40 pence, which is certainly insufficient to even cover the cost of providing the loan in the first place. On the other hand, increase the APR figure to a seemingly excessive 1000% and the total interest increases to £20, which is hardly excessive or unreasonable.
But what about the endless stories of poor, unfortunate souls who have found themselves facing an entirely impossible situation at the hands of extortionate interest charges at the hands of the greedy, unscrupulous lender? Well, there are two sides to every such story, though the option for rebuttal is rarely granted. The simple fact of the matter is that Payday lenders have less than nothing to gain by victimising and exploiting those already struggling to keep up with their repayment terms. Such situations are mutually detrimental, therefore the benefit of the doubt is always credited to those in genuine hardship in order to afford an all-round amicable outcome. Problem only tend to occur when irresponsible and dishonest borrowers enter into contracts they have no intention of upholding, subsequently facing further interest and default charges as would be the case with any financial agreement across the board.
Of course, it is only realistic to acknowledge that, as is the case with every service provider the world over, there are great and not quite so great payday lenders on the market today, though distinguishing between the two is as simple as a little online background/credential checking prior to consultation.
The long and short of it is that modern lenders offer a simple, rapid service which is within the reach of almost anyone facing a genuine minor monetary shortfall. Poor credit and an imperfect financial history have long been the primary deciding factors in such matters, resulting in huge numbers of applicants exempt from any kind of consideration for assistance. The payday loan online lender has acknowledged the issue and reciprocated with a much needed solution to a gap in the market, operating within the same basic framework and legal boundaries as any other financial organisation, most of who rarely attract a similar level of attention.
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