What are payday loans UK?
Payday loans UK are short term unsecured loans. These in general, are granted for maximum of 30 days period. Borrower have to pay back the loan amount with interest on due date. These loans are best suited to meet small monetary needs, due to unexpected expenses. To avail payday loans online, applicants are not required to pledge any collateral, because these loans are unsecured in nature. In most cases, lenders do not follow a credit check, while process loan applications.
What is APR?
APR means annual percentage rate. It describes the interest rate for a complete year instead of a monthly rate.
It can be better explained by the following example:
Loan Amount: £125
Term : 28 days
Annual rate of interest: 360% (fixed)
Interest Amount : £37.5
Total amount payable : £162.50
APR: 2964% Representative
Do I qualify?
You are qualified for online payday loans, if you meet the following criteria:
How to apply for payday loans online?
To apply for payday loans online, simply click on apply now button. In the online application form, provide complete information related to your personal, work and bank. Within minutes you will be matched and contacted for finalization of your loan application. Once approved, you get funds in your bank account within hours.