How much cash can I get with a Payday loan?
Payday loans can be an ideal way to solve immediate financial problems and get you out of a crisis. They’re usually quick and easy to apply for and generally offer instant decisions to applicants. If you are thinking about applying for a payday loan, one of the main things you’ll be wondering is how much you can actually borrow. This is discussed in more detail below.
How much can I borrow with a Payday loan?
As noted above, applying for a payday loan is quick and easy, but it’s important to recognise that any application will usually involve a check of your credit file, so you don’t want to make too many applications at once as these could have a detrimental impact on your credit rating.
This means it’s important to discover just how much you can borrow before completing any applications for payday loans online.
Most payday lenders will offer an indication of how much you can borrow on their website. These amounts do vary between different lenders, so it’s a good idea to shop around before making any decision. However, the beauty of using LoanPig.co.uk is that we’ll do all the searching for you, we’ll either be in a position to lend to you ourselves, or one of our many lenders will find you a loan. Many lenders state they will make loans between £100 and £1,000, however, if you are a new customer you will probably not receive loan offers of more than £500, except for The Money Hive and a few others, that is.
It’s also important to check out the interest rate applicable to loans and the amount of time you have to repay the cash. Payday lenders offer loans at interest rates that can be vastly different, and this will impact upon the amount you repay.
Any payday loan application will need to be approved by the lender and they will take your creditworthiness and ability to pay back the loan into account. Some lenders will seek employer confirmation of your working status, although not all of them do. Some lenders may also require proof of income before making any lending decision. All these checks are geared towards confirming the loan is affordable and you will be able to meet scheduled repayments.
Payday loans are really just a temporary solution to a short-term cash crisis, so it’s vital you have the ability to repay the loan on due dates. Once you establish a good history with a payday lender you may well be able to borrow larger amounts of cash, however, this will all depend on the way you manage your initial loan.
Contact us if you require any more information on this subject