Choose UK Payday Loans Over US Payday Loans
Stuff happens and suddenly we find ourselves short of cash between paydays, and thus the payday loan came to be. When it comes to payday loans if you are in the UK you are in much better shape then if you are in the US.
Short Term Loans For Emergency Relief
Payday loans were designed to be of a short period and available for an emergency like the prescription you need or your car deciding to die between paydays. Payday advance is popular in both the UK and the US and they are starting to become very popular in other parts of the world.
Payday loans are designed to be paid back in a short period of time determined by your pay schedule. In the US it is usually a 2 week loan but in the UK because many are paid on a monthly basis it is common for a UK fast payday loan to be much longer which is a real benefit!
Payday Loans – How Much?
How much you can borrow depends a great deal on which financial institution is lending you the money. By financial institution we don’t mean banks but rather the organizations that deal almost completely in these short term loans and that are also readily available online.
Payback on a payday loan differs considerably between the UK and the US. In the UK you must have a regular paycheck that is deposited directly into the bank and then it is automatically withdrawn from your account either at a week, two weeks, or a month depending on your pay schedule. Very flexible! In US you are required to be paid every two weeks and you must present the lender with a check for the amount that is due plus the interest.
Qualifying For A Payday Loan
Qualifying for a payday loan varies between the UK and the US. In the US you need to live and work in the US. You must be employed full time at the same job for at least 6 months and you must be of legal age. Your earnings must be a minimum of $1000 US and you have to be paid on a weekly basis. The UK is much easier for a quick payday loan. You must have a full time job and live in either Scotland, Northern Island, Wales, or the UK and of course you must be of legal age. Your income only needs to be a take home of £300 every payday. That’s a lot less! Remember that could be the paycheck for an entire month.
Payday Loan Options
Although both UK and US lenders have payday loan online services the UK lenders have made it extremely easy with a one page form. They even offer several different types of payday loans unlike the US who pretty much have one loan with several names such as short term loan, check advance loan, deferred deposit, or cash advance loan. But at the end of the day they are the same programs. The UK on the other hand offers up a variety of loans – let’s have a quick look at just a few.
- Dollar Advance Payday Loan – This option is the closet to the US loans requiring a post dated check for the required payday. You can apply online.
- First Time Payday Loan - This loan is designed for first time borrowers with a set limit which is usually around $500 with no credit check. You can qualify online in minutes.
- Payday Loan – this is a traditional payday loan which is actually available in both the UK and US. There are differences in amounts. The US will approve from $50 to $1500 and the UK will approve £50 to £1000.
The US has one interesting loan that the UK doesn’t offer and it’s a quick payday loan designed for citizens of the US. They are processed really quick and you can earn rewards by referring someone which is really cool.
Payday Loan Interest Rates
A payday loan in the US costs almost double the interest that the UK payday loans charge. So $1000 in the US would cost you $150 and in the UK £1000 would cost £80. That’s pretty incredible. It would pay to find a UK payday loan company that would handle US customers for the lower interest rates.
UK Payday Loans Are Superior
There is no question that with the high expenses associate with our modern day life, and the difficulty in keeping up with things financially more and more people turn to payday loans, and UK payday loans are definitely superior to US payday loans. Are you ready for you payday loan.