In 2009, Instant payday loans had increased four fold when compared with 2006. Payday loans online as the name suggests are small loans from payday to payday to meet emergency situations. The rationale behind it is that these small loans are just an advance against the salary for the coming month and it could be paid back without any upsets to the normal budget.
These online payday loans are easily available with the minimum of fuss. All that is primarily needed is a computer and access to the internet. Applications for the loan could be made online with one of the many lenders from the comfort of your home.
Valuable time and energy need not be spent travelling to and from a bank and also waiting in queues. Applying for a loan from a bank necessitates much paper work. Furthermore time is also necessary to conduct credit checks of the applicant. Payday loans online from the lender Cushtee Cash do away with the need for these formalities.
Basic requirements
The basic requirements for a payday loan are, that the applicant be a citizen of the United Kingdom, be over 18 years of age, be in steady employment with regular paycheques and possesses an active bank account.
These payday advances online are made from one payday to the next. A loan is taken with the intention to return it by the next payday. The cost of these loans is approximately GBP 25 for every GBP 100. Therefore if the borrower is in need of GBP 200 then at the end of the month the payback amount would be GBP 200 + GBP 25 x 2 amounting to GBP 250. In case there is a delay and payback is not made until the following month, then the amount owed would be GBP 200 + GBP 25 x 2 x2 equalling GBP 300. This is a rather expensive cost of funds but lenders justify this by saying that they are guarding against the risk of late payments, dishonoured checks and in extreme cases non payment.