Without wishing to sound like a worn out television advert asking if you ever need fast cash or an instant decision loan, well that’s what you’re about to read. Pay day loans are a recent addition to our high streets and computer screens and have been a source of controversy with many new pay day lenders charging extraordinary amounts of interest that would reduce many a man to tears.
However let’s give pay day loans and the businesses that offer instant cash loans till payday a little chance to have their say and I’ll add my own view. I’ll take Microlend pay day loans as an example and yes we link to them also, it’s the main reason I’m writing this article.
It’s been reported in recent years in the national press that some pay day lenders that offer instant cash loans till payday have been charging up to and above 25,000% interest on cash offered and have been likened to loan sharks. Microlend currently offer an interest rate of 4640% APR which while still high, enables more of the general public to access instant credit without going through so many hoops that a bank loan or overdraft facility might require.
At Squillions we were a little hesitant at offering links to pay day loans. But with so many hundreds of thousands of people across the UK accessing the instant loans market through direct payday lenders it seems better to promote a responsible lending company than perhaps some of their competitors.
As someone who has had his fair share of financial problems lately, I can more than understand why a person would wish to gain access to short term credit to meet the bills before the next pay day. And for that purpose alone, Microlend pay day loans ticks all the boxes.
When navigating their site, you can clearly see the amount you need to pay back on the amount you will be borrowing, which is a great thing and for the purposes of the current rate of 4640% APR it equates to 30% of the orginal instant pay day loan over the period of a month. By law they have to state the compound yearly interest.
In essence, if you borrow £100 you’ll be paying back £130, on £500, you’ll pay back the £500 plus £150 in interest. Pay day loans are eye watering but the key here is, is it an emergency, will leaving certain items unpaid be more of a risk or will you encounter more charges elsewhere? Or is that weekend away with your mates that you forget about worth the extra 30% spend?
The nature of banking in the UK today is one that puts the frightners up most people, whether it’s daily overdrawn charges, credit card fees or whichever dream money making scheme they come up with next. Sometimes the best solution is to accept the fate of a one off pay day loan from a direct pay day lender and ensure you manage your finances much better during the next month.
Pay day loans certainly aren’t a long term solution, absolutely not and Microlend make it clear that should you be after long term credit then their rate of interest is certainly not appropriate. Microlend pay day loans serve one purpose only, to get you through to your next payday.
The good thing about Microlend is most people can receive a decision within two minutes and should they accept your application for a fast cash decision on a pay day loan, then the money will be in your bank account within two hours – if sorted by end of business that day. Visit the Microlend pay day loans website.