What you should know about Payday Loans

Payday loans ordered online are a great, convenient way to get you through to payday - perhaps because you’ve had an unexpected bill, say the dentist’s or a broken-down car. But some people still run shy of payday advances, because they have some fixed ideas about them that are just not true.

They believe that payday loans interest rates are just too high. Well, if you look at the APR on a payday loan, you might be forgiven for thinking the same way. However, the key letter in that abbreviations is A - it stands for ‘annual’. This means that those APRs are worked out on a yearly basis. This means that if you paid back your payday advance over one year, then your payday loan really would have a high interest rate.

Payday loan APR measurement

Let’s imagine you borrow £1000 and pay it back over a year at £200 a time. But you don’t do that with a payday loan. No, you take out a payday loan for at most a month. So you shouldn’t look at the APR. That’s like measuring the height of the family cat with a wheeled pedometer. Painful for the cat, and not a realistic measure, either.

In fact, the only reason we use APR on our payday advance loans site is because the law says we have to.

Another idea people have is that payday loans are only for the desperate. This just isn’t true. A payday loan is a much more sensible option than a credit card, because it puts YOU in control. With epayday.co.uk, you can take out only one payday loan - temptation is removed, you don’t only have to make the minimum payment and you must pay off your payday advance loan before taking out another.

With that in mind, a payday loan online is a great online decision - perhaps you need emergency money for a special occasion like a holiday or a wedding, and want to have a definite date when the money will be paid back. And payday loans are almost always cheaper than an unauthorised overdraft.

Surprised? Yes, payday loans are the unsung heroes of British borrowing. You’ll not be surprised to hear, then, that they’re not just for people who have been refused credit. No, payday loan customers tend to have good credit records - otherwise they couldn’t afford their payday advance.

You’ll also find that payday loan companies like epayday.co.uk are highly reputable and won’t pursue an online application for a payday loan if they think it’s inappropriate - that is, if they believe that the payday loans applicant could suffer financial hardship.

Payday Cash Advances

ePayday.co.uk provides convenient Payday cash advances for customers across the UK. It is a convenient payday loan service you can count on. If you require quick credit for emergency needs then what better way borrow money short term? You'll be delighted with our loan repayment terms, fast service, and great rates. Choose ePayday.co.uk for any payday cash advances you might need.