Payday Loans Could be a Cheaper Alternative to Unauthorised Overdraft Use
A payday loan looks to be the cheaper option in comparison to unauthorised overdraft use, which can result in high interest rates and bank charges.
A payday loan looks to be the cheaper option in comparison to unauthorised overdraft use, which can result in high interest rates and bank charges. The charges issued by high street banks have not been reflecting the fact that the Bank of England base rate is at an all time low. Therefore, individuals maybe better off seeking emergency funds elsewhere should they require, rather than incurring daily charges until their next pay cheque.
Expenses can crop up which are unavoidable which is where bank account holders may fall victim to unauthorised overdraft use charges. The first course of action when this happens is to contact the bank and see if a solution can be arranged until the funds are replenished. Failing that, an alternative source of income such as a next day loan should be considered.
Short term payday loans can provide a cost effective solution when unexpected expenses occur, such as car breakdowns, vet bills or household repairs. They types of loans come with notoriously high interest rates which is why they should only be used to bridge the gap until the next pay cheque is received.
Paul Abbot of Payday Agency adds “It is beneficial to always be in control of your finances and keep tabs of where your account is at. An approved payday loan can be in your bank account within 24 hours and the fees connected with it can work out to be a lot less than bank penalties”.
Some Natwest customers can be charged up to £6 a day for being overdrawn by just £6, resulting in a monthly cost of £180. Lloyds TSB account holders are similarly faced with charges for going over the £25 overdraft limit which works out at £10 per day, highlighting why the situation should not be ignored. If long term borrowing is required it is definitely worth liaising with a bank and getting an authorised overdraft facility or loan with affordable repayment plan in place. For short term money issues extra cash can be secured quickly with a payday loan.
About Payday Agency
Payday Agency is a credible provider of short term loans UK. With competitive rates, no credit checks and no faxing required, Payday Agency can offer hassle free next day loans. Applications can be made online quickly and easily by going to their website at www.paydayagency.co.uk .
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- Ruth Williams
- Payday Loan Agency
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