When Payday Loans are not a good idea.

Payday Loans UK

Basic Payday Loan is based in the UK and we provide payday loans to those in England and Wales.
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When is a Payday Loan not a good idea

The first thing to remember is that a Payday Loan is designed to help you with a financial shortfall which can be repaid back on your next payday.

Payday Loans, also know a Debitcard Loans are not designed as a long term solution and are not as expensive as some may believe, but be careful not to choose this type of finance if you know that it is unlikly that you can repay the loan in full on your next payday. This could be an expensive type of credit facility and you are probably better off looking for another financial product.

Payday Loans are a great solution for when an unexpected expense or bill lands on your doorstep. They are available for those last minute purchases, a quick solution without the headache of having to apply for credit with the bank waiting for a decision on your application. The money can be arranged and made available in your account the same day.

If you find yourself having difficulties keeping up with other long-term financial commitments, then applying for a debit card loan to repay another creditor does not normally work out to be a cost effective solution.

If by the time you receive your salary and your bank account is still overdrawn, then a Payday Loan is not usually a good idea unless you are expecting other money to enter your bank account, for example a christmas bonus.

It is the duty of the lender to practice Responsible Lending. As you can imagine, a lender is somewhat limited to the information they have about you, and since much of the information available is provided by the applicant, we do recommend responsible borrowing.

If you have any questions or are unsure about what type of financial solution is right for you, or even if a financial commitment is right for you, contact the Citizens Advice Bureau or visit http://www.citizensadvice.org.uk/