niaqu336's Space http://niaqu336.posterous.com Most recent posts at niaqu336's Space posterous.com Wed, 12 Dec 2012 23:59:59 -0800 Child maintenance payments : Reasons Borrowers Used Payday Loans http://niaqu336.posterous.com/child-maintenance-payments-reasons-borrowers http://niaqu336.posterous.com/child-maintenance-payments-reasons-borrowers

Child maintenance payments : Reasons Borrowers Used Payday Loans

As the payday loan industry explodes in the United Kingdom, one might wonder what all these borrowers are using this cash for. The payday loan is an import from the United States that has grown exponentially in the past few years here in the UK. There were over 2 billion British who took out loans for over 4 billion pounds in 2009. Though the statistics are not available those numbers have certainly grown in last two years. So where is all that cash going in such a sluggish economy?

There are a wide variety of reasons that people are using payday loans right now. Before we look at those reasons, let's quickly review how the payday loan works. Unlike a conventional installment loan from a bank or a financial institution, you can use the payday loan for any reason you would like. You do not have to disclose to the lender why you want the loan. They don't care. They only care that you have the resources to repay the loan. So if you are 18 years of age or over, a citizen of the UK, have an income from any source and have a bank account of some sort you can get a payday loan. Your bank account can be a checking, savings, or debit card account.

So you meet all those requirements and you go online and apply. There is no application fee, no account management fee and no closing costs. You don't have to provide any financial documents and there is no credit check. Approval is quick and almost everyone is approved. The money is in your bank account within 24 hours. With some lenders it will be in your account within an hour.

Easy to get easy to repay? Perhaps. The payday loan will cost you 25 pounds for every 100 pounds borrowed. The amount borrowed plus the finance fee (that 25 pounds for every 100 pounds borrowed) is due on the borrowers next payday. If you can't pay the entire amount on the next

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Child maintenance payments . Most of the borrower rights out a cheque for the quantity of the loan plus a fee (not post dated as that is illegal). This fee ranges from 10% to 40% of the loan and the borrower normally has two weeks to pay it off in full. Most can't pay it off in time and end up owing, sometimes, more in fees compared to the amount of the original loan. Again, while many are credible businesses, there are many bad elements just browsing the wings for the right chance. So pretty much, you've got no problems when it comes to whom to get paydayloans from, it just about matters When you invest in them.You see, the fantastic thing about pay day loans is that they're cheap, fast and easy to have.

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