Instant Payday Loans - Can You Receive Funds Instantly With A Payday Loan?
Do you need an instant payday loan transferred straight into your account in less than an hour? With Money Pig by your side, you can now apply for instant payday loans within minutes. Through strategic collaboration with several direct lenders, we make borrowing instant payday loans easy and convenient for you.
Payday loans continue to remain one of the most popular forms of borrowing because this type of loan caters to the immediate needs of the borrower. So, if you have to pay for a sudden repair, then borrowing an instant payday loan from us could be of great help. With Money Pig’s instant payday loan application, you can gain access to several direct lenders willing to offer highly competitive interest rates.
Instant Payday Loans | FAQs
- What are instant payday loans?
- Does Money Pig offer instant payday loans?
- How can I apply for Money Pig’s instant payday loans?
- How soon can I get an instant payday loan?
- Can I get instant payday loans with bad credit?
- Are bad credit instant payday loans legitimate?
- Do I need to have a job to qualify for an instant payday loan?
- Can I borrow an instant payday loan with a part-time job?
- What is the interest rate charged on instant payday loans?
- Do I need a guarantor for instant payday loans?
- How should I repay instant payday loans?
- Are instant payday loans a trap?
- What alternatives to instant payday loans do I have?
- What should I consider before borrowing an instant payday loan?
Instant Payday loans are payday loans that are transferred to your account almost instantly after approval. This type of payday loan involves minimal formalities and allows the borrower to receive funds without any delay. Often, this type of loan is borrowed to pay for necessities or to deal with emergencies before the payday. During such times, instant payday loans provide great relief as the money is made available in the borrower’s bank account, within minutes of being approved. However, these loans usually charge higher APRs when compared to other loans, which is justified due to its extremely short borrowing period. Often payday loans are borrowed for a week or a month and that explains the need for higher interest rates. Nonetheless, the relief that instant payday loans provide, make it one of the most popular types of borrowings in the UK.
Money Pig is not a direct lender but a platform that offers a whole bunch of instant payday loans through highly reputed and licensed direct lenders. So, we help you find an honest direct lender willing to advance you an instant payday loan, based on your requirements. We know that despite the many options available to you, time is of essence. Therefore, to help you save time, we bring you several direct lenders on a single platform. This allows you the flexibility to choose the right direct lender.
Due to the rapid increase in the demand for instant payday loans, several direct lenders offer instant payday loans online. However, we help you choose the ones that are licensed, legitimate and most likely to accept your instant payday loan application. So, depending on the minimum threshold of each direct lender, we forward them the instant payday loan applications. Also, you can be sure that we do all that we can to avoid hurting your current credit score.
To apply for our instant payday loans, simply navigate to our instant payday loan application section and then complete the required details. We know that those applying for instant payday loans are in dire need of money. Therefore, we process all the payday loan applications on a priority, with minimal formalities that are completed within minutes. Thereafter, you are connected to the direct lender who is most likely to make a proposal that would suit your requirements. As a result, the chances of rejection of your payday loan application is greatly reduced.
Once we receive your application, we immediately process it and put it across the right lender. You then receive a loan proposal and once accepted; the money is transferred to your bank account within minutes. However, the instant processing of your payday loan depends on certain factors such as your credit score, proposed repayment period, current income and existing liabilities. Also, how soon you accept the proposed interest rate plays a major role in how soon your loan is processed. Therefore, anyone claiming to process your payday loan instantly is either lying or misguiding you about being a licensed lender. All licensed lenders need to go through a certain set of mandatory formalities before sanctioning any type of loan.
Yes, you can get instant payday loans from Money Pig with all types of credit scores. We firmly believe that your present matters, more than your past. Therefore, we partner-up with direct lenders that advance instant payday loans to those with a bad credit history. All the direct lenders within our network understand that low credit scores are caused due to several reasons. These reasons could vary from not having your name on the electoral roll to defaulting or delaying the repayment of previous loans. However, our direct lenders would closely evaluate your reasons for your low credit score and try to remain as lenient as possible. As your trusted financial intermediary, we consider it our duty to provide you the necessary financial assistance during the tough times.
All the loans offered by Money Pig, including bad credit instant payday loans are advanced by highly regarded direct lenders, who hold the necessary licenses. Therefore, you can be sure that all the loans advanced by us are legitimate and permissible under the laws and regulations of the UK. While borrowing a payday loan, most people hurry into it due to the unpleasant situation that they are in. However, borrowing a loan from just about any lender could turn out to be a wrong decision and therefore you need to take certain things into account before borrowing an instant payday loan.
For example, there are several direct lenders that claim to be approved by the Financial Conduct Authority (FCA) but do not provide you the necessary evidence. As a matter of fact, all FCA approved lenders have an FCA Authorization number that confirms the genuineness and legitimacy of that particular lender. So always make it a point to ask for the FCA Authorization number, which you may confirm on the online register of FCA’s official website. As all Money Pig’s lenders have an FCA Authorization number, they should have no problems producing it.
To qualify for an instant payday loan in the UK, you need to fulfill certain mandatory criteria. It is essential that you must have completed 18 years of age in order to be a major in the UK. This gives you the capacity to enter into a valid loan agreement. Also, it is highly desirable that you have a steady income, but we could help you out even if you do not have one. Most importantly, you need to be a resident in the UK and must be employed in the UK and receive your wages or salary in your UK bank account. In case you do not have a steady income, we could offer you loans other than payday loans.
Money Pig even offers short term loans for students. So, just in case you are still pursuing your full-time education, we could still help you grab a loan from one of our direct lenders. That should highlight the wide range of short term and long term options that we have for all types of customers. So, irrespective of your professional background, do not think twice before putting in your application for instant payday loans to Money Pig. However, while applying for our instant payday loan, it is critical to note that you must not be a debtor who is under any type of bankruptcy proceedings or someone likely to enter a debt management plan or any other similar proceedings or arrangements.
We completely understand the wide range of opportunities offered through part-time jobs, remote jobs, etc… which may not fall under the category of full-time employment. Yet, some of these opportunities provide a better income than what most other full-time employees earn. Therefore, whether you qualify for a payday loan or not can only be answered after knowing your income for the past few months. Therefore, if you are in part-time employment, we urge you to furnish your complete details along with the mention of it in your instant payday loan application. We will do our best to connect you to the right lender, however, we also have other loan options that you may want to explore.
If you are in a part-time job, then you are probably doing something else which requires your time and dedication. So, make it a point to mention that in your instant payday loan application. Due to the rapid increase in applications coming in from part-time employees who are pursuing full-time education, we have rolled out a short-term loan for students with minimal formalities. Since our short-term loan for students is usually sanctioned on the same day, it is as good as an instant payday loan. Also, our short-term loans for students allows you to use the loan amount for whatever purposes you choose to use it for.
While borrowing a payday loan, you need to watch out for two things — interest rate and the period for which you wish to borrow the loan. Depending on these two factors, you must look for an instant payday loan. In case, you wish to borrow the loan for a longer duration, it is imperative that you look for cheap payday loans that do not charge very high-interest rates. This is usually easier for those with a good credit history.
As a rule of thumb, lenders offer a lower rate of interest to those with good credit scores and higher rates of interest to those with a bad credit score. Another factor that deeply impacts the interest rate is your current income minus current liabilities. So, if your current liabilities are considerably lower than your income, you should have no difficulties in borrowing an instant payday loan. However, you need to look for ones that charge lower interest rates. Money Pig has several direct lenders within its network who would be willing to take these details into consideration and offer a fair deal. In fact, we consider it our duty to offer you cheap instant payday loans.
Money Pig’s lenders usually do not require you to have a guarantor but in rare cases, they may ask for one. However, if you wish to specifically look for instant payday loans without a guarantor, we request you to mention the same in your instant payday loan application. With the diverse loan approval requirements that our direct lenders have, we can definitely find someone who can offer you an instant payday loan, without a guarantor. However, in case of most other direct lenders, you may be required to provide a guarantor in order to borrow an instant payday loan.
When you borrow instant payday loans from one of our lenders, you would be liable to pay back the entire principal amount along with the agreed rate of interest. Often, this would be at the end of the month when you receive your paycheck. While that is how you need to repay a payday loan, some of our direct lenders may allow you a longer repayment period. However, in this case, it is more than likely that the direct lender would ask you to set up an auto repayment. This auto repayment is also known as continuous repayment authority (CPA).
Always remember that CPA is a two-edged sword and can leave you with no money, or in worse cases, with an overdraft. So, before borrowing an instant payday loan that requires you to set up auto-repayment or CPA, think again. Do your calculations and be sure that you would have enough money to pay for your mortgage, food, and other monthly expenses. Unless you do this, you may end up with the need to borrow yet another instant payday loan which would again require you to pay high-interest rates.
You may have often come across horror stories associated with payday loan traps and while they are usually true, such a situation can be easily avoided by the borrower. All you need is the right information to assess a direct lender and his instant payday loan proposal. So, if a direct lender does not produce the FCA license and the FCA number, consider avoiding such direct lenders. All the lenders within our network have absolutely no issues when it comes to proving their legitimacy due to their high ethical standards. However, this may not be the case with other direct lenders. Also, if you sense something fishy or something that does not feel right about any direct lender from within our network, Money Pig can immediately put you through other direct lenders.
Another unethical practice that several direct lenders would try to talk you into is a ‘rollover’, which is basically an extension. Although it may allow you to skip a payment, it would pile up a lot of interest, which again you would have to pay for. Although the FCA has set some strict guidelines such as limiting the amount of interest and default fees that the direct lender can charge, there are some unethical direct lenders that may not regard these limits. Therefore, you need to research in-depth before borrowing an instant payday loan from a direct lender. However, we understand that you may not have the time and resources to do this. So, we do the leg work for you and offer proposals from several licensed, ethical and reliable direct lenders.
You are probably looking out for instant payday loans because you are in a hurry and need a short term cash advance. However, understand that none of the instant payday loans are transferred instantly into your bank account. These types of loans are transferred instantly upon approval, which could again require more than a couple of hours. So, you need to explore other alternatives and the best short term loan option that Money Pig offers is Same Day loans. This is a category of short-term loans such as loans for students, bad credit short term loans and cash advances, which are processed on the same day. Also, these short term loans often charge lower interest rates as compared to a payday loan.
Since you would be charged a lower rate of interest, you may borrow the loan for a longer period without worrying about interest accumulation. Also, paying your short term loan over multiple installments would ensure that you do not run into yet another financial crisis. That’s because payday loans are best when borrowed only during emergencies and are repaid as early as possible. However, that is rarely possible because quite a few direct lenders require you to repay the payday loan, only after a specific duration. This is usually done to allow themselves enough time to earn interest on their advances.
Before borrowing an instant payday loan, you must be sure of your ability to repay it in a prompt and timely manner. This would keep a tab on the interest rates as well as keep up your credit score. Also, confirm the default and late payment fee that the direct lender collects. Unless you do this, you may be trapped into it. Beware of all the purposes for which most lenders advertise the use of instant payday loans. Remember that they simply want you to cough up high-interest rates to maximize their profits. Since we are an intermediary and not a direct lender, we consider it our duty to warn you against it. Finally, before borrowing an instant payday loan, be sure of the fact that you really need it. Do not borrow it for a holiday or other recreation purposes. Unless you are absolutely sure of repaying it quickly, we strongly recommend that you refrain from borrowing this type of loan.
Other things that you must figure out is the exact amount that you require, and we strongly recommend that you give this a serious thought. That’s because you would be paying interest for every penny that you borrow. Just because the direct lender is willing to offer a bigger loan amount, don’t fall for it. Else, you may end up missing payments or defaulting payments, which may subsequently lower your credit score. Therefore, before applying for an instant payday loan, think of all other ways in which you can borrow. That would help you limit your borrowing as well as save up on the interest that you might have to otherwise pay.