Usually, the payday loans are designed for getting cash loan for all your emergency requirement. Therefore, you are expected to receive the loan amount faster than any other traditional loans that you apply through bank or any other lenders.
Also, you can apply for payday loans from Loan Pig by visiting their website LOANPIG.CO.UK and apply online. Loan Pig has also many other means of helping you by offering certain other type of short-term loan and meet your emergency needs too. You can get better support as well as loan at much better terms as compared to the other lenders.
Loan Pig is an authorised lender approved by the FCA as a direct lender for payday loans. They are also broker for such loans in the UK. FCA has authorised direct lender to offer such loans where few rules are to be followed by Loan Pig that are as given below:
- As a lender Loan Pig will charge maximum 0.8% interest per day
- They will charge only one-time penalty fee for late payment and the amount is £15
- Loan Pig also ensures that their client will never have to pay more than 2 times of the amount that they have borrowed.
Therefore, if you are applying for payday loan from any other lender then you must ensure that your lender is an authorised lender that is regulated only by the FCA.
How payday loan works?
If you want to get payday loan then either you can directly apply through online or you may approach a broker. However, the process remains more or less the same.
- Firstly, you have to fill up an online application
- In the application all your personal details will be asked along with your income and other financial details.
- You also need to provide details about your employer and lender may also make enquiry from them.
- The lender will assess your affordability and also gather the relevant information about you before approving your loan.
- If you want to speed up your process for your loan application then you may take help from a broker.
- Lender will not offer your loan instantly as it is often claimed by those who market payday loans. Often lenders may like to seek more information about the applicant and try to get evidence, in case he is suspicious.
Payday loan payment
Lender will approve the loan once he gets all info that he needs. Few lenders may do it immediately and few lenders may demand more information or documents. After fully satisfying only lender will transfer money into your account.
Certain lenders may transfer money within certain fixed time and if you missed that then you may get your loan on next day. While few lenders may transfer funds during any hour of the day. In that case, you can also get your money during any odd hours.
However, most lenders will transfer money during the normal office hours. If the applications are received during outside of those specified hours then it will be processed only after the following morning.