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Many view payday loan companies as predatory and illegal, while few see the positives these companies provide many Americans. Payday loans in the UK and the US provide a flexibility few financial institutions can offer, but customers who choose to use these companies must be acutely aware of both the interest rates and fees involved with payback and late payments. The Details Most payday loans companies provide a short-term loan meant to be paid back by the next paycheck for up to $1,000. These loans can usually be extended by up to four times, making the life of the loan no longer than two months. Payday loan companies also provide title loans for up to $2,500 and can be borrowed for an extended period much longer than two months. While these companies don’t run a traditional credit check, they do look at several key components which will help them decide if they will provide the loan. These components include how long the customer has been at their job, they will need a social security number as well as provide a utility bill and bank statement. Why Go to a Payday Loan Service? Many customers know the pitfalls involved with payday loan services, so why use them? It’s the flexibility. Most major banks have a set loan structure and if customers fail to fall within that structure they won’t be offered a loan. Therefore payday loan services are convenient and affordable, if the cash flow is there. However, customers with sporadic cash flow should consider other means as short-term loans can skyrocket if they are not paid back on time. Whatever payday loan customers decide to choose, payday loan companies only recommend customers use their service if they are in a position to payback their loan on time and have sufficient incoming cash flow. Their services are meant to be an alternative to bigger banks set on a structured loan scale. Everyone needs help every once in a while. If you need cash fast, Mark suggests researching payday loans UK. Mark would also like to remind everyone to use payday loans responsibly.
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