While most people are aware of the availability of Lolly Loans Payday Loan, not everyone can pay them back and many people have problems paying Lolly Loans Payday Loan back. It is important to say that when a payday loan is taken out for the right reasons and paid back on time, it can represent a viable option for people looking for a quick solution to a temporary money problem. However, when people utilise payday loans in ways that weren’t intended, this is when trouble begins
Lolly Loans Payday Loan, as the name hopefully suggests, is a loan that is designed to be taken out over a short period of time. The loans are traditionally advertised as a way for people to bridge any shortfall in money before they get paid. These loans focus on the short term and they are normally arranged for days and weeks as opposed to the longer loans that are paid back over a number of years. This is the biggest difference when it comes to payday loans.
However, there are other differences with one of the major issues being the fact that the amount of money that someone can borrow from a payday loan is traditionally smaller than what would be on offer from a more traditional loan.
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It is common for a payday loan to be available up to £1,000 although this isn’t always the case. It is also important to be aware that some payday loan provider will limit the amount of money a person can borrow when they set up an account with a particular firm. You’ll also find that different payday loan firms will allow borrowers to pay the money back at different times. Some are strict on times and dates whereas others provide a greater degree of flexibility, allowing people to choose a date that is suitable to them.
Having flexibility when it comes to finance is an important thing but the longer it takes to pay back a loan, the higher the amount of interest that will eventually be paid to the loan company. While it is not common for there to be charges for paying back a loan early, there will often be fees for setting up the loan which fall on top of the interest for a payday loan.
While it is fair to say that a payday loan is expensive, if it is paid back on time, it is not necessarily that more expensive than other forms of loans. If you were to borrow a sum of £90 from one of the top rated payday lending firms for a period of 3 days, the interest would be less than £9. If you were to compared this to the cost that the bank would impose for an unauthorised overdraft, it is easy to see why taking out a payday loan is a better option than some of the situations or ways a person could pay.
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Of course, the real problems often begin when a person finds themselves unable to pay the loan back on time and they decide to roll the loan over. This can see a small loan and modest amount of interest quickly grow into a large amount. This is where many people experience difficulties when it comes to payday loans and this is something that should always be borne in mind at all times.
When it comes to calculating the level of interest that is paid, the quoted APR sums will be huge. This helps to put some people off of taking out this sort of loan but it is important to remember that payday loans are not paid back over the year. The firms involved in the payday loans industry are quick to say that these figures, while representative, do not provide the full picture to customers and clients because the loans are commonly paid back over a short period of time. This is something to bear in mind at all times when thinking about whether a payday loan is something that is right for you.