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On Time Payday Loans Representative Example: Amount of credit: £500 for 180 days. Total amount repayable of £660.27. Interest: £160.27. Interest rate: 65% pa (fixed). Representative 91% APR (variable).

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On Time Payday Loans
A short-term or payday loan is a loan that is intended to cover a customers expenses until his or her’s next payday. A lender will usually charge a fixed fee per every £100 borrowed and the loan is until your next payday, regardless of when you apply.

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Competitive and flexible

How Quickly?

Times will vary based on the lender you have agreed your loan with and also the type of loan you are looking for. Usually a short-term loan can take as little as 30 minutes, this means funds can be sent to your account the same day as you are approved.

How Long?

Loan advances should be used for short-term financial needs only, not as a long-term financial solution. Extensions are not automatically granted, and lenders will consider your extension request based on the information you provide and your current financial situation.

Who Can Apply?

You can apply if you are 18 years of age or older, living in the UK (England, Scotland, Wales and Northern Ireland), employed and receiving a regular weekly or monthly income which is paid into a valid bank account that accepts direct debits.

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1. PayDay Loans

Here at On Time Payday Loans we offer short term lending solutions designed to get you CASH fast by way of electronic deposit into your bank account in times of need.

So what is a Payday loan?

A payday loan, is a short term cash advance that allows you to borrow funds quickly in order to pay for any number of emergency expenses. As the name states, in most cases the borrower will make re-payment to the lender the next time that their employer pays them. While this is the most typical set-up, there are situations where a borrower may qualify for or ask for an “extended” re-payment date.

The rise in living expenses, inflation, and somewhat stale wage increases have bolstered the popularity of payday loans across the United Kingdom. Couple this with banks tightening up lending standards and you have a situation where a majority of the general public can’t even get qualified for traditional personal loans to help with expenses like food, rent or fuel.

In such times as these, many UK citizens are left without having the necessary funds saved up for emergency situations or unexpected expenses. In general most financial advisors suggest having saved up at least six months wages for unexpected life events. But with everyone strapped for cash, most Brits find themselves with little to no savings to speak of…..and its not for lack of trying.

Because of this, an unforeseen event such as your vehicle breaking down, or necessary home repairs to keep your house warm in the winter can result in a crushing weight of stress and anxiety, not knowing where you’ll find the money needed to get by.

For circumstances like these, a payday loan can offer a fast and effective remedy for dealing with a financial crisis. As far as speed, it is hard to beat the fast funding rates of payday lenders who provide a safe, secure and easy way to get cash deposited into your bank account in no time flat. While payday loans are quick and easy, it is important to remember that they are typically recommended ONLY for financial emergencies due to their higher fees and interest rates.

Imagine a situation where you face serious consequences if you can’t get your hands on money now. Not in two days, not next week, but now. For example, what if rent is due and you can’t make payment because you ran out of money until you get your next check from work. What if you have a family to support? Or what if your car breaks down and without it you can’t get to work that week? For these situations many individuals begin to panic, not knowing how they will ever find a solution to their financial woes. In these cases short term cash advance services provide a way to overcome the odds and get back on your feet.

Sure, there are other options such as borrowing from friends or family, but many find asking for money to be an embarrassing ordeal. And what if your family and friends don’t have the extra money to help out? If family and friends are not an option the next step might be to go to a traditional bank and ask for a personal loan. But what if your credit history isn’t great? With increasing application standards many banks will simply turn you away if your credit history isn’t on point.

So what do you do now? For many this is where a sense of panic and gloom sets in. With traditional borrowing options explored and burned many don’t know where to turn. The good news is that obtaining a payday loan doesn’t necessarily mean you need to have good credit to get accepted. This is one main difference when comparing to traditional options from banks. With little more than your id, proof of employment and an active checking account you are eligible to apply online.

While we always work to provide you with an outstanding service, connecting your information with lenders who are willing to help, it is important to always remember that these types of loans do come with risk. Payday loans are meant to be used primarily for emergency financial situations, helping you to get the money you need to get you by until your next check from work comes.

Some emergencies that may qualify as good reasons for borrowing include:

  • Car repairs
  • Medical emergencies
  • Necessary home repairs
  • Rent, food, fuel

Even though payday loans can help greatly in these situations, it is important that you do NOT rely on them to constantly get you out of your financial troubles. If you are struggling with debt we suggest you visit https://www.moneyadviceservice.org.uk/en or https://www.stepchange.org for help learning how to better manage your finances or get out of debt.

How do I apply for a payday loan?

With On Time Payday Loans applying for a payday loan online has never been simpler. We provide you the opportunity to connect with a network of MANY lenders all competing for your business, all from the comfort of your own home.

By taking advantage of our simple application form you can gain access to lenders eager to work with you WITHIN MINUTES. The application form will ask you simple questions such as:

  • The amount you would like to borrow
  • Your name, address and contact information
  • Place of employment and salary (if any)
  • And some other quick details

That’s about it. No need to worry about embarrassing or intrusive “personal” questions and no need to feel awkward filling out forms in front of strangers like at a bank. In fact, our forms are accessible at home or on the road via desktop PC, smartphone or tablet.

Once the application is completed online, you’ll have an answer as to the status of your submission within minutes!

When is the Best Time to take out an online Payday loan?

The “best time” may not be as appropriate of a question as what is the “best situation” that an online payday loan can help with. There really is no “right time”. When it comes to online payday loans if you need one, then that means you are in financial trouble.

Millions of people around the world find themselves turning to online pay day loans to help ease their financial burdens when faced with an immediate need that they cannot afford to pay for.

Let’s look at a few acceptable scenarios where an online cash advance might help:
  • Your boiler breaks down in the middle of winter and you need heat to survive
  • Your vehicle up and quits on you and you need it to get to work
  • A burglar breaks your windows at home and they need immediate repair for safety
  • A fire burns down your apartment building and you have to find temporary housing
  • You did not budget appropriately and you need money to pay for basic items like food or utilities until your next pay check

Whatever the situation, if left unfixed, it will surely lead to even more hardship (financial or otherwise). As such, these emergency situations are perfect examples of when an online cash advance loan might be just what you need to get by.

IMPORTANT INFORMATION Financial Implications

In many cases payday loans or other fast cash advance options can seem like the only way out of a bad financial situation. However, it is important that you fully understand the terms and implications of borrowing money in this way.

As with any type of loan, you should educate yourself and make sure that you understand the terms and conditions, including but not limited to the fees, interest rates, and payback schedule. This information will be useful in helping you determine whether or not it is a good idea to borrow, and in helping you make sure you are capable of repaying on time to avoid additional fees.

In many cases payday loans will be due in full in one single lump sum payment on upon arrival of your next pay cheque. As such, prior to filling out an application you should familiarize yourself with your weekly and monthly budget and expenses in order to appropriately plan ahead for paying back the money borrowed. If after calculation you find that you would not be able to repay on time, it may be that a short term loan is not the best way to deal with your financial circumstance after all.

Although it may be difficult to think of alternative solutions, the following may help:
  • Reduce “non-essential” expenditures
  • Ask friends or family for a short term cash advance
  • Pick up extra hours at work
  • Ask for a raise
  • Start a side business
  • Negotiate with existing creditors to reduce monthly payments
  • Consolidate debt

For additional assistance in finding out what move might be best for you next, please visit the citizens’ advice bureau or the money advice service.

Potential Impact on Credit Score

A payday loan can affect your credit score in a few ways, both positive and negative. Let’s take a look at each scenario to learn more.

1. You use the loan to pay off other bills

In this scenario a cash advance loan can actually prevent you from taking a hit on your credit score due to overdue bills like utilities, rent or high interest credit cards.

2. Paying off the payday loan on time

Paying off your payday loan on time may actually improve your credit score, thus making borrowing money in the future easier and potentially less costly due to a lower interest rate as a result of your improved credit score.

3. Making late payments

Failing to pay on the due date of these loans not only will result in increased fees and interest, but may actually hurt your credit score, making it harder to borrow in the future. Poor credit can impact many aspects of your life, including limiting your ability to get a mortgage for a home, lease a vehicle, or obtain funds thru other borrowing mechanisms in the future.

Renewal Policies / Extended Re-payment Terms

Renewal terms are policies that may be enacted in order to lengthen the period of time that you area allotted to make re-payment on funds borrowed. These types of policies are not guaranteed, but if you find yourself in a situation whereby you may not have the money to make repayment on time, you should reach out to your lender directly and ask about the possibility of extended payment terms. Renewal policies vary in nature and they may come with additional fees or costs so it will be important to ask about any additional expenses you may incur as a result of the extension.

Collection Policies and Terms

While online pay day loans can offer a quick and easy way to resolve immediate financial needs, you will want to plan ahead to ensure on time repayment. While repayment terms may vary by lender, in general repayment is typically due on your next pay day from your place of employment.

Failure to repay on time may result in increased fees, calls from debt collectors, and increased debt. For these reasons it is advisable to map out a plan for paying off the debt by the due date. You may also be reported to the Credit Reference Agencies, resulting in a long term negative impact on your credit score. Remember that a payday loan should always be a last resort and you should explore all other avenues of funding prior to taking out a loan.

Alternatives to Payday Loans Online

Remember, an online payday loan should indeed be a last resort. So what are the other options you ask?
  • Pick up extra hours at work
  • Get a side or part time job
  • Start a business
  • Set aside an emergency credit card
  • Save up and open an emergency cash savings account
  • Work to improve your credit so you can get access to better loan terms
  • Consider borrowing from friends or family
  • Consider reducing expenditures

While our site is absolutely free to use, some lenders or brokers within our partner network may charge a fee. On Time Payday Loans does NOT make credit or lending decisions. We are not a lender.

Our business is in helping connect you with prospective lenders who are willing to help.

 
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