info@londonloanbank.com
TrustScore: 4.8  |  531 reviews
guaranteed payday loans direct lenders no credit check

Gone are the days when people used to be afraid of loans, but now it is everyone’s cup of tea. Getting loans has become so easier that you can put in an application as soon as you feel the need of money. In fact, lenders do not need a credit check to finance your needs.

Many loan companies provide exciting deals on short term loans, however, the most sought-after of them is guaranteed payday loans from direct lenders with no credit check claim. Terms and conditions differ from a lender to lender. Some allow you to pay the loan in regular instalments, and some ask you to reimburse whole of the amount as immediately as you receive your next payday cheque.

Payday loans are notorious in the market as they carry high interest rates. Further some have prejudices that loan sharks offer these loans on lenient terms and conditions to trap borrowers into a vicious circle of debt, but this is not true at all.

Many borrowers say that loans ease through financial crisis, but according to studies, many get trapped in a painful never-ending circle of debts, as they are unable to pay instalments on time. The survey “Which?” has revealed that one in five payday loan borrowers were unable to pay the money back on time as a result they went for a rollover and took a new loan to reimburse the existing one.

Public cynicism about direct lenders is that they galvanise borrowers to either extend the period of loan or take a new loan so that they can make huge profits, but this is absolutely gibberish. Why will a direct lender entwine you in a debt cycle? No lender will disburse the loan with inclination to coax you into taking further loans on and on despite making defaults, after all it is their money that they will never risk financing your needs. They always sign off on loans with the hope that you will pay them back. Even if you have a less-than-stellar credit history, direct lenders will be ready to finance your needs. However, they can restrict the disbursal amount.

Guaranteed payday loans are not skulduggery. Instead, they are provided so that you can finance your emergency needs despite the bad credit. It is your responsibility to carefully use your loan and make sure that you will repay the debt on time. Here are some tips to be a smart borrower and keep debt spiral at bay.

Assess your need

Keeping your head above water is convoluted when your finances are in trouble, which is why you take loans. They can undoubtedly ease through tricky phases of months but keep in mind that you have to reimburse whole of the loan. Take guaranteed payday loans to finance your emergency needs only. Even if you have savings, loan is a better option to apply as savings can be utilised toward other regular expenditures such as travelling, clothing etc.

Consider competitive rate

Choose a lender who offers the most affordable interest rates on payday loans. Make sure that your loan agreement has prepayment clause and your lender enables you to pay in instalments. This will help you quickly pay back your debt without burden.

Use money wisely

Do not dissipate money if you do not want to implore your lender to extend the debt period. Spend it when it is necessary. Control your temptation to block your money in unnecessary things. The best way to avoid overspending is making a budget.

Peruse the loan agreement

It is good to believe your lender but it is still your responsibility to read before signing the agreement. Read every term and condition carefully. Do not hesitate to ask your lender if something is dubious. Try to find upfront or hidden fees. Once you have signed the agreement, you cannot hold your lender accountable.

Never default

Pay on time, as it will help you improve your credit score. With a good credit score, you can apply for a loan next time at lower interest rates. Regular payments also keep you from paying penalties.

Consider other alternatives

Lenders apart, you can borrow money from your friends and colleagues. This can never be a bad idea if you have a good relationship with them and your friends are ready to help you when you need them. Other alternatives include cash loans, bad credit loans and emergency loans.

Wrapping up

Careful planning of your debt will help you avoid all your worries. Apply only for the amount that you need, contact a lender who offers it at affordable rate of interest and pay on time.

Be a Smart Borrower and Shake off Your Worries

Leave a Reply

Your email address will not be published. Required fields are marked *

Apply Now

Pin It on Pinterest

Share This