In the former article, we did see what a Payday loan is, and what it can offer to the customers and what are the difficulties or issues in taking the loan. On this article, let's take a deep dive in the history of the payday loans offered by three of the extensive players. Wonga, quickquid & Pounds2day. They are true majors in the field of offering Payday loans. These three companies offer loans in the UK region and targeting UK customers, even from the upper middle class to the middle class by offering even around 70 pounds of money, which could be returned back in 1 day as well. accurate good, isn't it?
The reason why Payday loans have come into existence is because of the complex documentation and the processes that revolve around the mainstream way of getting loans from banks. Lending from bank has been a real case of difficulty and people have started stopping to go to banks as the outcome is more or less certain that the loan may not be available. These are loans which are non-secured loans.
The main reason of this quick reach of this payday loans is due to the fact of the recession that hits the UK few years back. During that time, it was literally every one of us was in a trouble to even pay the bills, repair their cars and to pay the due for their housing loan. The condition was such that, Bank has stopped to offer any loans at all. The Funds Advance has been to a standstill so that it made the condition of the customer even more difficult.
Pounds2day is another service provider which is in this trade for quite some time now. This company also provides service to the UK people. So, all the three company which we have seen in nutshell is offering services based UK. In this system, the first time amount of loan would be 400 pounds which would be destined to be paid back shortly. And after that, depending upon the pace at which the loan was paid back and the genuine approach of the customer, there could be another possibility of loans again.
The prior most condition Pounds2day has is, the client should be an UK citizen, only then the offerings can be made to the client. In terms of the background, the customer should be merely employed and this system does not grill the Gross bread and in hand wage details. Hard cash loans: Hard cash loans are similar to Payday loans, but slightly different in services. It takes a lot of time in comparison with the normal Payday loans. relaxed dough loans facilitate to avoid issues in credit card such as missed payments or failed payments due to which the customer needs to incur lot of charges. On that basis, we have had a similar understanding of the services that are offered by all these sizable payday loans. Choose the best service provider and go for it, from a cost perspective Pounds2day are one of the most expensive, followed closely by Wonga then the cheapest of the 3 is QuickQuid, there is another player out there who is cheaper than all 3 and offers the same flawless level of service, check out PaydayAgain.co.uk.
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