Purplepayday

At the moment everyone is feeling the pinch here in the UK and worldwide, so it can become extremely tough sometimes to make it to the next payday. Now when you say the word payday loan to someone, often you can hear them cringe at the word ‘loan’. Loan is actually a bit of a misnomer for what payday loans actually are. In the UK a payday loan is a quick loan for those nasty surprises that crop up when the month still has a way to go.

At PurplePayDay.com you can complete a fast and efficient application that does not involve lengthy waits and numerous credit checks. You simply have to complete the online application and you will have your answer within minutes.

No hidden agendas

At PurplePayday.com the eligibility criteria is straight forward. You have to be a UK citizen older than 18-years and have a steady monthly income. You simply go online to our website and complete the provided application form.

The procedure takes only a few steps and you will know in a short time if you are eligible. The terms and conditions are set out in plain language and there are no extra hidden costs. This type of short-term loan is for less than 31 days, so the interest rate charged is a one-off payment added to the loan amount.

You do not need to have collateral. This type of crisis loan works well for emergencies as you cannot be irresponsible and borrow more than you can afford to pay back next payday.

Quick loans, crisis loans or payday loans; these are the names these convenient quick loans are called. What makes these loans completely different is that they are short-term loans meant to get you out of a bind before your next payday. These loans are not meant to splurge on a luxury you can happily live without; quick loans should be handled responsibly.

At PurplePayday.com, quick loans are incredibly convenient as you simply go online to apply. You complete the online form and within a few minutes you have your answer. There are no lengthy interviews, multiple stacks of paperwork to complete or long waiting periods.

When you are in a bind

The criteria to qualify for a quick loan from PurplePayday.com is simple. Everything is done to the best practices - our company promotes responsible lending. A quick loan helps you out of a fix when unforeseen expenses come into play, and you repay the loan come your next payday. There are no lengthy credit checks, so it is more convenient to take a quick loan.

Speed is another great benefit as you normally receive the money into your bank account on the same day if you are approved. The process of signing up is simple; you only have to follow the instructions on the sign up page and give the information asked for. You complete your personal details, your employment information and contact details, all in one easy step.

Your quick loan application is confidential and your employer is not informed. Quick loans through a company that operates to the highest standard is the perfect way to get out of a bind. Help is always available for those unforeseen circumstances.

We all know how quickly things can turn sour. Payday loans are never meant to augment your monthly income. It would be irresponsible to try to live this way; learning to budget tighter is far more sensible. PurplePayday.com offers payday loans that are meant to get you out of a mid-month bind due to an emergency cropping up. So why are payday loans so popular? Statistics show that is it one of the fastest growing areas in the loans business.

Fastest stop-gap finance

A pay day loan is the best source of getting a short term cash loan. Payday loans specifically deals in smaller amounts that can be easily paid back with the next pay cheque. That means you do not have to go to a large financial institutions, have numerous forms to complete and have credit checks performed. From this, it can be seen why payday loans are so popular with the majority of people.

Getting a pay day loan online is incredibly fast as well as convenient. You will have your answer within minutes and, most of the time, the payment will be in your bank account on the same day. The payday loans offered by PurplePayday.com are unsecured loans, thus there is no need for collateral. PurplePayday.com promotes responsible lending as they do not offer long-term loans that could tempt people to take large sums of money to use on non-essential luxuries.

This is another reason that makes payday loans so popular; you are restricted in the amount you can lend as these loans are for less than 31 days. So it’s clear to see why payday loans are so popular, fast and convenient.

Paperwork is the bane of the existence of most people. The last thing you want or need is to have to complete a pile of application forms when all you want is a short term loan to pay those unexpected expenses that cropped up during the month. Purple Payday.com is a payday loan company that operates online and you simply complete their online application.

The whole procedure is fast to navigate with easy to complete questions. The whole application is processed online and you do not have to fax any information to them. Once you have submitted your application, the company will do all the necessary steps electronically.

Once your application is approved, the money will be deposited directly into your bank account. There is no need to travel to the company to collect a cheque. Usually you receive the money on the same day, but definitely within 24-hours unless you apply late over a weekend.

Straight-forward requirements

When you apply for a payday loan through PurplePayday.com you get an unsecured loan that does not involve credit checks, so having a poor credit rating is not held against you. Payday loans are repayable from your salary within 31 days; this type of loan will be restricted to an amount you can readily pay from your next paycheck.

This is to encourage people to borrow money responsibly and not bind them to long-term contracts. More and more people prefer the fast, paperless procedure of a quick pay day loan to settle the bills for those unforeseen expenditures - knowing they will simply repay the loan come next payday.

Emergencies have the nasty habit of showing up when you least want or can afford them, and can turn your world topsy-turvy very quickly. Crisis loans are great to give you a fast cash advance to bridge your financial crisis until your next payday.

The worst thing about a crisis is having to deal with the actual crisis itself! Then, you build up stress at the same time thinking about how to pay for that unforeseen expense. Everyone is aware of how tight finances are on a global scale right now, we’re all under the cosh.

When unplanned medical or car expenses, for instance, crop up, it pushes the budget off the map. At PurplePayday.com we take the worry off your shoulders with an unsecured, short term cash advance that is only repayable at your next payday. Instead of stressing about how you will pay for it, you can focus entirely on dealing with whatever emergency you have.

Bridge the gap fast

Being a loan company that encourages responsible lending, PurplePayday.com will offer you a restricted short-term loan amount that has been calculated according to your monthly salary. Often, people perceive a payday loan as having exorbitant rates as they work it out over a year. This is giving a total wrong impression as payday loans are for less than 31 days.

You will repay the cash advance with your next salary and pay the specified interest. It is not accumulative over a period of a year. It is a one-off payment as payday loans repayments do not carry over month-after-month. You can have fast cash to deal with the emergency and you repay it on your next payday. Calculating the interest over a year gives a totally false impression.

The quick fix of getting advanced cash quickly can be extremely beneficial and the short timescales involved mean you are not tied into a crisis loan for a long period of time. However, circumstances can change unexpectedly and the worry of paying back pay day loans can be high.

A plus point of pay day loans is the speed in which the cash can be accessed. At Purple Payday Loans cash can usually be dispatched within 24 hours, making this an appealing option for many. The only issue that can occur is if the consumer makes a hasty decision without fully considering the repayment options.

To avoid unnecessary repayment options, carefully check through your finances prior to deciding how much to borrow. Only borrow what you can feasibly afford to pay back, and do not borrow more than you realistically need.

Also remember that you have the payment coming out of your next wage and budget for that month accordingly. Otherwise you run the risk of getting in the vicious circle of borrowing more to pay back debts.

The worst case scenario is that you do not have sufficient funds in your account to cover the repayment. Maybe a bonus you were expecting did not come through, or you received more unexpected costs.

If this happens, the best thing to do is contact the payday loan company as soon as possible. They may be able to be flexible and help you out, it is common knowledge that in the current economic climate people are struggling.

Ultimately, being honest and upfront is the best way of preventing further debt and long term financial struggles.

In a perfect world there would never be unexpected expenses and we would never have to worry about urgent medical bills, or a house repair that cropped up unexpectedly. Unfortunately the reality is that people get ill at the most inconvenient times and busted water pipes never ask if payday is tomorrow or in two weeks time.

Life is full of these very inconvenient and often costly crises that can through your finances into turmoil. When these happen you need access to money and you need it rather urgently. There usually isn’t time to sit and debate about when and how you need to pay these expenses. You need a band-aid to fix that financial emergency quickly. This is the specific reason that pay day loans were created.

Sorted in 24 hours

It is the quickest way to get cash for those unexpected problems as you can simply apply online for a payday loan. You will be notified within literally minutes whether your loan application has been approved. This means there is no agonising long wait. If your application has been approved you will receive the cash into your bank account within hours.

In certain ways these loans can be seen as a responsible way of lending money. You must repay the loan plus the interest when your next pay cheque comes in. You are also restricted to a maximum amount and this restricts you from taking on too much. Payday loans can be seen as taking an advance on your next pay to cover unexpected expenses before pay day.

Annual Interest Rates (or APR) is the most common method of comparing money that is loaned over a period of at least 12 months or longer.  Payday loans are set for a period of 1 month, so it is not surprising that APR can seem misleading.

For instance, a loan of £2000 taken over a period of 36 months, or 3 years comprises an actual interest of 49% which translates in an APR of 16.9% whereas a Payday loan of £1000 taken over a period of 1 month comprises an actual interest rate of 25% which translates into an APR of 1355%.

Why is the APR on a payday loan so high?

Any credit provider has to quote APR in terms of interest rates yet is it not really a realistic way to calculate the repayment rate on payday loans.  Payday loans are designed as a means to bridge the gap between paydays; therefore the repayment period never exceeds 31 days. Most consumers are simply confused by APR.

Using APR as a method of calculating pay day loans suggests that this type of loan is comparable to other, larger forms of credit, yet they aren’t.  Payday loans provide instant short term finance therefore APR can only be relevant when comparing identical long term loans.

What makes them even more confusing is that when payday loans are compared to bank charges incurred on unarranged overdrafts or when people try to make direct debits with insufficient funds, you can see that payday loans are often a cheaper and more transparent alternative to having to bear the brunt of penalties and bank charges that having no funds in your account incurs.

Payday loans companies receive a lot of bad press and are often criticised for their easy lending. Some people will see this as a way out of debt, which it is not. A responsible pay day loan company will not pretend to be something they are not and will highlight the conditions and terms of the agreement upfront.

All you need to get a payday loan is a bank account and a regular income of a sufficient amount. This leads to accusations that these crisis loans encourage people who struggle to get credit and are already in a poor situation financially. This is not the case.

The benefit of the less complex application means it is a short term solution to a one off financial issue. It also means your credit rating is not affected if you get rejected, and the loan itself does not affect your credit rating. This is perfect for anybody, as who would want extra details on their credit report for an extra hundred pound or so?

Other criticism comes in the form of payday loan companies targeting the vulnerable and concealing the truth about their products. This is where research from the consumer’s end is crucial. Reputable companies such as Purple Payday Loans hide no facts. The terms and transaction process is fully explanatory and very simple to follow.

Lastly, a major complaint is that pay day loans encourage further debt. The truth is that they do, in fact, simply sort out a small financial isolated issue. Lending is set at a maximum amount preventing people’s debt from getting out of control.

One of the most common complaints about a payday loan is often that the interest rates are really high and that it is a quick way of companies preying on people and making quick money. This rumour has given payday loans a bad reputation, and one which is unfairly given.

As an example of repayments, at Purple Payday Loans the average interest charge is £25 for every £100 borrowed. This obviously equates to 25% interest which is where the argument comes in that interest rates are high and lenders are making too much money on their quick loans.

Looking at the bigger picture, this is a realistic, fair and affordable amount to pay. These quick loans are paid back in a very short space of time, for example an average of within 31 days. With this taken into account, the crisis loan repayments are not dragged out over months or years.

The other angle is that the maximum loan amount you can borrow is low, generally people will only borrow a few hundred pounds, and companies such as Purple Payday Loans generally only lend up to £750. This means that the amount paid back is affordable and also made clear from the offset. A lower APR on a long term loan may seem low in principle, but the knock on effect over several years can be difficult to manage.

The other crucial fact about pay day loans is that the interest paid is usually a lot less in comparison to bank overdraft charges. The standard bank charge is generally around £25, even if you only go over your overdraft limit by a few pounds. These charges can go from this amount up to £100 for one month.

If you know that money will come out of your bank which will take you over your limit then a payday loan is an obvious solution with a manageable repayment amount.