The Lucky Loans company may be the answer to people who are financially stumped with more problems than solutions. They offer fast and easy to pay loans that will take you out of your financial misery. One of the loans they offer are Payday Loans.

Payday Loans

According to studies, the average value borrowed by customers as payday loans is around £300 per individual. Payday loans have similarities with short term loans because they are also best suited for people who needs a small amount of money for an immediate, sometimes, urgent needs like covering an unexpected expense or bill. In the United Kingdom, Payday Loan lenders typically offer payday loans amounting to £50 – £2,000. At Lucky Loans, have been steadily rising in popularity because of different reasons, such as the expediency of loan application and loan approval, the flexibility of the repayment scheme, and the absence of a credit history check.

Difference Between Personal Loans and Payday Loans

Personal loans are different from Payday loans for the following reasons:

Personal loans involved a large amount of money with a longer repayment scheme. Some personal loans have a12-month (or more) repayment scheme. Payday loans on the other hand, offer a smaller amount of money that can be repaid in a maximum of 3 months of fixed monthly payments.

Personal loans do a thorough background check on the applicants. They will do a profile check on you, about your personal and professional life, of the kind of house you live in, among others. Lucky Loans Payday Loans do not require a credit history check.

Personal loans will require you to submit copies of your bank statements and certificates, your past and current payslips and other financial documents that may support your application. To apply for Lucky Loans Payday Loans, you only need to fill up and submit an online application form.

Fast Application and Approval Process

Lucky Loans company is also making a name for itself because of the simplicity of its application process and the swiftness of their decisions with loan approval applications. This sets them apart from different United Kingdom high street lenders and banking institutions. Whereas loans in banks will require some waiting time of at least a month before knowing their decision on your loan, Lucky Loans developed a scheme in which they can deliver an instant decision to your loan in just a matter of seconds. This lessens, or removes altogether, your anxiety in waiting for an approval or disapproval. If your loan is unfortunately disapproved, the company will provide you with the reasons for the rejection. They will even give financial alternatives that you can try out and tips on how to increase your chances of loan approval in the future. You can check https://www.luckyloans.co.uk/ to have more info.

Also, funds are transferred to your bank immediately after application approval. The process usually takes only a quarter of an hour in some instances. However, the amount of time will also depend on your bank’s regulations with money transfers and withdrawals.

Payday Loan Direct Lenders and Loan Agreement Form

When you are approved of a payday loan, you will be asked to enter into an agreement with the payday loan direct lender. This is the company who will directly provide you with the loan. The loan agreement contract includes loan information like total repayment amount, length or repayment period, monthly payment amount and other relevant details.

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