Payday Loans FAQ

Created: 2018-08-07 09:00:00

Trying to find the perfect lending opportunity for your specific needs when you feel like your back is up against the wall during a financial emergency is never simple or straightforward.

It certainly doesn’t help that traditional lenders are always going to be more than a little bit gun shy about offering those with less than picture-perfect credit and a rock solid financial footing any kind of loan – but thankfully short-term loans and payday loans from organizations like Cash Kitty exist to bridge this gap.

A great way to get your hands on the cash and capital you need straightaway, you will be able to utilize these kinds of loans with no headache or hassle whatsoever. To help you better understand the opportunity in front of you, we’ve put together this quick FAQ.

What exactly are payday loans and how do they work?

Payday loans are essentially short-term loans from nontraditional lenders like Cash Kitty that allow you to cover immediate expenses.

These loans are almost always do in full on your very next payday, though there are some situations where you will be able to stretch out the repayment terms of your loan going forward for sure.

What do I need to apply for these short-term loans?

As a general rule, companies like Cash Kitty are only going to ask that you provide some sort of valid proof that you have a source of income that allows you to come over the repayment of your payday loan.

You don’t necessarily have to have a steady paycheck or even be employed, but you do need to have a provable source of income before you’ll be able to take advantage of these short-term loans.

Do I have to put up any collateral?

No collateral is necessary to take advantage of payday loans, which is another of the biggest benefits that they bring to the table.

This gives anyone and everyone that need a bit of financial assistance the opportunity to protect themselves, leveraging these loans as soon as a financial emergency hits without having to mortgage their financial future along the way.

Will my credit score hurt my chances of being approved?

Another big advantage of organizations like Cash Kitty is that they aren’t going to pay all that much attention to your credit score when it comes time to determine whether or not you are eligible for payday loans.

Your credit history will have next to no factor whatsoever in the determination of whether or not you are approved or disapproved for these kinds of short-term loans. Anyone with a verifiable source of income should be able to take advantage of this lending service.

What kinds of repayment terms and interest rates can I expect from these payday loans?

At the end of the day, you should expect relatively short repayment terms and relatively high interest rates from payday loans – simply because they are meant to only last about a week or so, and because no credit check or collateral is necessary to take advantage of them.

Obviously, working with top-tier companies like Cash Kitty will help you to avoid the headache and hassle that some of the more predatory operations out there inevitably bring to the table.

Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk