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The Variations in Payday Loans

Written By On 13/03/2013

Payday loans originated in America about eighty years ago and has grown and continues to expand all over the globe. Some lenders in the USA also offer their applicants a two week loan alternative which helps to keep the interest rates lower as the funds are borrowed for a shorter period. Many of the states in America have different rules that must be adhered to concerning the fees and interest rates charged, whilst other country's rules and regulations will differ as they are obviously governed by various sets of bodies.

In this country the Office of Fair Trading has set out certain guidelines to try and help the consumer understand the details of the loan that they may choose to apply for. Here the payday loan suppliers must show the annual percentage rates that they charge so that the applicant can see them clearly. However this can often present a problem in itself as that can also be different between each lender so the APR that the company shows will probably be the average.

We at Cash Sorted do not encourage anyone to apply for a payday loan without understanding fully that you need to afford to pay the loan back on your next due payday date. If you cannot do that then this particular loan is not for you. It is equally important that the applicant is a responsible borrower as it is to be a responsible lender. We would recommend you get the correct advice needed to help you get the financial help required because a payday loan is purely a short term solution. If you would like free support you may wish to contact the Citizens' Advice Bureau as they may be able to point you in the right direction.

That said, payday loans have helped many families and individuals get out of tight corners and if used wisely can be a very convenient method in helping them get on with their lives with the least amount of hassle.