Monthly Archives: November 2012

What is a short-term loan and when should one be used?

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A short-term loan is a loan which borrowers can obtain quickly with reasonable ease that is paid back within a relatively short period of time (normally between seven days to a month).

Short-term loans, of which payday loans are the most obvious example, can be helpful during emergency situations which require a quick cash injection.

However they are built for the short term and it is crucial that they should never be considered as long-term financial solutions. Think of it like a taxi ride – it’s perfectly acceptable to take a taxi to pop across town in a hurry but you wouldn’t consider taking one to get across the country.

Payday loans are designed to be solutions to emergencies and should only be considered if the situation is an actual emergency.

PaydayUK sponsors historic Welsh rugby club

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PaydayUK is proud to announce its partnership with Welsh rugby club Brecon RFC.

Short-term loan company PaydayUK was delighted to agree to a sponsorship deal with Brecon, one of the oldest and most prestigious rugby union clubs in Wales.

Powys-based Brecon can trace its history back to a match played in 1868 and the club was a founder member of the Welsh Rugby Union.

The popular community club celebrated its centenary during the 1979/80 season.

A club spokesman said that the vibrant club continues to look to the future and is backed by loyal supporters, forward-looking administrators and a playing contingent that covers all age groups.

PaydayUK’s charity spooktacular Halloween

Spooky indeed

These pictures were taken during PaydayUK’s Halloween Spooktacular.

A big thank you to all who took part.

A total of £307.15 was raised for Helen and Douglas House.

As you can see there were a whole host of scary costumes on show.

Beware of illegal payday loan sites: always check before you apply!

Internet Security

PaydayUK is warning customers against applying for loans with unlicensed payday loan websites.

As a responsible lender PaydayUK is urging all potential payday loan customers to be careful when applying for a loan online and to avoid the large number of illegal sites that offer short-term loans.

As explained in this story from the Independent if you search for ‘Payday Loans’ in Google a large proportion of the sites which you are directed to may be operating illegally and should be avoided.

Before you enter your bank details into any site you should check they are secure and a legitimate outfit.  You can tell if a web page is secure by looking out for an ‘S’ after the HTTP in the website address. Otherwise you have no idea who you are giving your information to. If you cannot see HTTPS on a web page address then you should avoid entering your bank details.

Stay safe and avoid online scams that are after your money

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Over the last few years payday loans have for many people become the short-term solution to financial emergencies.

As payday loans are mostly obtained online it is important for anyone considering taking a payday loan to be wary of online scams and conmen.

Here at PaydayUK we want what’s best for our customers so we have compiled a list of advice to help recognise and avoid being the victim of a scam.

This advice isn’t necessary specific to payday loans and the same principles should be used to protect against all online scams.

1. If it sounds too good to be true it probably is. Using a little common sense goes a long way when battling against online scams. If you didn’t enter the lottery it is fairly unlikely that you will win it.

2. Never click a link to your bank or financial institution from an email. Banks will never contact you asking you to enter your details; be it for confirmation or validation. If they want you to log in they will ask you to visit their website by manually entering the address or using a bookmark.

Secured versus unsecured loans: What’s the difference?

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There is a lot of potentially confusing terminology surrounding the different ways it is possible to borrow money.

If you’re considering applying for a loan you need to know the difference between two of most common categories; secured and unsecured loans.

Secured loans

Secured loans are when the borrower offers some form of collateral in exchange for the borrowed money.

The underlining principle with these loans is that in the event of the borrower failing to repay the loan, the lender can take ownership of the collateral.

PaydayUK sponsors Imperial College Hockey Club

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PaydayUK is proud to announce their sponsorship of Imperial College Hockey Club. With a number of the club’s alumni currently working for PaydayUK it seemed the perfect opportunity for the short-term lender to support a worthwhile cause.

Imperial College Hockey Club has four men’s teams and two women’s teams and can boast just over 90 members. The club has just started the new season and will be trying to build on the success of last year. The most successful team was the ladies’ first team who won all four competitions they were entered in: the BUCS SE Conference Division 2A, BUCS SE Conference Knockout Cup, University of London Union Women’s Premier League and the ULU Women’s Challenge Cup.

Repaying your payday loan: Understanding the process

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Payday loans are fast becoming a popular solution for when a financial emergency strikes when it is least expected.

Payday loan companies understand that for many potential customers the speed at which their application can be processed is an important factor. Because of this payday lenders make the application process as quick and efficient as possible.

Once a customer has completed an application, if approved, they will be provided with pre-contractual information to read, then, if acceptable, asked to sign a loan agreement that explains the specifics of their short-term loan. In this agreement there will be a clear date for when the money, plus interest, will be due to be repaid.

When it comes to making the payment, the agreed sum is automatically taken from the borrower’s account on a specified date. This helps the repayment process be as convenient as possible. As long as there is enough money in the account on the agreed day the repayment will go through. Hassle free!

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