Payday Cash Advance Loans: The Facts

One of the undeniable facts about payday loans in the UK is that there is a rise in the usage of them. As a matter of fact this rise has more than doubled since 2006. Most borrowers are of lower income levels. These payday advance no credit check offers are not so much no credit check as they are "bad credit offers". Your credit report still get s accessed, but it does not affect whether you get the short term loan.

What does affect whether or not you get a payday loan is your age (you must be at least 18), your income earnings and whether or not you have a bank account with a valid debit card. This is because most of these "loans" are offered based on your next payday and the funds are taken from your next pay cheque or from 2 to 4 depending on the term of the loan.

Some providers of payday advance no credit check loans take the full amount plus interest from your bank account on your next payday which means you have to have the money in there by that time. Others will automatically take out a certain amount each week over a period of a couple of weeks to a month as repayment of the original loan. Some lenders offer 3 month paybacks. Click here

The laws in the UK surrounding these no credit check loans are simple. The payday loan companies are required to disclose their APR in the advertising. However, there are no restrictions on how much interest a lender can charge for their loans.

The lenders have to be licensed by the OFT in order to offer any kind of consumer credit solutions. The OFT (Office of Fair Trading) is responsible for evaluating lenders prior to licensing. The Consumer Credit Act of 2006 regulates the payday advance no credit check OFT licensing guidelines.

Some of the most well-known payday loan providers include Payday UK, Wonga, Now! Payday, Cash Genie, QuickQuid, My Lender, TxtLoan, 24-7 MoneyBox and Safeloans Ltd. These are a few of the properly licensed payday advance no credit check lenders that provide these short term loans today.