{"id":26599,"date":"2024-08-02T11:07:36","date_gmt":"2024-08-02T11:07:36","guid":{"rendered":"https:\/\/www.lendingstream.co.uk\/blog\/?p=26599"},"modified":"2024-08-02T11:07:39","modified_gmt":"2024-08-02T11:07:39","slug":"benefits-of-payday-loans","status":"publish","type":"post","link":"https:\/\/www.lendingstream.co.uk\/blog\/benefits-of-payday-loans\/","title":{"rendered":"5 Benefits of Payday Loans In The UK"},"content":{"rendered":"\n<p>You might have heard a lot about what payday loans are and how payday loans can help you access money when you need it. But did you know there are many other benefits as well?<\/p>\n\n\n\n<p>In this guide we\u2019re going to explain how a Payday Loan can help. Click here if you want to find out Lending Stream compares to a <a href=\"https:\/\/www.lendingstream.co.uk\/loans\/payday-loans\/\"><strong>payday loan<\/strong>.<\/a><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f297dde97e6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f297dde97e6\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/benefits-of-payday-loans\/#5_useful_benefits_of_a_payday_loan\" >5 Useful Benefits of A Payday Loan<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/benefits-of-payday-loans\/#1_payday_loans_are_quick_to_get\" >1. Payday Loans Are Quick To Get<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/benefits-of-payday-loans\/#2_payday_loan_repayment\" >2. Payday Loan Repayment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/benefits-of-payday-loans\/#3_people_with_bad_credit_can_also_apply\" >3. People With Bad Credit Can Also Apply<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/benefits-of-payday-loans\/#4_easy_loan_application_process\" >4. Easy Loan Application Process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/benefits-of-payday-loans\/#5_available_247\" >5. Available 24\/7<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/benefits-of-payday-loans\/#one_important_thing_to_note\" >One Important thing to note<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/benefits-of-payday-loans\/#do_you_have_any_more_questions\" >Do You Have Any More Questions?<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"5-useful-benefits-of-a-payday-loan\"><span class=\"ez-toc-section\" id=\"5_useful_benefits_of_a_payday_loan\"><\/span><strong>5 Useful Benefits of A Payday Loan<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you find yourself in urgent need of cash, then a payday loan could be the answer. Payday loans are usually for a small amount (a few hundred pounds) and are often paid back the same month you take out the money. You repay the loan on Payday (get it?).<\/p>\n\n\n\n<p>So why would you want to get a Payday Loan<strong>:<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"1-payday-loans-are-quick-to-get\"><span class=\"ez-toc-section\" id=\"1_payday_loans_are_quick_to_get\"><\/span><strong>1. Payday Loans Are Quick To Get<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you are applying for a payday loan in UK, then there are high chances of getting your loan application getting approved quickly. Most lenders will pay out the <a href=\"https:\/\/www.lendingstream.co.uk\/loans\/same-day-loans\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>loan on the same day<\/strong><\/a> you apply (if you\u2019re successful).<\/p>\n\n\n\n<p>Also, since the amount of money involved in a single loan is quite low, a credit broker or payday lender can be more likely to approve you than a bank. Although, your loan application might still get rejected if your credit history is extremely poor or you have a history of late repayment mentioned in your credit file. Late repayments can cause you serious money issues and give you a <strong><a href=\"https:\/\/www.lendingstream.co.uk\/blog\/bad-credit-score\/\" target=\"_blank\" rel=\"noreferrer noopener\">bad credit score<\/a><\/strong> too.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"2-payday-loan-repayment\"><span class=\"ez-toc-section\" id=\"2_payday_loan_repayment\"><\/span><strong>2. Payday Loan Repayment<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Most lenders will automatically take your repayment with the debit card you register on your Payday. The lender will automatically calculate the amount you owe and take the payment from your debit card using what\u2019s known as a \u201ccontinuous payment authority\u201d. Our advice will be not to miss any repayment date because missed repayments are something which <strong><a href=\"https:\/\/www.lendingstream.co.uk\/blog\/what-affects-your-credit-score\/\" target=\"_blank\" rel=\"noreferrer noopener\">can affect your credit score negatively<\/a><\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"3-people-with-bad-credit-can-also-apply\"><span class=\"ez-toc-section\" id=\"3_people_with_bad_credit_can_also_apply\"><\/span><strong>3. People With Bad Credit Can Also Apply<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Since the amount you can borrow is quite low, lenders may be willing to lend to people who might get rejected by high street banks.<\/p>\n\n\n\n<p>So, if you are applying for a payday loan then we suggest you look for a direct lender who can consider you for a loan. At Lending Stream we like to consider ourselves to be a cut above the rest. See how we compare to a Payday Loan here.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"4-easy-loan-application-process\"><span class=\"ez-toc-section\" id=\"4_easy_loan_application_process\"><\/span><strong>4. Easy Loan Application Process<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Payday lending is almost entirely automated. Meaning that lenders can conduct their checks on you without having to ask for the information directly.<\/p>\n\n\n\n<p>If you want a simple process, without lots of intrusive questions, then find an FCA approved Payday Lender. They will do the proper checks on you, but make the process nice and simple.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"5-available-24-7\"><span class=\"ez-toc-section\" id=\"5_available_247\"><\/span><strong>5. Available 24\/7<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In a digital world, it can be hard to just be stuck to the 9-5. With automation most lenders will be available 24\/7 and can pay out to you within minutes of your application being accepted.<\/p>\n\n\n\n<p><strong>Note:<\/strong> Late repayment can cause issues with your credit score and might prevent you from getting best deal from your lender.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"one-important-thing-to-note\"><span class=\"ez-toc-section\" id=\"one_important_thing_to_note\"><\/span><strong>One Important thing to note<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Payday loans can let you gain access of money quickly to meet your immediate financial troubles. But they aren\u2019t a long term solution. It\u2019s an incredibly expensive way of borrowing. If you need to take out a Payday Loan, you should consider the alternatives. Like borrowing from Friends \/ Family instead. You might also want to try a short term loan.<\/p>\n\n\n\n<p><strong>Warning:<\/strong> Late repayment can affect your credit score, can lower your chances of getting approved for your next payday loan and the late fees on missed or late repayments is quite high. So <strong><a href=\"https:\/\/www.lendingstream.co.uk\/blog\/how-to-pay-off-a-loan-early\/\" target=\"_blank\" rel=\"noreferrer noopener\">always repay the loan on time<\/a><\/strong>.<\/p>\n\n\n\n<p>If you are looking for a payday loans alternative, then <a href=\"https:\/\/www.lendingstream.co.uk\/loans\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>click here<\/strong><\/a> to check what Lending Stream is providing you and how our loan is different from others.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"do-you-have-any-more-questions\"><span class=\"ez-toc-section\" id=\"do_you_have_any_more_questions\"><\/span><strong>Do You Have Any More Questions?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>We hope that by now you know all about all the <strong>benefits of a payday loan<\/strong>. However, there might be few extra questions running in your mind like how to compare loans? how to find the best payday lenders? Are Payday Loans same as <strong><a href=\"https:\/\/www.lendingstream.co.uk\/loans\/short-term-loans\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.lendingstream.co.uk\/loans\/short-term-loans\/\" rel=\"noreferrer noopener\">Short Term Loans<\/a><\/strong>? Will I get enough money to meet my serious money problems?<\/p>\n\n\n\n<p>To answer the above few questions, you don&#8217;t have to compare loans by yourself as we have already done that for you. Here is our <a href=\"https:\/\/www.lendingstream.co.uk\/compare-loans\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>compare loans<\/strong><\/a> page. Do check it out.<\/p>\n\n\n\n<p>There are many payday lenders and other brokers available online and all are good but always go for a lender who is approved by <a href=\"https:\/\/www.lendingstream.co.uk\/blog\/financial-conduct-authority\/\" data-type=\"URL\" data-id=\"https:\/\/www.lendingstream.co.uk\/blog\/financial-conduct-authority\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>FCA<\/strong><\/a> only. Also, <a href=\"https:\/\/www.lendingstream.co.uk\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Lending Stream<\/strong><\/a> offers a payday loan alternative through which you can get a short-term loan of up to \u00a31500, which is repayable over up to 6 months (if approved).<\/p>\n\n\n\n<p><strong>Always Borrow Responsibly.<\/strong><\/p>\n\n\n\n<p><strong>Disclaimer:<\/strong> We are not providing financial advice. Our blogs are written for informational purposes only.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You might have heard a lot about what payday loans are and how payday loans can help you access money when you need it. But did you know there are many other benefits as well? In this guide we\u2019re going to explain how a Payday Loan can help. Click here if you want to find [&hellip;]<\/p>\n","protected":false},"author":48,"featured_media":26600,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[267],"tags":[],"class_list":["post-26599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loans"],"_links":{"self":[{"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/posts\/26599"}],"collection":[{"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/users\/48"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=26599"}],"version-history":[{"count":2,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/posts\/26599\/revisions"}],"predecessor-version":[{"id":27990,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/posts\/26599\/revisions\/27990"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/media\/26600"}],"wp:attachment":[{"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=26599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=26599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=26599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}