Wageday Advance

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Wageday Advance
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WagedayAdvance provides short term loan services
which has to be repaid on your next payday or if
you get paid within the next 21 days. You could
borrow an amount ranging from 80 pounds to 750
pounds depending upon your credit worthiness
which is thoroughly assessed by the firm. New
customers are allowed to borrow a maximum of 350
pounds and the credit limit may be increased if
they manage to create a good repayment history
with the lender. If the loan is paid off within
the first 21 days, an interest is charged for
those 21 days.
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There are certain basic requirements for being
eligible to take WagedayAdvance loans. The
borrower must be a citizen of UK and must have
acquired 18 years of age. He/she must have a
valid UK bank account with a debit card. Also, it
is important that the person should have a stable
income and must be employed. This is to ensure
that he is capable of repaying the loan.
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The interest rates for payday loans are very
high. They are calculated on a daily basis at the
rate of 0.8 per day. So if you borrow an amount
of 270 pounds for 34 days that will incur an
interest of 73.44 pounds, the daily interest
being 2.16 pounds per day. Hence the total amount
you will have to pay will be around 343.44 pounds
i.e. 1223.6 APR representative.
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WagedayAdvance conducts credit checks for all its
customers. Your loan might be approved despite
not having a very good credit history if they
feel you are in capacity to repay the loan. A
unique loan approval system is used by
WagedayAdvance apart from using the details that
the credit reference agencies hold about the
borrower. The lending decision is not based
solely on the credit rating, but a careful
decision is made after getting to know the
borrower.
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If you face a sudden financial problem and
realize that you are unable to repay the loan,
you must inform the firm about the same so that a
workable solution is identified. Deferring your
repayment will be very costly and it will take
much longer to repay the loan. This will also
lead to additional charges as the interest would
keep adding up and a default fee of 15 pounds is
charged.
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WagedayAdvance provides very good customer
service and its loan terms are quite competitive.
The procedure to apply for a loan is very simple.
You could apply for a loan over the phone or
online. You could also get in touch with the
customer service representatives on all days
except Sunday. Once your application has been
given an approval by the firm, the money is
transferred into your account almost immediately.
Despite having better terms than its competitors,
they first advise you to not borrow such loans
for a long term.
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The complaints against WagedayAdvance are far
lesser than its competitors. It was established
in 2004 and has a much better corporate
credibility than any of its competitors. The firm
is registered with the Companies House and it has
a consumer credit license from the Office of Fair
Trading. This is another plus point of
WagedayAdvance as many of its competitors are not
registered with the Companies House.
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WagedayAdvance is authorised and regulated by the
Financial Conduct Authority. It is also
registered with bodies like Consumer Finance
Association, Consumer Credit Trade Association,
BCCA, Finance and Leasing Association. It is in
compliance to a charter from these bodies that is
for the rights and protection of customers. The
firm is committed to the charter and
independently monitors its compliance to it.
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The lenders who sign this charter have to make
some key commitments which include acting
fairly and responsibly in all their dealings.
They must inform the customer about all the costs
and risks involved with such loans. An
appropriate affordability assessment has to be
done by the lenders. The lender must act
positively and sympathetically with the customers
if they are facing a long term financial trouble.
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The lender must freeze the interest and other
charges if a repayment plan has been worked out
when the customer is unable to repay the loan on
time or if the loan has not been repaid for more
than a period of 60 days. The lender may also
recommend some debt and financial counselling
organizations to the borrowers that will help
them come out of their difficult situation. The
lender must freeze the interest and other charges
if a repayment plan has been worked out when the
customer is unable to repay the loan on time or
if the loan has not been repaid for more than a
period of 60 days. The lender may also recommend
some debt and financial counselling organizations
to the borrowers that will help them come out of
their difficult situation.
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WagedayAdvance usually takes it payment through
Continuous Payment Authority which is also known
as CPA. It is a kind of automatic regular payment
that uses the debit card that is linked to your
bank account and which you have registered with
the firm. Payments will be taken only on those
dates and only for that amount which has been
decided in the loan agreement.
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The customers have the right to cancel the
Continuous Payment Authority by informing their
bank and the firm about the same. After
cancelling the CPA, the customers must find some
other way of repaying the loan on the due date as
failing to do so would lead to a default fee of
15 pounds and other additional charges.
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The Debt Advisory Centre (DAC) had reported about
the rise in cost of living in UK in the last few
years. Despite repeated warnings from the
government about the risks associated with payday
loans, a large number of UK citizens are opting
for such kind of loans. The findings of DACs
report suggested that a majority of people who
had taken some kind of a payday loan in the last
1 year, used it mostly for covering everyday
expenses.
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Due to the rise in the cost of living, an average
UK household has to struggle to make ends meet or
they tend to have very little or no savings to
fall back to handle an emergency. Very few people
take the payday loans for other purposes like
recreation or for buying gifts for someone.
People struggling to save money should avoid
taking such loans.
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For more information continue reading
www.trueblueloans.co.uk
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Thank You