Wage Day Advance

WageDayAdvance loans are short-term loans that are meant to be repayable on the next payday within the next 21 days. If you are interested in borrowing money from WageDayAdvance, you can borrow anywhere from £80 and £750. This will highly depend on your application and if you are assessed to be able to pay back the money. New customers that go to WageDayAdvance can only borrow up to £350. What you pay back in 21 days will also include the interest rates.

 The interest rates are as following to give you an example of what you will have to pay back by your next paycheck:

-If you borrow £100, your interest is £27.20, and you will need to pay back £127.20

-If you borrow £500, your interest is £136.00, and you will need to pay back £636.00

-If you borrow £750, your interest is £204.00, and you will need to pay back £954.00

Of course, this is assuming you can pay it back within 34 days, or around a month. As you can see, the interest rate is extremely high. The Representative APR of WageDayAdvance is 1223.6%. This rate is not bad compared to many other companies.

Remember though that payday loans do not have to be a part of your financial life. There are many options out there that you can go for, and you should not assume that a payday loan is the answer to your financial troubles. Studies show that the way many payday loan advertisements work makes it so that you think they will help you out of your current situation. In fact, it is quite the opposite. Payday loans will usually keep you in more debt as you will be tempted to take out a loan after loan to pay back your debts.

Consider looking at local credit unions before you take out a payday loan. Credit unions are limited by law in the APR they can charge. Often this is much less than a payday loan. The maximum for credit unions to take out is 42.6%. You will usually have the chance to make a repayment as well without any penalties.

Most credit unions will penalize you with a fee if you want the cash in the same day. This may seem like trouble, but this is a wonderful way to give you some time to think about your loan. It will help you decide if it is worth it, and if indeed you do need to take it out of an emergency. Even though credit unions are relatively new to short-term lending, there will probably be a growth in the next few years. They are a much better option than payday loans because of the low interest.

If you do decide that payday loans are something you need, just remember to carefully evaluate how you will pay it back. If you do believe you can pay it and the high interest back with your next paycheck, then WageDay Advance may be one of the companies you should research further in order to make a final choice.