Payday loans offer a great solution to short-term financial problems and can help keep you on the right side of financial problems before they become too large. A payday loan works by lending you a certain sum of money which you then pay back your next pay day, it couldn’t be simpler. However, a lot of companies can take advantage of these circumstances and may not always be doing what you think they are. That’s why it’s important to look for someone legitimate like 24/7 Moneybox in order to guarantee you are getting the service you need. Below is a list of things to look out for:
– Maximum Loan Amount – does the company have a limit on the amount you can borrow? Legitimate services will have a limit on the amount they will lend you and first time borrowers will not normally be able to borrow the maximum amount until their trustworthiness has been confirmed. For example, 24/7 Moneybox offers a maximum of £200 to start with before it increases to a potential £800.
– Credit Approval Required – companies should require some form of credit approval; whilst they may treat every case individually they should emphasise that if you have a particularly bad credit history you will not be entitled to borrow money from them.
– Low Cost Repayment Fees – always make sure you check how much per £100 you will have to pay back on top of the fee borrowed. For example, 24/7 Moneybox offers a low loan repayment of £25 per £100 borrowed. As you won’t be paying back exactly the amount you want to borrow you should always make sure you will be able to pay back the increased sum.
These are just a few of the things you need to look out for when considering taking out a payday loan because otherwise you could end up in even more financial strife. Companies like 24/7 Moneybox are there to help you which is why you should only consider companies like this who are legitimate loan companies. You need to be fully confident on the company you are using, and should talk to one of the advisors at 24/7 Moneybox if you have any worries or concerns; they will be more than happy to help.
