Quick payday loans are a means of borrowing a small sum of money. Thanks to a vast selection of lenders, the options available actually come in a range of different shapes and sizes. This means whether you are looking to borrow only £100.00 or perhaps as much as £500.00, there will be a number of different lenders to choose from. In addition to the range of different loan values which are on offer within this online market, there are also a good selection of repayment options as well. It would probably be fair to say that when we think about quick payday loans, we typically think of a loan which needs repaying in full on our next pay date. In reality though quick payday loans can be repaid in a whole host of different ‘shapes and sizes’. This helps to make sure the product is potentially suitable for a whole range of varying consumer needs. This means lenders have kept in mind what is suitable for one; is not always suitable for all and as such choice is really important. When we think about choice exists within all areas of our economy, helping to ensure we can make sensible and informed choices about our finances and even purchases. Today then let’s look at quick payday loans and how they can be repaid.
So one of the most classic ways of borrowing money from quick payday loans is one which comes with a simple repayment. This is the payday loan in its purest sense because the customer agrees the loan is only needed until their next pay date and on this date they can afford to repay all of the loan in one hit. Given that these loans vary in value from £100.00 to £500.00, as discussed above, it does mean that this type of borrowing can come with quite a large repayment amount. This means it is important to ensure the amount due it affordable and realistic, so be sure to check before signing the loan agreement. For those of us looking for more flexible repayment options, the instalment based quick payday loans are the way forward. Instead of repaying the loan as a one-off repayment, instalment borrowing allows the monthly repayment amount to be tailored better to our existing costs and therefore financial needs. Many lenders of the instalment based loans offer several different repayment terms, meaning we could choose to repay over 2, 3 or 4 months for example or perhaps 4, 5 or 6 months as another example. This means we can compare the costs monthly and also the total cost of borrowing as well and then make a decision which suits us best. For those of us who know it would be much more affordable to repay a loan via instalments, one of these type of loans will almost certainly be a much better choice. So the key is to investigate the options available and then make a decision based on what works for you.