Owning and operating a small business can be difficult for a number of reasons, and sometimes it is necessary to get financial assistance when times are tough. Whether you need money for your business or your own personal expenses, payday loans offer a quick and definitive solution. Thousands of small businesses throughout the UK have benefited from these loans, so they are definitely worth looking into before making up your mind. A loan can help you out until you are in a more stable place financially.

Fast Cash for Your Business

Going through a bank to get a traditional loan can take a while, and time is a luxury that you most likely do not have. If you want to get the money you need as soon as possible for your business, it is important that you start looking into payday loans. You will find that these loans are a highly effective means of obtaining the funds necessary to keep your business afloat.

If you are approved for a payday loan, you could get the money you need within several hours of submitting your initial online application through the lender’s website. When time is the most important factor, a bank loan is simply not good enough.

Bad Credit Won’t Hold You Back

A lot of small and medium size business owners get turned down for bank loans every single day because their credit rating isn’t high enough. Private lenders are the ones who give out payday loans, and most of them don’t even run credit checks on those who apply. The fact that you own your own business is actually a huge plus, and it will more than likely make the lender feel good about giving you money.

You should check your credit score/report before applying for any loans, but your rating won’t hold you back when it comes to payday loans. The lender will take a close look at the amount of money your business typically generates though. If the lender determines that your business is profitable enough to allow you to pay back your loan on time, you will most likely get approved. You certainly shouldn’t let your bad credit stop you from trying to get one of these loans.

When to Apply for a Payday Loan

It’s never a good idea to get a payday loan unless you really need one, so you will have to sit down and take some time to think about how desperate your situation is. If you believe that you are in jeopardy of losing your business unless you get a loan, you will probably want to apply for one.

Obtaining a payday loan can be a good way to cover your business expenses for the time being, but you should be in a situation where you really need the money. The best thing you can do is to run the numbers so you know exactly how much you need. You don’t want to borrow more than is necessary, as this will make it more difficult to pay it back on time.

Requirements

While it may be true that you can get a payday loan with bad credit, there are other requirements that you will need to meet before you are given any cash. Your business needs to be already established, which means no start-ups. You must be able to provide the lender with proof of your gross monthly revenue so they know what the profitability of your business is like overall. Finally, your business must be based in the UK. If you do not meet all of these criteria, you shouldn’t even bother to apply. The requirements for payday loans are fairly lax, but they aren’t given out to just anyone.

No Collateral Needed

There are a lot of different reasons to consider applying for a payday loan, and one of them is that you don’t need to put down any collateral whatsoever. This means that you won’t have to risk losing your home or vehicle. It is very important to be confident that you’ll be able to pay off your loan on time, but you won’t have to put any property up as collateral. Going through a bank for a loan would most likely require you to take a much bigger risk, as they would ask you for some sort of collateral to secure it.

Use the Money However You Want

When you get cash from a payday loan, you will be able to use the money however you want. The lender will not ask you what you intend on using the loan for, so you won’t have to worry about this at all. Whether you need it to help keep your business above water or catch up on personal bills, you shouldn’t have any issues whatsoever. A majority of banks will want to know why you need a loan, but that isn’t the case with private lenders.

Apply Online

These days getting the money you need is very easy, because everything can be done on the internet. Once you have found a reputable lender, you will have to fill out an application on their website. This application will require you to submit detailed information about your business’s gross profits and other things that will help the lender make a final decision.

The application is only the first step, but there isn’t a whole lot left. If you get approved for a payday loan, you will be given a contract to sign (electronic signature). Take the time to read through every sentence of the contract before agreeing to it. One of the biggest mistakes that people make when taking out these loans is to rush into signing the contract.

After you have agreed to all of the lender’s terms, your money will be transferred into your bank account within a matter of hours. You will then have the money you need to help keep your business strong when you are going through a financially difficult time.

These days payday loans are extremely popular with those who need money for everything from holiday trips to emergency expenses. If you want to get one of these loans, you will first need to be prepared. The more preparation you do, the better your chances are going to be of getting approved for the funds you need. Whatever you need the money for, it is absolutely crucial that you take the time to learn a few key things. Approval is never guaranteed for payday loans, so you will therefore want to do everything in your power to boost your chances.

Take a Long Hard Look at Your Credit

As difficult as it may be, you will need to take a close look at the state of your credit prior to filling out a loan application. While it may be true that credit isn’t a huge factor in getting a payday loan, this is still something that you should really do. When you take the time to check your credit report online, which you can do for free, you will have a better idea as to what your credit is like. Those with higher credit scores tend to get lower interest rates.

Checking your credit report will also provide you with the perfect opportunity to look for items that shouldn’t be there. Sometimes credit agencies make mistakes, and it’s up to you to catch them.

Get the Required Information Together

When you apply for a bad credit payday loan, there will be certain information that you will have to submit. The lender will want you to provide them with proof of income so they know exactly how much you make from each pay check. Take the time to get the necessary documents together so that you will be able to get the money you need as soon as possible. The more organized you are, the faster this whole process will go. You should also remember that the best time to apply for one of these loans is early on in the week. If you submit your application on a Friday, it might not be processed until Monday morning.

Ask Around

It is extremely important that you find the right lender to borrow from, and you could make it a lot easier on yourself by asking around with family, friends and co-workers. Chances are you probably already know someone who has taken out a payday loan in the past, and a personal referral can help you save a lot of time and effort in research. If the person you talk to had a good experience with their lender, you might want to consider applying with them yourself.

Utilize the Internet

Another effective way to find a lender that you can trust is to go online and read reviews for some of the options you have. These days it is extremely easy to find detailed information on lenders, so you will need to use it to your advantage. Make sure that you find out what the lender’s Better Business Bureau rating is, and whether or not they have any formal complaints against them. This information can go a long way towards helping you select a lender that is flexible and reasonable.

Consider Your Financial Situation

Anyone who wants to get a payday loan must first consider their own financial situation. You will need to make absolutely certain that you can pay back all of the money you borrow plus interest within the given period of time. Take all the time you need to comb through your finances so you can determine the exact amount you need to borrow. Those who do this will make it easier on themselves when it comes to paying back the loan later on.

Familiarize Yourself with the Scams

You should also be prepared to recognize common payday loan scams when you are doing your initial research into these lenders. One of the big telltale signs of a payday loan scam is when a so-called lender requires fee payment upfront before you even get your loan. If you don’t want to deal with a nightmare of a situation later on, it is important that you are able to recognize the signs of a scam. Also, make sure that you do not fill out loan applications on any sites that aren’t secure (look for HTTPS before the site’s URL).

Read the Fine Print

The final step in the process of getting a payday loan is to sign the contract that the lender puts in front of you. While the contract you sign will most likely be digital (just type your name and email it to them), you will still need to read through it very carefully. This contract lays out all of the terms and conditions of the loan, so you will need to know exactly what it says. You should never hesitate to ask the lender for clarification on any points. Those who sign a loan contract they don’t really understand usually regret doing so later on.

Compare Interest Rates

If you want to get the best deal on a payday loan, you will need to set aside some time to go online and compare interest rates from various lenders. By doing just an hour or two of this research, you will be able to save yourself a ton of money. Those who rush into choosing one of these lenders typically end up spending way more than they needed to on interest. Even those with bad credit can still save themselves money to a point.

Prepare Yourself for Rejection

There is always the chance that you won’t get the loan, so you should prepare yourself for this possibility. A lot of people who apply for these loans get approved, but there is always a small chance that you could get turned down. Try not to build your hopes up too much, because there are certain requirements you will need to meet in order to get approved.

There are certain ways that you can make applying for a payday loan even easier than it already is. If you need money right now, you certainly don’t want to waste any time. Some people make certain mistakes when applying for one of these loans, and it’s a good idea that you are as efficient as possible when going through this process. The easier you make all of this for yourself, the sooner you can pay off whatever expenses you have. There is simply no point in making things harder on yourself than they really need to be.

Use a Payday Loans App

You will find that there are numerous mobile apps that you can use on your smartphone to find the best possible payday loan to match your needs. These apps can find you the best match based on your requirements so that you don’t have to spend hours doing research until you finally find a good overall deal. One of these apps can be tremendously helpful, but it’s important that you find the right one. Take all the time you need to look into your payday loan app options before deciding to use one in particular.

Apply Online

While it’s true that you can still go down to a brick-and-mortar payday loans business to fill out a paper application, it’s much easier to just go online and fill out a short little form. These online applications usually don’t take any longer than 15-20 minutes to complete. Once you have found a lender that you think you can trust, you can apply for a loan right on their website with just a couple clicks of your mouse.

Make sure that you only apply on secure websites with “HTTPS” before the URL in the address bar of your browser though. A majority of these sites are totally secure, so you won’t need to be concerned about your information being stolen or misused in any way.

Apply at the Right Time

There are certain days and even times that are ideal when applying for a payday loan, and knowing what they are can work in your favour. A Monday or Tuesday early in the morning is the best time to fill out an application for the loan you need, because it’s usually a slow period for lenders. By choosing the right time to apply, you can get your application processed faster. Anyone who is in dire need of funds for any reason will certainly want to keep this in mind. The last thing you want is for your application to get lost among dozens of others on the day you submit it.

Prepare Yourself

Applying for a payday loan is much easier when you already have the required information in front of you and on your desk. You will need to submit various personal and financial details in the loan, so make sure that you have all of the records and documents at your fingertips before getting started. Scrambling around to find all of the information you need at the last minute will only delay your loan further.

Find a Legitimate Lender

Since you don’t want to waste any of your valuable time applying with a fake lender, you will need to make a real effort to find one that is legitimate. There are in fact some fake payday loan lenders out there, so you will want to avoid them at all costs. You certainly don’t want to spend time filling out an application only to discover that the lender isn’t even real. Ignore all of the links for payday lenders in Google that are ads (the ones at the very top of the search results page.)

Only Submit Honest Information

You don’t want to lie about anything that you are asked on a payday loan application, because that will just make the entire process of getting the money you need more difficult. You will need to tell the lender exactly how much money you make without embellishing at all. Some people are tempted to stretch the truth a little bit, but you do so at your own peril. If a lender finds out that you have lied about any of the information you submitted, they will never give you a loan.

Know How Much You Need to Borrow

Among the things that you will be asked in the application you fill out for the loan you need is the amount you want to borrow. This is something that you will need to figure out prior to visiting the lender’s website. It is never a good idea to borrow more than you need with one of these loans, so you will want to take some time to do the math. Consider how much money you make when you are trying to determine this. You don’t want to take out more money than you can afford to pay back within a couple of weeks or so.

Manage Your Expectations

There is always the chance that your loan application could get rejected, so you should manage your expectations and try to be realistic. If you get rejected by one lender, you can always try others. Applying with numerous lenders at once can be a good way to save yourself some time, so keep that in mind as well. Because a lot of these lenders don’t even run credit checks, this shouldn’t impact your credit negatively.

Keep Your Phone Handy

After you have submitted your loan application, stay by your computer and/or phone so that you don’t miss the lender when they respond. If you are approved for a loan, you want to be able to go through the next step as quickly as possible. Those who get approved will need to look over the contract that the lender sends and agree to it before they get their money. By making yourself available, you can get your money within a matter of hours to pay for whatever you need to.