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The payday loan guides and payday calculators have been created to allow you to understand what is involved with a payday loan and to consider other lending options that are available. We understand that a payday loan may seem like your only choice. The articles in the payday loan guides will help you to find affordable alternatives to payday loans or use the payday loan calculators and comparison tools to ensure you get a good deal if a payday loan is your only option.
Our payday loan calculators and guides contain everything you need to know and understand about payday loans. When you visit this page you will find that:
The payday loan guides are divided into several categories and you can choose a guide to access information according to your requirement.
The payday loan calculators will cover everything there is to calculate about payday loans. These calculators are online and free to use and are designed in a way that will perform your calculations in the simplest way possible.
You can take advantage of these calculators and guides for various products such as, personal and car loans.
Choosing the right kind of calculator and guides combo will make your life much easier by enabling you to choose the product that suits your needs the best.
The payday loan industry has grown from merely £100 million to £2 billion in the past 10 years. Like the name suggests, payday loans are typically given in the amount equivalent to an individual's salary. These are short term loans, hence it has to be repaid within a few days or weeks.
You may also know payday loans, by different names such as cash advance, short term loans, salary loan, or payroll loan. These all mean the same, The lender will evaluate your financial documents such as your bank statements, your pay slips in order to provide you with this loan.
The lender of payday loans, generally charge a quite high rate of interest, which could get you stuck in the vicious cycle of credit. This makes it even more important that you remain aware of the terms and have enough information about these loans, before you decide to fund your needs with payday loans.
Payday loans are provided by several private lenders, some of them do not verify income documents which makes it even costlier. The general process is that you go to a store and nowadays fill out the application online. The lender will take a cheque from you with the amount covering the principle and fee.
You visit the store at the time of the next salary and repay the entire amount in full or else, it is right of the lender to claim the amount through the cheque from your account. Modern payday loans typically take payment via direct debit or through an online payment portal. If your account does not have sufficient funds to cover the amount, you may get into legal and financial trouble.
If you have more questions in mind about payday loans, guides on this page contain all the information and can be accessed with the following links:
If you are a first time borrower, you may want to calculate the interest yourself so that you know how much you are actually paying to get this loan. There are online tools available to help you with your calculations. One of them is payday loan calculator by iCalculator that can be accessed with the following link:
Sometimes when you are considering borrowing from your credit card, it could serve your needs just like the payday loans. There are two options or repayment when it comes to borrowing with credit cards. One, you can pay the entire amount within your due date provided by your credit card lender. Two, you can opt for a minimum payment option if you are not willing to pay the entire amount.
In both cases, you will be charged with interest, however, it's a bit tricky when it comes to making minimum payments. You may get away from paying the whole amount for a few months, but it comes with the cost.
We would suggest that you take a good look at the calculations before you choose either of the options. There are several online tools that can help you perform these calculations. However, the credit card calculator will perform the calculations in a way that will show you the comparison between fixed and minimum payment options. You can access the calculator with the following link:
Taking up a personal loan could also be a very good alternative to payday loans. Though the process is different and requires much more documentation, you will end up paying far less interest than payday loans.
Personal loans are generally given after the evaluation of your profile and multiple verifications. Additionally, you will be able to pay them off with equated monthly installments (EMIs). Unlike payday loans, personal loans can be grated for longer durations.
The documentation, interest rates, tenor and loan amount approval differ from bank to bank. The numbers might be different, but the calculations remain almost the same. You can shop around for the best available deal and then make use of the calculators below to save time and effort:
Other than the payday loan and personal loans, there are multiple other types of loans such as logbook loans, personal purchase contract car loans (PCP car loans) & other car loans. The calculations of all these kinds of loans are totally different. You can do the calculations manually, however, it will be much easier if you consider using the online calculators such as the calculators that can be accessed from the following links:
If you have taken any kind of loan and you are considering repaying it in full for any reason, you can generally do it by paying a fee. However, it will be in your favor if you know how much it is costing you so you can make a budget accordingly. The online calculators like debt pay off calculators are designed to ease these calculations for you: