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9 Common Reasons
October 03, 2016

9 Common Reasons People Choose a Pay Day Loan

Many of us face financial difficulties at some stage in our lives. This means that we need support from time to time.

Pay Day loans offer an ideal solution to those who are experiencing short-term money concerns and do who do not want to take out lengthy loans.

If you are unsure whether a wage day advance loan is a good option to solve your financial woes, below are 10 common reasons people take out this type of loan:

Unexpected debt

If you generally manage to pay all of your bills month to month but are hit with an unexpected bill or a debt that you were unaware of, a pay day advance loan can support you until you get back on your feet.

Family emergency

If you have sudden medical or funeral expense to pay for, you may not have enough cash in the bank to cover the bills.

Whether it be supporting your daughter to pay a university bill or helping your mum with nursing fees, a wage day advance may be something that you can turn to.

Meeting mortgage repayments

The thought of missing a mortgage payment can be very scary, which is why people turn to companies like Loan Moneytree for help to meet repayments.

Clearing overdraft

If your bank is on your back to clear your overdraft or you are in danger of exceeding your overdraft limit, a pay day advance can keep you on track and can stop you incurring further bank charges.

Family holiday

A family holiday may seem like a luxury when you are short on cash, but letting your children down can be very difficult. You can now enjoy a guilt free family holiday knowing that you can rely on a pay day advance loan.

Redundancy

If you have been made redundant and are struggling to cover bills while you look for another job, a wage day advance loan can offer a short-term solution to your problem.

Medical emergency

While the NHS will cover most medical ailments, there may be a time when you need to cover expenses, dental bills for example, with a wage day advance.

Avoiding embarrassment

If you are somebody who does not usually have to ask for financial support, you may feel too embarrassed to ask for help. Rather than ask family or friends to help them out of a sticky situation, people are turning to wage day advances for help.

Poor credit

Many people turn to pay day advance companies as they have a poor credit history and cannot get credit through traditional means.

Loan Moneytree understand that people may not always have the best credit score and we work with over 40 lenders, some of who take bad credit into account when granting loan applications.

Loan Moneytree offers an easy online application process that you can access today.

If you have any questions we would be delighted to chat with you.

Consumer Advisory:
Loan Moneytree is a loan matching service. This site will submit the information you provide to a direct lender. Upon loan approval, a direct lender may require further information from you which will be collected after we transfer you to their website or they may contact you via phone or email.

The operator of this site is not a direct lender. Loan terms, conditions and policies vary by lender and applicant qualifications. Late or missed loan payments may be subject to increased fees and interest rates. Not all lending partners offer up to £2,000 loans, and not all applicants will be approved for their requested loan amounts. Loan repayment periods vary by lender also. Lenders may use collection services for non-payment of loans.

Not all borrowers will qualify for a loan, the operator of this website does not engage in any direct consumer lending, we simply provide a FREE loan matching service to the public.

Representative Example:
Amount of credit: £850 for 11 months at £146.30 per month. Total repayment of £1,609.25. Interest: £759.25. Interest rate: 150% pa (fixed). 277.6% APR Representative.

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*Fund transfer times may vary based on the matched UK money lender, time of day applied and your bank.