It is fair to say that wageday advance loans have acquired a poor reputation over the years. But the industry has cleaned up its act and is now a viable option for those looking for short-term loans.
The Financial Conduct Authority has imposed stricter lending guidelines, with the number of lenders reducing from approximately 250 to 40 during the past three years.
With unscrupulous lenders now restricted from offering wageday advance loans, you can feel a lot more secure when acquiring a loan.
The FCA encourage responsible lending which has meant that a 0.8% daily rate is the maximum that companies can offer.
There is also a cap on charges applied for late payments and you should never have to pay back double the amount that you have loaned.
Loan Moneytree want to do the best for our customers and we would never knowingly allow you to fall into further financial struggles.
We will always encourage our customers to borrow within their needs and not to stretch themselves too far when it comes to making repayments.
The maximum amount that you can borrow from Loan Moneytree as an installment loan is £2,500, which needs to be paid over a period of 3-18 months.
Choosing a Wageday Advance
A wageday advance is exactly what it says on the tin – a short-term loan that will tide you over until you get paid.
With this in mind, if you feel that you will still struggle financially once you are paid, this type of loan may not be suitable.
If you require a lower interest rate than allows you to pay back your loan over a longer period, you will need to look at standard loan companies for support.
If you do feel confident that you can start making repayments straight away and are happy to take on a higher interest rate, then you can take out a wageday advance for many reasons. Such as to pay for your daughter’s birthday or to get your car fixed, knowing you can pay it off when your salary hits your bank.
Application processed quickly
Loan Moneytree understands how urgently you may need cash, so we will endeavor to process your loan application as quickly as possible.
Once you have submitted your application, we will pass your details to our team of experienced lenders who will review your financial situation and approve your loan as soon as they can.
Once your loan has been approved, the money will be deposited into your account in as little as 15 minutes.
Borrowing responsibly can help you out of a sticky situation and you should not be worried by scare stories that are printed in the media about wageday loan companies.
As long as you do your research and choose reputable companies, like ourselves, you can ease your money worries and get yourself back on track quickly.
It is important to remember to only ever borrow if you know that you can pay the money back on time.