Are you struggling with an expected bill, or your utilities are a lot higher than expected this month? Why not consider a pay weekly loan?
It is not always the best decision to borrow money from family and friends. It can lead to arguments, upsets, and losing contact, even breaking the relationship. This is the last thing that anybody wants. Sometimes, it is better to go to a professional financial company for help. Then you can borrow the amount you need at a suitable rate. Whether you have a financial emergency or you would like some extra cash to top you up before payday, a loan that you pay weekly may be an option for you to consider. Let’s find out more about this type of loan and the advantages of paying your loan repayments weekly.
What is a Pay Weekly Loan?
A pay weekly loan is a type of loan that you can pay over several weeks. The convenience is that you can make small repayment amounts every week instead of monthly like other loans. A lot of companies that are registered with the FCA offer weekly loans.
The good thing about some lenders is that you can choose your repayment schedule. In other words, you can decide the length of time you would like to take out a loan. You may find it more comfortable with your financial situation to choose weekly repayments. For example, you can take out a loan over 24 weeks, and each week, you will pay a small amount toward your agreement. You will also have to pay interest on your repayments over several weeks. A lender representative will be able to advise you on the interest rate before you start to repay your loan.
Customers can use weekly loans for anything they like. Perhaps it can be for a new home appliance or renovation. We always advise that you use weekly loans for things that are necessary, not for items that you want but not exactly need. They can also be an excellent way to pay for unexpected bills and emergencies to avoid going into debt. Just make sure that you know what your repayments will be every week and ensure that you budget for them. The last thing you want is to default on a repayment, as this can have harmful consequences and affect your ability to enjoy any loan in the future.
The Benefits of Pay Weekly Loans
The main benefit of pay weekly loans is that you can consistently pay back small amounts of the money you have borrowed. For some people, this can relieve stress and know that the amount borrowed is decreasing every week. Each repayment can become more manageable. It is an excellent way to budget and know that you do not have to wait until the end of the month to pay it back, and you can be financially responsible.
Of course, weekly repayments are going to be smaller than paying monthly. You can enjoy feeling in control of your repayments, and the APR interest rate can be reasonable too. Again, you can choose the number of weeks that suit your finances and unique situation.
Who Can Get Weekly Loans?
A lot of people are eligible for loans that you repay weekly, and you can apply even online. As other alternative solutions, the typical requirements are as follows:
If you have a full-time job and a regular income, this is going to be very advantageous for getting a loan. A representative will view your application and see that you have money coming in that can be used to repay the loan, including the APR.
Your credit score is also going to be important when it comes to being accepted for a loan. Lenders will look at a customer’s credit rating, and if they have a good score, they are viewed as less of a risk. This means they are seen as having good financial habits and are more likely to repay the money on time and in full each week.
Can I Apply for Weekly Loans If I have a Bad Credit Score?
Having a bad credit score does not mean that you will automatically be rejected when you apply for a weekly loan. But it may make it a lot harder to get the one you want. Lenders will carry out affordability tests on customers. This is a way to evaluate whether you are a risk or not when it comes to making a repayment on time and in full. If a customer has a full-time job and regular income, their credit rating may be less important for paying back a loan over a number of weeks.
It is important for all customers to be cover the age of 18 when they apply for a loan. In addition, they should reside in the United Kingdom.