Most people experience times in their life when even £50 would make a big difference to their life. Unexpected bills or events can arise, wages may not be as high as usual or other circumstances can lead to a reduction in cash flow. In these cases, £50 payday loans from direct lenders may be necessary. You may be surprised to learn that the need for short-term loans is quite common, which is why we work with a range of payday lenders to help you get the loan you want.
It can be extremely difficult to get a loan from a high street bank, if your credit is less than perfect. This is why £50 payday loans from direct lenders are so popular. You can get the money you need, without the stringent checks you would receive if borrowing from a high street bank. This means you have a higher chance of success in getting loans of as little as £50.
With our help, you may get access to your loan on the same day and you can take out anything from £50 to over £1,000 depending on the lender, how much you need and their approval process. You should always work out your finances before taking out a payday loan and ensure you can afford it. You should also take time to understand the fees and ensure there are no hidden costs.
There may be circumstances when you may not know how you’ll even be able to afford to get through the next few days, as your funds are so low. You may have no where to turn to get access to funds, and this is where small payday loans can help. You might only need a small amount until your next payday and this can be a lifeline to many people. With £50 payday loans from direct lenders, you may have enough to pay an outstanding bill or just get you through until your next pay day.
There are many benefits to taking out a small payday loan.
- You usually get access to the funds within the same day. In some cases, even within 15 minutes. This can be extremely useful if you are running out of funds, or if you have completely run out!
- You can usually get access to £50 payday loans from direct lenders, even if you have a poor credit history.
- It’s an easier process than taking out a loan with a bank, you don’t need to send as many documents and the lending criteria is a lot less strict.
Although you don’t want to rely on payday loans as a regular income, it can be useful to know you always have an option. If you pay back your loan on time, the lender will usually allow you to borrow again.
Can I Get a £50 Loan?
If you are looking for £50 payday loans from direct lenders, you will find that each lender will have different criteria. However, there are some usual conditions which you will need to meet, before you will be eligible to receive a loan.
- Bank account – you will need to have an active bank account to be eligible for a payday loan. You will set up a direct debit when you set up an application and as such, you will need a bank account to be able to both receive and pay the loan back.
- Proof of income – it is essential that you are working and have an income to be eligible for £50 payday loans from direct lenders. You will need to be able to prove your income, and this may be in the form of bank statements, payslips or both.
- Identification – the lender may require that you send identification, such as a passport.
- Aged 18 years’ – most lenders will have a criteria that you need to be aged 18 years’ or older to take out a payday loan. If you are younger, you may be able to take out a loan with a guarantor.
There are all kinds of circumstances which may cause you to need a payday loan. You may really need the cash, but perhaps you don’t really want to face the embarrassment of asking to borrow. If you are unemployed and need to increase your cash flow before you start a new job, a payday loan can be an attractive option.
Many people rely on a payday loan for dealing with short term emergencies, such as an unexpected bill or to pay off debt. If you just need a holiday, you can still use a payday loan. There are no specific purposes for taking out a payday loan as every circumstance is different.
What Can I Use My Loan For?
- Unexpected bills – many people have bills they weren’t expected or have forgotten about and a payday loan can act as a life saver. This may include a phone bill, urgent car repairs or repairs to the home.
- Mortgage/rent payments – mortgage rent payments are the most important bills to pay. If you don’t pay your rent/mortgage, you could end up losing your home. If you don’t have the funds to cover this payment, the payday loan can cover your needs before you get paid.
- Holidays – in some cases, you may just need money to cover a holiday payment and this is where the payday loan can be useful.
Daily expenses – many people live from one pay day to another and the payday loan can help with day to day expenses, including food and travel. You may not have anyone else to ask or may be too embarrassed to ask for help from friends or family, and the payday loan can be useful for this purpose.
How much will a £50 Loan cost me?
The cost of £50 payday loans from direct lenders will depend on the APR of the payday lending company you are using. It can be as much as 97% or even more in some cases. All payday lenders have different lending criteria, so you may not be accepted for one, but you may be for another. You can expect the interest rate to be higher if you have a poor credit history. You should always work out your finances before you apply for a payday loan, to ensure you can afford. It can cause serious financial problems if you don’t pay your loan back on time, make sure you know what you will be paying back and whether it is affordable for you.
In most cases, you will need to set up a continuous payment on your pay day, which will be taken out of your bank account until the full amount has been cleared. If you are only taking out a £50 payday loan, you should be able to clear this within the first payment. It is important to adhere to the arrangement with your lender, as otherwise, you could find yourself in a worst financial situation.
In some cases, the payday lender will allow you to rollover your loan, if you are unable to pay the loan on the specified date. This should be done at as a last resort though.
Payday loans can be a good alternative to other loans, as they are easier to access. You can often get your loan within hours of your application being accepted. They have fewer requirements as other loans, and you can usually get a payday loan regardless of your credit history. In most cases, the lender won’t look into your credit history, which means an application will not detrimentally affect your credit rating.
It is important to work out your finances, including your income and expenditure. The loan is designed for short-term needs and should not be used as a source of income.
Do Direct Lenders Offer £50 Payday Loans
The Majority of Payday Lenders will offer loans of as little as £50, with many Direct lenders allowing you to borrow anywhere between £50 - £2,000. Nearly all £50 payday loans will be repaid fairly quickly due to the small amount that is being borrowed, although it is also worth checking with the direct lender when they require the money to be repaid. The majority of £50 payday loans direct lenders will provide you with the full cost and repayment terms of your loan upfront before you enter into any agreement, so make sure to have a full read of your agreement!
This is a representative example of what you could expect to pay on your loan. This will vary depending on the interest rate and value of the loan.
Annual Interest Rate: 65.7% (Fixed)
Total amount of credit: £1200
Representative APR: 89.7%
Total amount payable: £1601.40
If you are taking out a payday loan, make sure you are able to pay it back. If you are struggling this month, will you be able to afford to survive the next month, as well as paying back your loan? Always make sure your payday loan is regulated by the FCA.