Need a Wage Day Advance?
Apply for a loan today with MoneyBoat. Receive up to £800 upon approval.
With the cost of virtually everything steadily climbing, making ends meet just isn’t as clear-cut as it once was. To make matters worse, income has only risen a fraction of the amount of monthly expenses over the last few decades. It’s no secret the average household salary doesn’t stretch quite as far as it did in the past. How do you bridge the occasional gap between leftover money and unexpected need? Plenty of potential solutions are available. For many, though, the answer lies in a wage day advance loan.
Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk Representative Example: Borrow £400 for 4 months, four monthly repayments of £149.37. Total repayment £597.48, interest rate p.a. (fixed) 255.5%. Representative APR 939.5%. Compare Moneyboat loans.
What is a wage day Advance?Simply stated, a wage day advance is a loan designed to help make stretch your income just a little further than it ordinarily would. When used occasionally on a strictly as-needed basis, this type of loan can help float you through small-scale financial hardships. They have a shorter payback term than conventional loans and are typically only available in relatively small sums.
What Are the Benefits of a Wage day Advance Loan?Wage day advance loans offer a number of advantages when compared to other alternatives. You might say the main benefit is preventing you from having to do without the need at hand. Whether it be car repairs, medical care or food. Of course, that’s only the tip of the iceberg. Some additional benefits include:
- Less Sizeable Loan Amounts: Wage day advances from MoneyBoat are available in amounts ranging from £200 to £800 since they’re meant to help with emergency needs and immediate expenses rather than significant outlays. Borrowing less money means there’s less to pay back, so as a result you’re assumed to be less likely to face financial difficulties in the long-term.
- Shorter Terms: Instead of making payments over the course of several months or years as you would with a larger traditional payday loan, you’ll pay back your wage day advance loan over a short period of time. Shorter terms mean you’ll settle your debt more quickly, and you can fall back into your normal financial routine before you know it.
- Immediate Cash: With conventional loans, the approval process takes anywhere from a few days to a few weeks. Wage day advances typically take anything from 30 minutes to a few hours from application submission to approval. From there, the money will likely reach your bank within the same or next business day.
- Less Stringent Credit Requirements: When it comes to approval, most direct lenders put you through the ringer before deciding whether or not you qualify for a loan. While most short-term lenders do have their own sets of prerequisites, they’re usually not quite as lofty as those of other institutions.
What Does this Mean To Me?In short, this route gives you almost instant access to the money you need for any type of last-minute expense. You don’t have to have a perfect credit score in order to qualify, and you won’t need to spend several months dedicating a portion of your income to repayment. It’s a short term loan option for the immediate term, designed to be a simple, small-scale and readily available.
How Do I Get a wage day advance?To begin with, you’ll need to fill out an application for your loan online. This leg of the process usually only takes a few minutes to complete. You’ll provide some information about yourself and your circumstances, such as:
- Employment Status and Current Employer
- How Long You’ve Been with Your Employer
- Your Average Income per Pay Period
- Pay Frequency
- Desired Loan Amount (between £200 and £800)
- Monthly Expenses
- Bank Account Information
Do Any Fees Apply?With a wage day advance loan from MoneyBoat, a 0.7 per cent interest rate does apply. Interest is multiplied by the total amount of your loan and accrues daily. Aside from a charge for any late payments, this is the only fee you’ll encounter.
What about Repayment?Usually, payment dates are based on your own pay schedule. Your first payment will be due no less than 21 days from the date your loan was taken out regardless of your next payday. When you’re filling out your application, you’ll be given a choice of three different repayment terms:
When Will Borrowers Receive Their Money?
One Pay Period: You may choose to repay the entire amount of your loan plus interest on your first wageday after receipt once the 21-day minimum grace period has passed.
Can Borrowers Have More Than One Emergency Loan at the Same Time?
Two Pay Periods: You may also have the option to pay back your loan over the course of two pay periods. On your first scheduled payment date, you’ll pay the accrued interest up to that point with the original loan amount and further interest due for the following payment.
What Happens When Borrowers Have Problems Repaying a Loan?
Three Pay Periods: If you opt for this choice, your first two payments will consist of accrued interest, and the final payment will include the initial loan amount plus additional interest.
A clear summary of your payment dates and amounts should be clear to you before beginning the process. After this, automatic withdrawal of payments from your bank account or prepaid debit card will then begin. If you’re in a position to pay more than the minimum payment, you’re welcome to do so without penalties or additional fees; in fact, doing so will reduce the overall amount of interest you’ll pay.
What if I Can’t Make a Payment?If, for any reason, you anticipate being unable to make a payment, call us in advance to make alternate arrangements. This is imperative to prevent overdraft or insufficient fund fees from your bank. Late or missed payments are subject to a one-time fee of £15 so it’s always best to reach out to our Customer Care team at MoneyBoat if you encounter difficulties with re-payment. We’re always here to offer our help and support, and want to help encourage our customers positive borrowing experience.
Are There Any Other Details I Need to Be Aware of?Advances are effective tools for those who have occasional unexpected expenses or simply find themselves struggling a bit here and there. They’re not meant to be used as ongoing solutions for long-term financial difficulties. In truth, repeatedly falling back on this type of loan could actually create greater hardships moving forward. Also keep in mind:
- Make your payments on time to circumvent late fees. Lenders understand extenuating circumstances are sometimes inevitable, but it will end up costing more in the long run to be late with, or miss a payment.
- The deferral option is available in some cases. However only use it if it’s an absolute necessity, to avoid paying extra in interest.
- Never borrow more than you need. If you only need £200, but you know £500 is available, temptation might speak louder than sound reasoning. Taking the maximum will leave you repaying more in the long run especially with daily interest figured into the equation.
- Weigh your options carefully. Some people have buried themselves hopelessly in debt by abusing loan advances. Borrowing for infrequent emergencies rather than frivolous opportunities is vital if you want to avoid meeting the same fate.