WagedayAdvance provides short term loan services which has to be repaid on your next payday or if you get paid within the next 21 days. You could borrow an amount ranging from 80 pounds to 750 pounds depending upon your credit worthiness which is thoroughly assessed by the firm. http://www.trueblueloans.co.uk

1. WAGEDAY ADVANCE

2. WagedayAdvance provides short term loan services
which has to be repaid on your next payday or if you
get paid within the next 21 days. You could borrow an
amount ranging from 80 pounds to 750 pounds
depending upon your credit worthiness which is
thoroughly assessed by the firm. New customers are
allowed to borrow a maximum of 350 pounds and the
credit limit may be increased if they manage to create a
good repayment history with the lender. If the loan is
paid off within the first 21 days, an interest is charged
for those 21 days.

3. There are certain basic requirements for being eligible
to take WagedayAdvance loans. The borrower must be
a citizen of UK and must have acquired 18 years of
age. He/she must have a valid UK bank account with a
debit card. Also, it is important that the person should
have a stable income and must be employed. This is to
ensure that he is capable of repaying the loan.

4. The interest rates for payday loans are very high. They
are calculated on a daily basis at the rate of 0.8% per
day. So if you borrow an amount of 270 pounds for 34
days that will incur an interest of 73.44 pounds, the
daily interest being 2.16 pounds per day. Hence the
total amount you will have to pay will be around 343.44
pounds i.e. 1223.6% APR representative.

6. WagedayAdvance conducts credit checks for all its
customers. Your loan might be approved despite not
having a very good credit history if they feel you are in
capacity to repay the loan. A unique loan approval
system is used by WagedayAdvance apart from using
the details that the credit reference agencies hold
about the borrower. The lending decision is not based
solely on the credit rating, but a careful decision is
made after getting to know the borrower.

7. If you face a sudden financial problem and realize that
you are unable to repay the loan, you must inform the
firm about the same so that a workable solution is
identified. Deferring your repayment will be very costly
and it will take much longer to repay the loan. This will
also lead to additional charges as the interest would
keep adding up and a default fee of 15 pounds is
charged.

8. WagedayAdvance provides very good customer
service and its loan terms are quite competitive. The
procedure to apply for a loan is very simple. You
could apply for a loan over the phone or online. You
could also get in touch with the customer service
representatives on all days except Sunday. Once your
application has been given an approval by the firm,
the money is transferred into your account almost
immediately. Despite having better terms than its
competitors, they first advise you to not borrow such
loans for a long term.

10. The complaints against WagedayAdvance are far
lesser than its competitors. It was established in 2004
and has a much better corporate credibility than any of
its competitors. The firm is registered with the
Companies House and it has a consumer credit
license from the Office of Fair Trading. This is another
plus point of WagedayAdvance as many of its
competitors are not registered with the Companies
House.

11. WagedayAdvance is authorised and regulated by the
Financial Conduct Authority. It is also registered with
bodies like Consumer Finance Association, Consumer
Credit Trade Association, BCCA, Finance and Leasing
Association. It is in compliance to a charter from these
bodies that is for the rights and protection of
customers. The firm is committed to the charter and
independently monitors its compliance to it.

12. The lenders who sign this charter have to make some
key commitments which include – acting fairly and
responsibly in all their dealings. They must inform the
customer about all the costs and risks involved with
such loans. An appropriate affordability assessment
has to be done by the lenders. The lender must act
positively and sympathetically with the customers if
they are facing a long term financial trouble.

14. The lender must freeze the interest and other charges if a
repayment plan has been worked out when the customer is
unable to repay the loan on time or if the loan has not been
repaid for more than a period of 60 days. The lender may also
recommend some debt and financial counselling
organizations to the borrowers that will help them come out of
their difficult situation. The lender must freeze the interest and
other charges if a repayment plan has been worked out when
the customer is unable to repay the loan on time or if the loan
has not been repaid for more than a period of 60 days. The
lender may also recommend some debt and financial
counselling organizations to the borrowers that will help them
come out of their difficult situation.

15. WagedayAdvance usually takes it payment through
Continuous Payment Authority which is also known as
CPA. It is a kind of automatic regular payment that
uses the debit card that is linked to your bank account
and which you have registered with the firm. Payments
will be taken only on those dates and only for that
amount which has been decided in the loan
agreement.

16. The customers have the right to cancel the
Continuous Payment Authority by informing their bank
and the firm about the same. After cancelling the CPA,
the customers must find some other way of repaying
the loan on the due date as failing to do so would lead
to a default fee of 15 pounds and other additional
charges.

18. The Debt Advisory Centre (DAC) had reported about
the rise in cost of living in UK in the last few years.
Despite repeated warnings from the government
about the risks associated with payday loans, a large
number of UK citizens are opting for such kind of
loans. The findings of DAC’s report suggested that a
majority of people who had taken some kind of a
payday loan in the last 1 year, used it mostly for
covering everyday expenses.

19. Due to the rise in the cost of living, an average UK
household has to struggle to make ends meet or they
tend to have very little or no savings to fall back to
handle an emergency. Very few people take the
payday loans for other purposes like recreation or for
buying gifts for someone. People struggling to save
money should avoid taking such loans.

20. For more information continue reading:
www.trueblueloans.co.uk

21. Thank You