Blacklisted and Need a Loan ASAP? r300 000 personal loan How to Manage Your Payday Loan Debt

A payday loan is a quick solution to a short term financial problem but unfortunately blacklisted and need a loan urgently can be quite a nightmare. Payday loans are small amounts of money that you borrow in a short period of time. They can also be referred to as cash advances. Payday loan companies can list anyone who applies for a loan against the database of people who have been refused finance in the past. If you are ever refused finance because of your credit file then you may find yourself unable to get any more cash for any purpose for many months.

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It is surprising how easily a payday loan can cause major financial problems. Many people have been refused finance because of an incorrect or inaccurate credit file. The main problem is that these sorts of mistakes happen in the majority of cases. If you do miss a repayment date then there are often problems getting that unpaid amount back. You should avoid making any unnecessary late payments. It will be far better to pay the full amount on or before the date mentioned on the original application form.

The reasons that can result in your payday r300 000 personal loan loan being blacklisted include late or missed repayments, skipping a payment or even bankruptcy. If you have had bad credit in the past this can remain on your credit file for up to seven years. Even if it is subsequently removed the damage has already been done.

If you want to obtain a payday loan and you have had bad credit in the past, you will find it impossible to obtain finance from any mainstream lenders. However there are specialist payday loan providers available. They offer a wide range of payday loan products. Although they are not regulated by the Financial Services Authority (FSA) like mainstream lenders, you will still need to apply via a regulated company.

There are two types of payday loans. One is a fixed term payday loan, which does not permit you to stretch the term. The second is a revolving credit facility called a balloon loan which allows you to extend the loan over several years. Before you decide to take out either of these, make sure you check carefully that you can meet the repayment terms.

When you apply for a payday loan, you will usually be required to show proof of income. In the past this has meant proving that you earn more than the maximum rate set by the Office of Budget and Responsibility Analysis. To illustrate this you can pay your mortgage bill each month along with proof of redundancy. This will all be sufficient to prove your income and enable your payday loan provider to give you the required funds.

A payday loan application needs to be lodged with your loan provider in the UK. You must then wait up to two weeks to see whether your application is approved or rejected. If it is approved, you then need to arrange for a cash deposit to guarantee that you can pay your next payday. Once you have arranged for your next pay cheque, it is essential that you do not miss it. It means that your payday loan provider will charge you for an overdraft fee if you overdraw your account on the following payday. If you are able to repay the balance within a few days it is no problem but if you fail to do this you can end up in serious financial difficulties.

If you find yourself in need of a payday loan urgently, you should first of all try to get in touch with your lender so that they can tell you why you have been turned down. If they cannot provide you with any explanation then you should consider switching companies as this may be an indication that your application was rejected due to a number of reasons. Another alternative you could try is going through the Direct Payday Loan Association website which has a blacklisted and need a loan urgently page. At this point in time it is still not known whether your application will be accepted due to a number of reasons. If you are a member of the association you are entitled to a fair assessment of your eligibility to receive a payday loan.

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