What is a payday loan? - Firth Finance
Is a payday loan the right choice?

What is a payday loan?

A payday loan is a type of unsecured, short-term borrowing, that is designed to tide you over until your next pay day, when you will be expected to repay your loan in full, along with any associated interest charges.

Payday loans are similar to other types of loans, however payday lenders have a strong reputation for applying additional interest and charges to your loan, and may even offer to lend extra money to cover your repayments.

This is unfortunately where some people can end up in a vicious circle where the debt eventually becomes unrealistic and unmanageable.

Is a payday loan the right choice?

Everyone has their own individual set of circumstances and only you can decide if a payday loan is the right option for you. However, we strongly advise that you consider other options first.

Whilst a payday loan may seem like a quick and easy way to borrow money, these types of debt can rapidly escalate into a problem, negatively affecting your credit report and future borrowing if you don’t make repayments on time.

What is a good alternative to a payday loan?

If you need to borrow money, contact a trusted doorstep lender such as ourselves, Firth Finance.

We can lend between £100 to £1200 to assist you in tricky situations where you may find yourself unable to afford home repairs or other unexpected expenses, such as fixing your car, or purchasing essential items for your family.

You can choose to pay your loan via weekly, fortnightly, or monthly instalments, where one of our friendly team will call at a convenient time to provide a home collection service at your doorstep.

You can also repay your doorstep loan by direct-debit or direct money transfer if preferred.

Doorstep loans are usually for small borrowings that can be paid off quickly over months, rather than years but should not be seen as a long-term solution to financial difficulties.

Our interest rate is fixed and your paperwork will clearly show you how much your loan will cost.

All Firth Finance loans have no hidden fees or late payment charges, so you’ll know exactly what you’re paying back when you take out your loan agreement.

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