Know How Blue Sea Payday Operates

Blue Sea Payday is one of the well-respected names in the payday loan industry in the UK. It is basically a large-scale broking firm that has tied up with an exhaustive list of lenders, who are directed to borrowers as and when the latter register their request for cash. When you are registering for online short term loans with them, here are a few points that you should understand.

Eligibility – The short term payday lenders who are registered with Blue Sea Payday will disburse loans to borrowers only if the latter satisfies the following conditions - must be a UK resident, must have completed 18 years of age, must be in a full-time employment and have salary slip as proof of the same, must possess an active and valid debit card and must have a minimum monthly salary of 750 sterling pounds.

Time – Though Blue Sea Payday promises that loans will be disbursed off within an hour’s time, it is purely dependent on the modus of operandi of the lender who is chosen by the borrower at the time of application of online short term loans. At the maximum, it might take around 3 days’ time for the funds to get disbursed to the borrower. However, usually, funds are disbursed off within 24 hours of application.

Credibility – Checking of credibility is definitely done by the short term payday lenders registered with Blue Sea Payday. They also ask you the reason for application of quick loans. If you don’t earn enough to repay the loans on the due dates or if you are applying for a payday loan for paying off another debt or credit card, your application is automatically registered. At Blue Sea Payday, the lenders advise the borrowers to take loans only when it is needed so as to avoid falling into a viscous cycle of debt.

Advantages and Disadvantages of Short Term Payday Loans

Payday short term loans are very much in vogue today because they are easy to get and are available for a minimum amount of 50 pounds and maximum amount of 1000 pounds. There are many lenders available in the market in this category, however if you want to choose the best of them, you can approach Blue Sea Payday. They have a wide network of lenders with whom they have tied up with.

One of the best advantages of choosing online short term loans from Blue Sea Payday is that borrowers are exposed to a wide network of  lenders. Borrowers have the complete liberty to choose lenders whose terms and conditions, interest charges and processing fee suits them the best.Hence, there are no chances of disappointments later on.Borrowers can register about their loan requirements at the website of Blue Sea Payday and you will be connected with a good lender within a maximum of one hour’s time.The documentation required is very limited and these online short term loans are disbursed off within 24 hours’ time.

One of the biggest demerits of the payday short term loans is the exorbitant interest rates that they charge. If borrowers miss to pay their dues on time, they are made to cough up huge penalty charges. Late repayment of dues results in very serious and unpleasant consequences for the borrower. Sometimes, the penalty charges that come in the form of huge interest rates for late-repayment, exceeds the principal amount itself. Hence, it is highly recommended that these loans must be taken only if there is an acute financial necessity that cannot be delayed. You should never take more than one payday loan at a time and should never go for a loan for repaying a previous debt or for repaying a credit card.