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.

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:

• Name

• Age

• Address

• Employment status and current mployer

• 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

All these questions aid lenders in determining affordability. You must be at least 18 years old and currently employed in order to qualify for a wageday advance loan, from Moneyboat. You’ll also need to have a valid U.K. address and bank account. Your income, how often you’re paid, and your monthly expenditure will help us gain insight into your ability to repay and roughly when your payment dates should be.

Once approved, we’ll use the information that you provided to deposit your loan directly into your bank account. Your money should appear quickly depending on whether your bank allows same-day access to deposits. If not, you’ll be able to use the money by the following day.

With a wage day advance short term loan from MoneyBoat, a 0.79% 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.

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:

One Pay Period: You may choose to repay the entire amount of your loan plus interest on your first wage day after receipt once the 21-day minimum grace period has passed.

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.

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.

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, the 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.

Being responsible is the key to using loan advances to your fullest benefit. Once you establish yourself with us, the option will be at your disposal anytime you need it in the future.

For those times when your income refuses to stretch far enough to cover your needs, wage day advance loans can help close the gap and help you should you fall on challenging times. These loans often follow more lax credit requirements than traditional loans, smaller borrowable amounts and shorter repayment terms. This option is available to virtually anyone who meets age, employment and residence requirements.

Instant access to extra funds does come at a bit of a price. Wage day advances tend to carry higher interest rates than some other loans. Most insist the advantages more than make up for the extra cost. Just be sure to exercise good judgement. Be careful to make your payments on time and only use this option on an as-needed basis. Doing this will put you in a good position to reap the benefits without setting yourself up for financial hardship.

If this sounds like the solution you’re looking for, contact MoneyBoat. Fill out our online application and let our lending team get your loan processed today!

New customers can borrow from £200 to £800. Instant wage day advance loans are repayable over a minimum term of two instalments (could be weekly or monthly, depending on the date of the borrower’s payday) and a maximum of six months. This means that if you take out one of our loans, you don’t have to repay the entire balance of your loan on your next payday. The minimum duration for the first instalment is five days. Existing customers can borrow up to £1500, subject to passing our credit and affordability checks. We do not require full repayment of our loans in 60 days, but customers may pay back their loans early with no penalties or fees. The interest charged on our loans is 0.79% per day (representative APR 1,267.9%) and is only calculated on the outstanding capital balance at any given time.