| Most of us may find ourselves a bit out of | | | | not having to carry out any credit checks |
| pocket at some point, whilst we're not one of | | | | too. |
| the many people who are unfortunately in | | | | |
| debt, money may still be tight at some point. | | | | Another plus that payday loans have is that |
| Whilst it could be possible to ask friends or | | | | they need no collateral where as other loans |
| family members to lend some money for a short | | | | such as secured loans would need collateral |
| period for some people this isn't possible or | | | | such as property or assets, payday loans are |
| is an embarrassing prospect. | | | | not exclusive to home owners too. |
| | | | |
| Luckily there is a short term lending option | | | | Cash advance loans normally cover emergencies |
| being provided in the form of Payday loans. | | | | such as: Urgent medical check-ups, car or |
| Payday loans, otherwise known as Cash Advance | | | | home repairs, TV repairs, sick pets etc. |
| loans are normally small amounts of money | | | | Although some people have used them for last |
| ranging from £100 up to £1,000 and | | | | minute holiday deals where they are pouncing |
| normally are used for emergencies or | | | | on a limited time deal, in this case not |
| situations when you need to borrow some money | | | | having to wait for payday may mean a huge |
| until your payday at the end of the month. | | | | saving. |
| | | | |
| The concept of getting a loan until payday | | | | Repaying payday loans can be a two edged |
| was initially a concept popular in the United | | | | sword, on one hand they are rather simple to |
| States at cheque cashing shops but has now | | | | do with options such as cheques or Direct |
| become one of the most popular short term | | | | Debit being preferred once you get paid. |
| lending methods in use today. | | | | People who get paid weekly are normally |
| | | | expected to repay loans off after the fourth |
| Payday loans are much simpler to apply for | | | | week's pay after taking the loan. |
| than regular personal loans and are much | | | | |
| quicker to get money from. The application | | | | The downside is that the interest rates are |
| process can normally be done on the Internet | | | | normally higher than the loans banks issue, |
| or the telephone with the money being in your | | | | sometimes 25% or 29% which encourages |
| account within 24 or 48 hours. The amount of | | | | borrowers to pay off the loans as soon as |
| documentation needed is significantly less | | | | possible since payday loans are not marketed |
| with most companies needing just bank details | | | | as long term solutions. They are however |
| and a recent payslip to provide evidence of a | | | | marketed as quick solutions and for |
| steady income. The process is made quicker by | | | | infrequent borrowing, people. |