Despite the UK coming out of its recent recession many people are still feeling the after effects of the problems that hit the world two years ago. Some people had to budget their money extremely well and cut back on luxuries that they were probably used to. However, budgeting can only help to a certain extent as we are often saddled with an unexpected or emergency expense that throws out our budgets and financial planning.
We often fall short of money around payday as this is when we have used up all our funds for the month. If this is at the same time as when an unexpected bill or another expense that we had not budgeted in arrives, we can find ourselves in a bind. Most often this is just a temporary problem that would be solved as soon as payday arrives, but payments can’t always be delayed until then. If this is the case then you will need to look for a short term loan rather than a long term loan.
The reason you should look for a short term loan such as a payday loan is because if you only have a short-term need for cash, then there’s no need to get tied into a long term credit agreement. Of course you must assess your finances before applying for a payday loan and be sure that you can afford to repay the required amount on your payday. You generally have to pay 25 percent interest on the loan so if you take a payday loan for GBP 150 you will have to pay GBP 187.50 back once you have received your wage.
The speed with which you can be accepted for a cash advance is one of the main attractions of payday loans as you can have everything sorted out within 24 hours, as long as you apply before a set time of the day. To ensure that customers are trustworthy and that they can pay back the money on time some lenders will lend a reduced amount to new customers but once they have repaid their first payday loan they can reapply and may be entitled to a larger amount.
Some lenders are also reasonable when it comes to paying back the loan if you apply for it very close to your payday. If you apply for a loan a week or less before your payday you may be able to pay the loan back upon your next payday instead.
Instant payday loans are a great solution to short-term credit needs as the application process is quick and hassle-free, and cash is generally paid out the same day you apply. Search online for the best deals on a payday advance.