Payday Loans Easy Short Term Finance

Most people these days will experience the need for a short term cash injection between pay days

. Whether it is to have a faulty motor car repaired, get your central heating boiler looked at, or to deal with an emergency of any other kind. Unfortunately most of us do not have much cash put away to deal with unforeseen problems that may arise mid-month, in these hard times. So where do you go to borrow a relatively small amount of money just until you next get paid?

If you are fortunate enough to have family or friends that have spare cash lying around that should always be your first port of call. Failing that there did not used to be too many options a few years ago, other than perhaps going overdrawn at your bank. This is definitely not the best option as the interest rate charged is not very appealing at all not to mention the charges that will be heaped upon you for writing to you to let you know you are overdrawn.

Fortunately there is now another option that is open to homeowners and tenants alike and that is payday loans. A payday loan is a short term loan available for amounts from 50 to 1,000 pounds that is repayable in full on your next payday. They are a relatively new loans product that came over to the UK from America a few short years ago. Since then they have become the most popular loans product available in the UK today with approximately 1.2 billion pounds being lent every year, and the average borrower taking out 3.5 loans every year.

To qualify for a payday loan you will need to be aged 18 or over and in full time employment, you will also need to have a bank account with a debit card, and earn 1,000 pounds per month or more.

One of the main benefits of payday loans is the fact that they can be paid out on the same day that you apply, and the application process has also been simplified to open them up to as many people as is possible. You can apply for them online, over the telephone or by walking into one of the many stores that have opened up in the UK.

The interest charged varies from lender to lender but most charge an amount per 100 pounds borrowed which varies from 16 to 35 pounds per 100. This charge van be significantly however if the loan is not cleared in full on your payday but carried over to the next one, for this reason you should always make sure that the loan is repaid in full at the earliest opportunity.

by: Mark Dawson

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