Payday loans are the small advances offered to the people without any wastage of time. These advances do not take long time for approval. These funds are sanctioned within a span time of 24 hours. The applicant need not go through long procedure of paper documentation but can get easy funds just by surfing through net. The borrower can satisfy his various small demands which is not possible in between of the month. The borrower can use the borrowed amount in meeting his various expenses like sending vehicle for servicing, paying some of the pending bills like mobile phone bills, medical expenses and so on.
The funds available to the borrower range from 80-1500. The borrower can utilize the borrowed amount only for a period of 1-30 days. The borrower needs to repay the loan amount on time. If on the maturity the borrower is in a position to repay the loan amount back, he can ask for the extension of the period but with a prior notice to the lender. Incase if he fails, will be liable for penalty. These funds usually carry a high rate of interest.
The procedure for getting the funds is not difficult. The borrower just has to fill in the prescribed application form through the net with his all the necessary information. On finding all the information true the borrower gets access to the funds.
In order to get availed by the funds the borrower needs to satisfy some of the eligibility criteria. The borrower has to be a UK civilian. The applicant has to be a person an adult above 18 years of age or else will not be eligible for the same. The borrower must also have an active and existing bank account operated in his own name. These advances are available to the salaried person earning his fixed income.