It seems that you can’t turn on the television or pick up a newspaper without seeing advertisements for payday loans. It also extends to unsolicited email marketing and text messages. There has been an explosion in the number of loan providers in the most recent years with promises of easy, fast cash.
An industry can only experience such a massive boom if there is a demand for it. Secured against repayment from the next wage/salary, (hence the name), payday loans are short term advances of cash. The values are modest, ranging from £50 to £1,000 and are repaid usually within a month, although most loan providers operate a rollover process. They are available without credit checks as long as certain conditions are satisfied, but they also have higher rates of interest compared to traditional loans. Cash loans are not designed for the management of long term debt but they are useful for short term cash flow problems.
Even those who are careful and manage their finances well can find themselves short of cash at a crucial time. There are also those of us who are struggling, who are only just able to manage on our earnings and are constantly fighting the recession. In times when emergency cash is needed, payday loans offer a solution.
The hassle of applying for an overdraft can be off-putting, applying for a standard loan can take far too long, and credit cards are expensive. These traditional lines of credit are not convenient for some emergencies.
If you have a family of young children and the washing machine breaks down, it is a nightmare. If the car fails and you can’t make the school run, or even worse, not get to work. Just as when your winter energy bills arrive and they are double what you expected – it’s not funny. Any manner of household emergency can strike at the most unexpected time, and if you don’t have the cash to pay for a repair or buy a new appliance, it can be extremely stressful.
Payday loans offer the solution. Applying for cash loans is a quick and easy process. It’s all done online and can be completed within 15 minutes. Most loan providers offer funds transfer within an hour of an application being approved. Meet the qualifying criteria and at the latest, within 24 hours, you’ll have the cash you need for any household emergency.