It can be really difficult to cope financially at the moment. There are many people who are using up all of their savings and even having to borrow money in order to manage. The high cost of fuel has pushed up all prices and with salaries low it means that most people are finding that they have less money available to them.
If you do find that you have run short of money and need some in a hurry, it can be difficult to know what to do. Knowing where you can get money can be really useful because you never know when you might need to get some quickly.
Some people have savings to fall back on but this is very rare these days. Some people have credit cards that they can use or an overdraft, but not everyone has these options and this can leave them stuck. It may be that they have already used their overdraft and spent everything they could on their credit card or that they do not have a good enough credit record to be able to get either of these things.
This is where the market for short term loans appeared. It was observed that people with a bad credit record have no way to borrow money when they are desperate and so this sort of payday loan was established. They are very short term, usually lasting only a few weeks but they are very quick to arrange. They can often be given on any day, such as in the case of Short Term Loans 365 and other similar companies. This means that not only are they available to everyone but they are also very fast. When you need money, it is often for an emergency and so this sort of loan can be perfect.
These loans can be more expensive because they are risky for the lender. However, they give many people the opportunity to borrow money in an emergency situation, when they may not otherwise have been able to. The loans usually only last a few weeks before having to be repaid, which means that there is less risk of a debt hanging around for too long. It is wise to make sure that you will have enough money to be able to pay it back though. Repayment dates usually coincide with pay day to make it easier to pay it back.