When most people think about borrowing money they think in traditional terms. So, they would think about approaching a lender for a secured or unsecured loan that could run into thousands of pounds that would take years to pay off. This kind of loan might take weeks to arrange and the chances are your lender will have you jumping through hoops to prove that you can pay it back before they approve your application.
This is probably still your best solution if you need to borrow a lot of money and need some time to pay it back. But, a payday advance loan might be a better bet if you just need to borrow a few pounds and want to pay it back in a matter of weeks.
Payday advances have one aim -- to give you access to small loans (most run up to around £750+) for a short period of time. Their name comes from the fact that you borrow in one month and then have your repayment deducted in full next time you get paid. So, you can borrow tens or hundreds of pounds and pay it back in days or weeks.
The sheer speed of arranging a payday advance is also a big plus point. If you apply online you could have approval in minutes and cash deposited in your bank account on the same day. The actual time it will take to access this cash will vary depending on who you bank with but many people are able to get their cash on the same day too.
This kind of lending solution actually suits a lot of us a lot better than traditional Ďbig boyí loans. Here, we can lend small in an emergency and get out of debt again quickly. Itís little wonder that a lot of people nowadays keep a payday advance option open to them. They may not use it all that often but itís really handy to have available every now and then.
So, who can benefit from a payday advance? Chances are you can because just about anyone can apply successfully here. Unlike banks, payday lenders donít use your financial track record of a measure of your ability to repay a loan. Itís right and proper that a bank does this but it isnít as appropriate for a payday advance lender.
The sums of money borrowed for payday advances are a drop in the ocean compared to traditional bank loans. And, they are designed to be manageable enough for you to be able to repay them come your next payday. You wonít use a payday loan to build an extension, pay off thousands of pounds of debts or go on a round the world cruise. Youíll use it for the little stuff when emergencies happen and itís a long way till pay day.
So, payday loans companies look at your income and not your past history or whether youíre a home owner. This also makes them the ideal solution if you have a bad credit record or are a tenant. The other conditions? You need to be over 18, have a bank account and be a UK citizen. Do you qualify? Then next time you need some cash fast, look at shortloans.co.uk before you talk to your bank. We could have a faster and cheaper short term lending solution for you.