Payday Loans – What Are They?

Payday loans are a relatively recent addition to the loan market. Appearing following the financial crisis of 2008, they make it possible to borrow small amounts of money for short periods of time, often without credit checks.

The money can be wired into your account in minutes! The online application forms are short and sweet, and approval made quickly. You have to be over 18, have a bank account, be a UK citizen and you may need proof of employment.

You can normally borrow any sum from £100 to £1000 for a couple of weeks to a month. Payday loans are designed to lend you the money you need to get you through the rest of the month until your next paycheque.

If you are confronted with a big bill that you don’t have the money to pay, or any other expense, then a payday loan could be the answer. The money gets put straight into your bank account, and if you don’t have any problems being approved, you can have the money on the same day.

As these loans are given out usually without credit checks, they are high risk to the lender and therefore tend to have high interest rates. Be sure you fully understand how much you will have to pay back, including interest. It’s not a cheap way to borrow, so make sure you really need the money!

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