Payday loans…. could they help you bridge the gap?

Sometimes life throws things at you when you least expect it – your car needs repair work, a bill needs immediate payment, perhaps you have to travel abroad at late notice – all sorts of emergencies can happen at any time – and unfortunately you may not have the funds on hand to cover these surprise costs. That’s where Payday loans come in.

Also known as ‘Fast’ or ‘Easy’ loans, they operate on a short term basis, and, as their name suggests, are generally used to bridge a gap in funds between paydays.

A helping hand, but are they for everyone?

The loans are short term – and unlike regular bank loans, you can borrow small amounts. Perfect if you need quick cash for an unforeseen expense, and simply can’t get the cash together until you receive your wages at the end of the month.

For employed people this can be a real assistance, and as the loan is only for a couple of weeks – it doesn’t have to be a great concern. However, as a short term loan, the interest is higher, and so it’s really only advisable to take a loan like this if you’re sure you can meet the loan terms and pay the amount back on time. And if you’re looking to borrow a larger amount, then it’s probably better to look at an unsecured loan, which will have more favorable interest over a longer term.

Quick and convenient

Typically loans range from £80 to £1,000, and can often be in your account within 24 hours. You then pay back the amount (plus a finance charge) when you receive your salary. Application is easy, and can often be done online. Most providers do not carry out a full credit check, but you will need to have a bank account in good standing, be employed, a UK citizen and provide proof of identification.

There are loads of providers out there, so take a look. Perhaps a payday advance could give you some help when you need it most.

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