You can only borrow from £100 to £1000, usually for a couple of weeks to a month. This means that these short-term loans are great for tiding you over until your next payday and getting you out of a tight financial corner. Whether you need money for an unexpected expense of any kind, need some spending money for holiday or need to take you car to the garage, a payday loan could be the answer.
You have to be over 18 years old, have a bank account, be a UK citizen and you may need to provide proof of employment. Credit checks are very rarely carried out, so if you have had debt problems in the past, you don’t have to worry about not being approved. The application forms are mostly online, and as there are no background checks, you often will get the money in your account within a matter of hours.
Although the lack of credit checks has its advantages, it also means that these loans are relatively high risk to the lender, meaning that interest is often high. If you budget properly to pay back the loan as soon as possible, this does not have to be a problem. Do however make sure you are fully aware of how much you will be expected to pay back before you agree to anything. Shop around and find the best payday out there for you!