One loan that has become very popular over the last few years is the payday loan. As the name implies, these loans allow you to borrow smallish amounts of cash to tide you over until your next payday. The loan amounts are relatively small, ranging from £100 to £1000, and the loan lengths are short, normally 2 weeks to a month.
As the nature of the loan means that you need it quickly, you can often have the money put into your bank account on the same day as you apply. In some cases, you can even have the cash within 15 minutes. This feature of the loans is helped by the fact that credit checks are rarely carries out, making approval instant.
You have to be over the age of 18, be a UK citizen, have a bank account and you may have to provide proof of employment. As the loan amounts are small and for short periods of time, the interest rates are quite high. But if you are stuck for cash, need to pay the rent, for emergency dental treatment or a car repair, then a payday loan could come in very handy.