You may be able to get a quick cash advance pay day loan on the same day that you apply - or the very next working day. If you need money fast to tide you over until your next payday, this may be a financial lifeline. The majority of lenders offering payday loans allow you to fill in all your details online, and this does away with the need of waiting for paperwork. It also makes for a very eco-friendly process, too. So how do these loans work?
Is a payday loan the right choice?
One important thing to remember when considering a cash advance pay day loan is that this type of borrowing differs from traditional loans such as the secured and the unsecured. You are only borrowing a smallish amount of money and over a very short period; lenders usually ask that you repay your loan on your next payday, which may be in several days or a few weeks away.
This type of loan may be helpful in a range of unplanned for circumstances. For instance, you may have a bill that comes in unexpectedly and which you have to meet before your next payday. Or you may have to find money for an unexpected occurrence in the home or for repairs to your car such as replacing a tyre.
You may even need some fast cash for something nice - perhaps you have been saving up for a new sofa which has been reduced in price for a few days only. Or maybe a pay day loan will give you a little more spending power on your holiday. These are just some examples where a small loan may come in handy.
Do you meet the criteria for a payday loan?
Some criteria typically needs to be met in order for you to apply for a quick cash advance loan and this will depend on your payday loan company. Usually lenders ask that you are working and residing full time in the UK; are aged 18 years old or older; and have a UK bank account with a debit card attached to it. The amount you are looking to borrow must be sensible in relation to how much you earn.
Lenders offering payday loan loans typically allow you to borrow anything from £100 to around £250 and possibly more. The amount you borrow along with any fees and interest is then taken from your debit card on the date agreed.
Getting the money and repaying the loan
Getting your hands on the money is often quick - if your application is approved the lender usually pays the amount you need into your bank account, often within just a few hours or the very next working day. (Again, note that this may differ depending on who you apply to for a cash advance loan and not all providers will offer same day payday loans).
A cash advance payday loan may be a great solution for short-term problems that may arise, leaving you short of cash. However, one thing to bear in mind is that payday loans are not something to rely on from month to month.
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