Cash Till Payday - A Rescue From Cash Shortages

It can be worrying to think that you occasionally might not have the cash till payday to meet monthly commitments, with someone demanding money immediately. The same can happen if a sudden bill comes up, such as for a car repair, central heating repair or medical costs (including for pets!). There's now a simple way to get cash till payday into your bank account straight away. Payday loans allow you to borrow the amount you need, usually up to £750 to help with anything you might suddenly need it for. A standard loan fee is agreed, and the money, plus the fee, are paid back on your next payday. The cash is usually paid by direct CHAPS transfer into a bank account, and there aren't any 'hidden' costs: you just pay back the loan amount with the loan charge that is agreed in advance, normally £20 in every £100 borrowed. Simple.

Payday Loans Advantages

Getting cash till payday using a credit card can cost a lot, because card companies will usually charge a much higher interest rate on cash withdrawals. As the card companies make the most money on cash, this part of your balance is paid off last, meaning you'll keep paying interest until the whole amount is cleared. If you get an ordinary loan, on the other hand, you have to wait for it to be approved and credit-checked, and may have to sign a load of paperwork before it hits your account. There may only be specific loan amounts to choose from, meaning you might have to borrow more than you really need, and you're then tied to fixed regular repayments. Instead, payday loans recognise that you only need the cash till payday, allowing you to clear the debt quickly.

How Payday Loans work

Payday loans are usually accepted pretty much immediately after you've filled in an application online, and the money usually hits your bank account within 24 hours. They can be a really reliable source of funds if you've had credit problems in the past: as long as you're over 18, are a UK resident, and have a bank account, all you need is enough regular income to show you earn enough to pay back the loan on your next payday. You don't need to be a homeowner, which makes them a very useful way of getting cash till payday if you have rent due. They are also useful for avoiding credit card or bank charges. If you miss a credit card payment, or go overdrawn, you can be charged a daily fee, which can add up very quickly. It can also mean you'll lose any introductory low interest or interest free offer, and affect your credit history. The cost of a payday cash loan will often work out less than this, and also doesn't affect your credit rating, even if for those who are not accepted.

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