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Short Term & Payday Loans

A payday loan is a form of short term loan offered to customers who want to borrow money until their next payday. Borrowers can borrow money for between one and thirty days, for any purpose and many people use the loans to spread the cost of unexpected bills or repairs into the following month.

There are many different payday loan lenders which keeps pricing competitive, and customers are urged not to be put off by apparently high interest rates, because in reality the cost of borrowing a small amount of money over a relatively short period of time is actually less than paying overdraft fees or late fees to banks, building societies and loan companies. Customers are usually able to borrow between £50 and £500 the first time they take out a payday loan, and after successfully using and paying back their money on time will see the amount they are able to borrow increase.

Most payday loan providers are able to process an application form and pay money into your bank account in less than an hour, something they often do by not carrying out a credit check. This not only speeds up the whole application process but also enables customers of all credit backgrounds to confidently apply for a payday loan. A quick way to "Compare PayDay Loans" from leading providers in the UK is to start online.

There are thousands of different uses for money from a payday loan, with some customers using the money to help pay for a boiler repair or car repair bill and others using the money simply to help put food on the table after a bad month of budgeting. Over a million people in the UK took out a payday loan in 2011 to help make their mortgage payment for the month, and a payday loan is a great way of preserving your credit score and making sure you make payments on time.