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Saturday Sep. 4, 2010

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Payday Loans

Payday loans are also known as a "short term loan" or "cash advance" and they give you fast access to cash or credit when you need it most. You then repay the total amount including interest and charges on your next payday.

The amount you can borrow from a typical payday loan is usually between Ł75 and Ł1000 and this is borrowed up to a maximum of 31 days. Some of the credit providers will allow you to roll over your loan for up to 4 months if your personal circumstances dictate. However, rolling over a payday loan can be expensive, so this facility be used as a last resort for that, and you'd better be off to look for a normal loan if you need to borrow money for a longer period.

Payday credit providers

Here're some pay day loan providers which operate in the UK and are fully licensed:

Purple Payday offer fast and simple pay-day loans with no paperwork or credit checks. The application is completely online and they claim that they accept a greater percentage of applicants than any other payday lender.

Payday Express endeavour to offer small, short-term loans valued between Ł80 and Ł800, repayable on a customer's next payday. They aim to provide an instant solution to a short-term credit need by offering a simple online application process with instant loan approval decisions. Unlike some payday loan providers, they do not require customers to have a cheque book and can provide same day cash transfers.