The UK financial system is one that is based on only those with money being able to borrow money – and only those who consistently pay it back on time being able to borrow money time and again in order to keep their credit rating in check.
For anyone living in the real world – where an overflowing toilet, temperamental boiler or overheating car engine can mean having to go short – borrowing money is an essential part of life. Miss a couple of repayments though, and you could find yourself with a poor credit rating and unable to borrow money when you need it most.
Payday loans offer an easy and quick way to access money where all you need to borrow money is being in a job that pays you enough money for you to be able to pay it back when you get your next month’s wages. For anyone who has a steady job and earns a decent salary, but whose financial past has damaged their credit rating, it’s the simplest way to borrow money.
Anyone who has been turned down for a personal loan by their bank – usually because of arrears, late payments, defaults and County Court Judgements (CCJs) – can access cash through a payday loan within 24 hours of applying. The money is transferred directly into your bank account as soon as your employment and salary details have been confirmed, sometimes as quickly as within an hour of your application.
Payday loans are just for those people who can’t get a personal loan through the bank – they’re also a great way to borrow if you find your local bank manager intimidating. So if the thought of donning your best suit and walking into the local branch of your high street bank brings you out in a sweat, you can relax, as most payday loan lenders offer their services over the internet. All the paperwork can be processed online – so you can even get your payday loan agreed while wearing your pyjamas!
The downside to payday loans is that they charge a high APR rate – but when comparing this to the water damage bad plumbing can cause or the cost of replacing a car when the engine has seized up, it often makes sense to fix the problem now and pay a high interest rate. The other option is to keep your fingers crossed that the problem doesn’t get worse before your next payday.

