Just because a bill is unexpected doesn’t mean that you can ignore it until your next payday comes round when you are then able to pay it. It may need to be paid now and cash loans may be one way of helping you do just that.

There may, of course, be other options available to deal with this kind of unexpected expense.

Credit card

You could use a credit card to pay the bill. If you don’t have a credit card though and can’t get one or just don’t want one, then this may not be a realistic option.

Overdraft

Deciding to pay the bill by running up an unauthorised overdraft may get the bill out of the way but you will almost certainly be hit with overdraft charges for each day that your account remains overdrawn.

Some of these charges may bear little relation to the actual size of the overdraft.

Payday loans can be cheaper

You may be surprised to learn though that these loans can sometimes work out cheaper than some other options, as highlighted by the Daily Mail.

They can often be fast too

You can typically apply for a payday loan online. If your application is approved and your bank can accept immediate transfers, the money could be paid into your account in a little as a couple of hours with some providers.

Are you eligible?

To qualify for a payday loan, typically you’ll need to be:

• resident in the UK;

• over 18;

• in employment with a predictable payday;

• the owner of a bank account with a debit card.

How does it work?

You select the amount you would like to borrow and you’ll typically be able to see straight away exactly what you would have to pay back on your next payday.

Some cash loans providers may also offer the option of repayment on your next but one payday.

A fast credit check may be carried out but because payday loans are for relatively small amounts of money lent over short time periods, you may still be accepted even if you have had credit problems in the past.

If approved, the cash advance is paid directly into your bank account allowing you to deal with that unexpected bill.

Cash loans are repaid automatically on your chosen payday using your debit card details and that’s all there is to it.

If you need a quick cash injection to help you cope with an unexpected bill or other expense, you may be considering quick payday loans as a way of helping out.

All professional loans cost money and understanding how these costs may affect you is typically important.

Short-term fast loans

Depending upon your individual circumstances, you may have a few options open to you:

• credit cards;

• bank loans;

• overdrafts;

• conventional loans

• quick payday loans.

Cost – one of many factors

In practice, it may be difficult to state exactly what the cost issues are because it may be advisable to see these in the context of your needs for fast access to cash.

The payday loan is designed to give you fast access to smaller loans, typically without lengthy application formalities and delays. In fact, the money could be in your bank account the same day you make your application if it’s approved and your own bank can accept instant transfers.

It is then repaid on your next payday when the loan provider debits your bank account with the agreed sum.

Conventional bank and other loan channels are typically geared-up to larger loan requests and therefore may struggle to meet that level of response and your requirements for speed.

Credit cards

Using credit cards may be an option but:

• that assumes you actually have one;

• you may find that with credit comes the risk of not paying the loan off quickly and therefore lengthy debt.

Bank overdrafts

The position here rather depends upon whether or not the overdraft facility is approved or unapproved.

An authorised overdraft facility will cost money and your bank may take some time to review the position before deciding yes or no.

If you go overdrawn without an approved facility being in place, the costs may sometimes prove to be less cost-effective than those of a payday loan*.

Responsibility

Used responsibly, quick payday loans may offer you the flexibility you need and at a cost that is lower than some banks’ routes. Finding out more from the online providers of payday loans may be to your advantage.

*source: Daily Mail Feb 2010

Going on holiday is the highlight of the year for many of us. Yet if you need a little extra cash to make it that bit more special, then you may wish to think about payday advance loans.

Holidays and finances

Holidays can hit your pocket in unexpected ways:

• exchange rates moving meaning that you’re getting less foreign currency spending money than you’d hoped;

• sudden imposition of fuel surcharges;

• the car playing up just before setting off;

• suddenly seeing that the kids’ need new beach clothes; etc.

If you’ve just been paid then perhaps things such as the above are no big deal but if payday’s still on the horizon, then a little financial help may be required.

That’s where payday advance loans may come in.

Quick cash advances

You can apply online for a payday loan and often get a very fast decision.

A payday loan is one whereby you apply for a small loan to tide you over until your next payday. When you next get paid (or the payday after that) you simply repay the loan in one go along with the interest and any fees.

This helps avoids lengthy repayment agreements and long-term debt.

The sums advanced are typically in the range £100-£250 though that may vary depending upon the loan provider.

The loans may be used for any purpose you choose – holiday related or otherwise.

Qualification

As this type of loan is for smaller amounts, the providers generally don’t make a full credit check. If you have a few issues on your record, these may not stop you getting a payday loan.

Typically the lenders will only ask that:

• you are in permanent employment that is providing you with regular income;

• you are resident at a permanent UK address;

• you’re over 18, have a bank account with debit card and are asking for a loan amount that is sensible given your monthly income (because you’ll be paying it back in one go).

Make holidays easier

Using payday advance loans may help you not only get your holiday payment sorted out but it may also help you snap up some holiday bargains while you’re there!

It would be a nice world if every month was routine and predictable in terms of money and we never had the need for a fast cash loan.

The key word there though is – if!

Life can’t always be planned

Unfortunately, life sometimes doesn’t play the game according to the rules we’d like.

Expenses can appear from nowhere and so can opportunities.

Just a few examples might include:

• a real opportunity to pick something up cheap that you desperately need;

• a sudden and unexpected vet’s bill for your much-loved pet;

• a big repair bill for the broken-down washing machine;

• a little extra spending cash for the holidays.

None of these might be a problem if you’re about to be paid, but if payday still a few weeks away then you may have a headache.

Payday loans

The payday loan offers help in such situations.

The loans are offered for typically smaller amounts and are designed to enable you to get a fast cash loan to help you survive until your next payday.

When the payday arrives, the lender typically debits your bank account in order to recover their loan plus the previously agreed charges.

It’s often very fast and very easy.

Previous credit problems?

As this form of borrowing is for smaller amounts that are paid back quickly, some loan providers will perform only a reduced credit history check. You may find that you’ll still be able to obtain a loan even if you have a few problems on your file.

If you can’t repay

Payday loan providers typically understand that things can go wrong and that you may struggle to pay the loan back on the agreed date.

If that happens, contact them in advance of the repayment date and in some cases you’ll be able to agree a revised repayment date though some additional charges may apply.

Speed

One of the big advantages of fast payday loans is that the application and approval processes are fast. You apply online and you’ll get a very fast decision.

If your application is approved, the money could be in your bank account within a few hours if your bank can accept instant transfers. If not, it may there the following morning.

A loan for all

Anyone can apply for a fast cash loan. Details can be found online.

It seems that no sooner do the school summer holidays start, than you need to start thinking about new school uniforms. Payday advances could help spread the cost of that potentially big spend.

Children need new clothes all the time and you perhaps budget well enough for that on an ongoing basis throughout the year.

For the start of school after the summer though, it may seem that everyone needs everything (uniform, sports gear, shoes etc) all at once. The costs can mount up amazingly quickly – particularly if you have more than one child.

Payday advances are a fairly new type of loan that may help.

The amounts of money involved are typically small – £100-£250 for example, but this will depend on the lender. The money is borrowed for a short period of a few weeks and then repaid in one payment on your next or next-but-one payday.

Online application

Payday cash advances are typically available online. There’s a straightforward application process during which a restricted credit check may be carried out.

To qualify for a loan generally you’ll need to:

• be in regular employment with predictable paydays;

• be over 18 and a UK resident;

• have a bank account with a debit card;

• want to borrow a sensible amount in relation to your income.

Quick decision

Because of the relatively small amounts of money involved, a full credit check may not be necessary, which means that decisions may be given very quickly.

If your application is accepted, you could find the money in your bank account in a matter of hours in some cases and subject to your bank accepting immediate transfers – it can be as quick as that!

Repayment option

Cash advance loans of this type are paid back in a single repayment, which typically includes the interest and agreed charges. These sums are agreed with you in advance, of course.

Your debit card details are used to set up an automatic repayment and the loan provider will take it from there – you don’t have to remember to do anything.

Make it easy on yourself

Payday advances may provide you with the short-term cash injection you need to get everyone back to school in the right gear.