The short term loan may be a very useful facility to have at your disposal in the event you encounter an unexpected cash flow crisis:

• the short term loan (sometimes also referred to as speed-e-loans or payday cash advances) exists to try and help you deal with entirely unexpected problems such as an unplanned bill that has just arrived – or it may equally be applicable in situations where you have spotted a great opportunity but just do not have the money immediately available to take advantage of it, as payday is still some weeks away;

• you may be able to take advantage of this type of borrowing product simply by making a quick online payday loans application – some providers of this type of borrowing operate almost exclusively on the internet meaning that you may find a refreshing absence of paperwork;

• as a general principle, these facilities are designed for modest lending with sums of somewhere between £100-£500 perhaps being the norm;

• on your next payday, the provider may be able to directly charge your bank debit card with an amount of money representing the total of the money you borrowed plus their previously agreed charges;

• it is typically as simple as that and you may not even need to have an exemplary credit history record in order to secure such an advance;

• what you typically will need is to be in a permanent job which is giving you a regular monthly income of a predictable amount – the online payday loans provider may use this to assess how much you may be able to realistically borrow and then repay in one go in a few weeks time;

• being realistic, it may prove to be difficult to secure this type of cash advance if you are unemployed, a casual worker where income is not guaranteed or in some forms of self-employment;

• in order for the mechanics of the money transfer and debt recovery to operate, you will typically need to have a UK bank account and a bank debit card, which links to it;

• a short term loan may provide you with an extraordinary degree of extra flexibility if you are having a difficult month – it may be worth finding out more.

As we are now in the New Year, it is not too unusual to find that finances may be getting stretched a little tight, especially in the aftermath of Christmas. If so, you may be interested in thinking about where to find the cheapest cash advance:

• perhaps the first thing to try and remember is that what is the cheapest cash advance product for someone else may not prove to be cheap for you – it may be important to shop around, carefully examine the facilities and prices on offer from different lenders and then to make your own decision;

• in addition to closely examining the prices being offered, it may also be worthwhile thinking about how UK payday loans operate and how you may be able to help to control your own costs;

• typically, you will make an online application and after a very fast decision (and assuming it is positive) the money may be sent immediately to your bank account;

• then, in the case of some payday loan lenders, on a date around your next payday, a charge will be placed on to your bank debit card by the provider comprising the total of the amount you have borrowed plus their agreed charges;

• payday loans are not typically regarded as being suitable for longer-term or larger amount borrowing (a typical sum may be under £500);

• they may also not be the most suitable product if you are looking to deal with a debt that you have been consistently unable to pay, consolidating a series of debts or as a way of regularly supplementing your monthly income which is proving to be insufficient to deal with your normal daily life expenses;

• it may also be highly advisable to ensure that you borrow a sum that you know you will be able to comfortably repay in one go, without creating further financial difficulties for yourself in the month ahead;

• by avoiding inappropriate uses of this type of borrowing, you may end up helping to manage downwards, the cost of your borrowing;

• when you are looking for the cheapest cash advance, remember also that failing to repay the money on the due date may involve you in additional charges and administration fees.

Having survived the holiday season, finances may be a little bit tricky and you may be wondering just how fast those fast pay day loans really are.

The basic principles of fast pay day loans

You may already be broadly familiar with the way that these products operate:

• a simple online application may result in rapid approval and the money arriving in your bank account within just a few working hours;

• then, on a date you will have agreed with the cash advance lender, you will repay the sum borrowed plus agreed charges and fees in one go.

As you see from the above, if you select an appropriate provider you may be able to access the money very quickly indeed.

What you will need

To succeed in being able to get the fastest access to fast pay day loans, you may need to be able to show the provider that you meet certain minimum criteria:

• to be UK resident with a UK bank account and associated bank debit card;

• working in a permanent occupation and receiving a regular salary;

• to be a minimum of 18 years of age and looking to borrow a sum of money that makes some sort of realistic financial sense when compared against your normal income level.

Possible delays

In typical circumstances, delays in your application may be unusual but they may arise in situations such as:

• there is insufficient evidence of your employment or place of residence, in which case the lender may request sight of some additional evidence to substantiate who you are, where you live and how much you earn;

• although it is possible to obtain things such as a speedy loans quote even if you have some forms of credit history problems on your records, in some situations where your records are particularly problematic, providers may wish to discuss with you the possibility of borrowing a smaller sum by way of proving your responsibility – you may be able to borrow larger sums in future if you pay the initial advance off as agreed;

• in order to obtain fast pay day loans within just a few hours, your own bank must have systems capable of accepting instant inbound bank transfers.

As we enter the New Year, finances may be a little tight as we all try to recover from the Christmas excesses. In that situation, a cash loan advance may come in very handy.

What is a cash loan advance?

It is a facility that may enable you to borrow somewhere between £100-£500 quickly and with only limited formalities.

Applications may be completed online and if approved (you may receive an almost instant decision) the money may be sent to your bank account electronically and be available within as little as an hour or two of your initial application.

What can I spend the money on?

Typically, anything you wish. There may be no questions at all relating to the purpose of your request.

How long do I have to repay it?

This form of borrowing (also sometimes referred to as direct payday loans) is intended for short duration requirements.

Typically, the amount borrowed plus the lender’s charges will be repaid in one single sum sometime in the area of your next or next-but-one payday.

You may find options for more flexible periods but it should be remembered that these products might not be suitable for longer-term borrowing or for managing other debts/debt consolidation.

How much is this likely to cost me?

That depends very much on how much you borrow, for how long and from what payday lender.

The terms, conditions and tariffs of providers may vary by a considerable degree and shopping around is typically advisable.

What happens if I cannot pay it back on the agreed date?

If you notify the provider in advance that you may struggle to make the agreed date, you may find that they will be perfectly willing to agree a revised date but as you might expect, this may involve you in additional charges.

Simply not paying the money back on the agreed date is not recommended, as not only may you incur additional charges but this may also communicate a degree of irresponsibility.

If you wish to be able to secure a future cash loan advance, your reputation may be highly important and it is therefore something you should seek to protect.

When looking for cheap payday loans, there may be a number of differences in the service offered by the various suppliers and you may wish to bear these in mind:

• obviously the first thing that you may think of when looking for cheap payday loans is how much interest may be charged and whether or not there are any other charges, which may be added on to your transaction;

• while the total cost is a very important feature of any cash advance, there may be other aspects that may make one loan more attractive to you than another – and you may come to the conclusion that what is a cheap pay day loan for you may not be considered cheap by someone else;

• some cheap payday loans, for example, may be available only until your next payday which is after all, where they get their name, however, there are some providers who may be happy to offer a cash loan advance which you may be able to repay on your next but one payday – offering you a greater degree of flexibility you may appreciate;

• if you are looking to borrow some money in a hurry then you may be more interested in providers who are able to offer an online service that is totally automated and paper free – cutting out the delays which may be found when documents have to be faxed back and forth;

• equally, providers who can offer electronic transfer of funds directly into your bank account may enable you to have your funds at your disposal within just a couple of hours of your application being approved;

• not all cheap payday cash advances may require a full in-depth credit check due to the modest nature of the sums typically involved (£100-£500) – this not only may help to speed up the approval process but may also allow applications from those with some issues on their credit records to be accepted;

• having a system where the repayment of the fast cash advance is taken care of by a debit card transaction, which triggers automatically on the agreed repayment date, may also appeal to some;

• if you discover that you may have a problem in meeting your agreed repayment date then there are some providers who may be prepared to extend your borrowing duration, though you may wish to bear in mind that this may incur additional costs;

• any of these features may make a difference to what you may consider to be cheap payday loans – so don’t forget to take them into account.