I have been aware of payday loans for some time but until now I thought they were only available in the United States. It appears that there are now companies such as Payday UK offering the service within the UK. For those that haven’t heard of the term a payday loan is basically a short term loan that is designed to help you though the month until you get paid, hence the name. The idea is that you can get immediate access to cash and the amount is fully repayable on your next pay day.

To get a payday loan all you need to do is fill in an online application form detailing your income, how long you have been with your company and how often you are paid and within a few minutes you will know whether or not your application has been approved. Then you just enter your bank details and you should receive your money within 48 hours. You can borrow anything from £80 up to £750 for a small charge, just £25 based on a £100 loan. On the agreed pay day your bank account is then debited for the balance of the loan. If you do need to defer the loan then you can also do this but you need to repay the charges on the original loan.