Short term payday loans for a short term cash flow problem

There may be times when you spend a little more than you should in a given month and may need short term payday loans to help you get to your next payday.

A couple of examples of this could well be over the Christmas period or when you have to pay for your annual holiday.

The trouble is that if you have had credit problems in the past, then you may think that getting a little extra finance to help you cope may be difficult bordering impossible – even if you know that you’ll be back on track once you get paid again.

The good news is that there are some short term payday loans that may be available to you even if you have a less than perfect credit record.

The reason for this is due to the nature of these loans.

They are:

  • short term payday loans, typically for periods of days or weeks;
  • loans of smallish sums of money – £80-£250 being typical amounts for first time borrowers but this varies on the lender.

 

This means that these loans are therefore less risky for lenders so they may use more relaxed lending criteria, which may not automatically exclude those who have had some debt problems in the past.

Typically to apply:

  • you may need to be over 18 and UK resident;
  • these are payday loans, so you’ll need to have a job that has recognisable pay dates;
  • you may need a bank account for the loan to be paid directly into and, in the right circumstances, this can take as little as two hours;
  • your bank account may have to have a debit card linked to it to allow the repayment to be set up and automatically taken from your account on your chosen pay date:
  • importantly you should only be confident that you’ll be able to repay the loan in one go on the agreed date.

 

Once you have repaid your loan, you are perfectly free to apply again as and when the need arises.

You may find that on subsequent occasions, you may be able to borrow a bit more each time you apply (provided, of course, that you have completed previous repayments on time).

Used responsibly, a fast cash advance can be a very useful tool. One example website is paydayloans.org.uk.

However, they are not designed as a solution for helping you to manage ongoing debt problems.  If you find that you have to borrow again because paying back your last loan has left you a bit short, then short term payday loans may not be the ideal solution for you.