For a long time, finding short term loans was typically something of a struggle.
Some conventional lenders were far happier dealing with larger loans borrowed over a longer time period of several months or even several years. Asking to borrow money for just a few weeks or so was sometimes met with a fairly stony or even disinterested response.
Short term loans were typically only available through bank overdraft facilities or credit cards.
Both of these routes have their issues. Banks are perhaps typically less keen to advance overdrafts than they were in the past and you will need an account with them. If you accidentally go overdrawn without an agreement, you may find yourself on the sharp end of some often very high charges.
In the case of credit cards, not everyone is happy using them due to the risks of getting into more and more debt. It may also be not that easy to get one unless you have a very good credit history record.
Today though, you have an alternative source for short term loans and it is called the payday loan.
Payday loans work quickly and simply. Typically:
· you apply online and receive a very fast decision;
· if approved, the money will be sent directly to your bank account where it may arrive in as little as 2 hours – or by the following morning if it is a working day;
· on your next payday or the one immediately following it, the loan provider simply debits your bank account to recover the loan plus their agreed charges.